Galliford Try (GFRD) trading statement...

[Davidsb]

...is here:-

https://www.investegate.co.uk/galliford ... 00077946O/

According to the CEO:-

"The Group continues to deliver a strong operational and financial performance and is making good progress against its growth plans to 2021. Following the successful completion of the recent rights issue the Group is well capitalised with a strengthened balance sheet to support our planned growth..... The Group's operating outlook is unchanged and all three businesses remain on track to deliver further profitable growth over the full year. We anticipate achieving a full year result in line with the current range of analysts' expectations."

All looks pretty reasonable to me - GFRD represents 3.2% of my HYP's capital and 5.2% of its forecast income.

[monabri]

More smoke and mirrors from GFRD management.

"We have experienced some further cost pressure, principally from weather delays, which are likely to increase the exceptional charge in the current year. The amount will depend upon progress recovered through the summer, and is expected to be lower than the charge (£25m) taken in the first half"

They should know how many lost days ( hours) of work due to bad weather and thus the consequential schedule and cost ( along with any penalties ). To simply say it will be less than £25m is not good enough. This all comes after a very recent rights issue.


I don't have much faith in the current management team ( one excuse after another) and so, at an appropriate point, I will be looking to divest!