Galliford Try ( GFRD) profit warning

[Arborbridge]

Of course they are a contractor. That is why I corrected the "matter of fact" assertion that they are not a contractor. ...

I think you mean the "matter of fact" suggestion rather than assertion, because as a matter of fact, the only "matter of fact" assertion in this thread at the time was "As a matter of fact, Galliford Try (GFRD) is a Construction and House Building Company.". That assertion might fairly easily be read as contradicting the remark it was made in reply to that Galliford Try is a contractor, but doesn't actually do so: a company can easily contract to do a piece of construction work, and thus be both a contractor and a construction company with regard to that part of its business...

Gengulphus

As a matter of fact.... I quite enjoyed reading that

[MDW1954]

Of course they are a contractor. That is why I corrected the "matter of fact" assertion that they are not a contractor. ...

I think you mean the "matter of fact" suggestion rather than assertion, because as a matter of fact, the only "matter of fact" assertion in this thread at the time was "As a matter of fact, Galliford Try (GFRD) is a Construction and House Building Company.". That assertion might fairly easily be read as contradicting the remark it was made in reply to that Galliford Try is a contractor, but doesn't actually do so: a company can easily contract to do a piece of construction work, and thus be both a contractor and a construction company with regard to that part of its business...

Gengulphus

As a matter of fact.... I quite enjoyed reading that

I felt a bit like those present at Bilbo's farewell speech in the Shire, before he embarked on the quest. (I'm talking "book", not "film", of course.)

In other words, I had to read it several times, in order to work out if it was a compliment or not.

I decided it was.

MDW1954

[Breelander]

I felt a bit like those present at Bilbo's farewell speech in the Shire, before he embarked on the quest. (I'm talking "book", not "film", of course.)
In other words, I had to read it several times, in order to work out if it was a compliment or not.

I decided it was.

MDW1954

Nice one

The Fool:
Tell us why you chose your current username (assuming there's an interesting reason!)
breelander:
It's a Lord of the Rings reference - the place I'd feel most at home would be the bar in the Prancing Pony.

https://boards.fool.com/profile/breelander/info.aspx

[AsleepInYorkshire]

Does anyone here know more about their programme reviews....frequency, depth of review, metrics used to measure progress ( e.g. Earned Value Management )?

Yup

AiY

[Dod101]

I do not feel any need to know how they work internally - that is for the Board to determine - any more than I need to know how say HSBC determines their lending criteria. I am concerned only about the financial outcome, and it has not been very inspiring for many contractors for quite a long while. That is why I would not invest in them.

Dod

[idpickering]

I am concerned only about the financial outcome, and it has not been very inspiring for many contractors for quite a long while. That is why I would not invest in them.

Dod

I agree Dod. After Carillion, and my narrow escape, once bitten and all that. Good luck to those who think differently. I don't consider such shares worth the risk.

Ian.

[Arborbridge]

I do not feel any need to know how they work internally - that is for the Board to determine - any more than I need to know how say HSBC determines their lending criteria. I am concerned only about the financial outcome, and it has not been very inspiring for many contractors for quite a long while. That is why I would not invest in them.

Dod

I thought your whole premise was that you place great import on the internal board workings - that is, the culture, which determines the type of smell you desire. Now you say, you are looking a financial outcome - which is what most of us do, but you've always added something extra.

Arb.

[Dod101]

Yes Arb but you are confusing two issues. I was responding to the discussions about the internal procedures of a company such as Galliford Try. Those with detailed experience of how such firms go about arriving at tenders and their monitoring procedures thereafter were giving their experiences which is fine but of little help to the investor. I was comparing that with the internal workings of say a bank. That is almost second guessing the directors and executives; not much help to an outsider. We are mostly interested in the financial outcome of these endeavours. I certainly lay great store on the culture of companies because that sets the 'tone' of how the entire operation works. There will be times when a company such as a contractor does quite well but if the culture is wrong it will go off the rails at some point. That I think is the case with most contractors. It is just the nature of the beast.

We get examples almost daily of where the culture is wrong. This morning we have the exceedingly well paid chief executive of Taylor Wimpey apparently changing his mind on accepting a 17.5% discount on a flat, the original price for which was £2.48 Million. This seems to have been linked to a 5% staff discount scheme where this man has over several years bought no fewer than four at that discount. The benefit is not taxed. The story tells us that this man was paid £3.15 million last year. Coming on top of the Persimmon PR disaster does that no show that there is something wrong with the culture?

The impression given is that these companies are first and foremost for the benefit of the executives.

Dod

[Arborbridge]

We get examples almost daily of where the culture is wrong. This morning we have the exceedingly well paid chief executive of Taylor Wimpey apparently changing his mind on accepting a 17.5% discount on a flat, the original price for which was £2.48 Million. This seems to have been linked to a 5% staff discount scheme where this man has over several years bought no fewer than four at that discount. The benefit is not taxed. The story tells us that this man was paid £3.15 million last year. Coming on top of the Persimmon PR disaster does that no show that there is something wrong with the culture?

The impression given is that these companies are first and foremost for the benefit of the executives.

Dod

If one scratches the surface, one will find most powerful men are apt to enrich themselves at the expense of others whenever they can, with a large dose of rationalisation. How else to explain the extraordinary (and increasing) gap between rich and poor? Even the way they talk about their salary as "compensation" shows the inbuilt culture of entitlement which runs through the 'top' echelons of the corporate world. It just bears out the old adage that all power corrupts.

I don't have the nose for good culture that you have, so I am happy to always have your input (as are other members of this board, I expect).

Arb.

[AsleepInYorkshire]

http://www.constructionmanagermagazine. ... -350-jobs/

AiY

[AsleepInYorkshire]

http://otp.investis.com/clients/uk/gall ... id=1314978

AiY

[AsleepInYorkshire]

More contractors suspended from Prompt Payment Code
http://www.constructionenquirer.com/201 ... ment-code/
Among 18 firms suspended today across all industries were Galliford Try, Ferrovial Agroman (UK) Ltd, Alun Griffiths, Severfield (Design & Build) Ltd, Stantec and Screwfix.

AiY