Galliford Try to reinstate dividend and return to profit

13th Nov 2020 07:32

(Sharecast News) - Galliford Try said it would reinstate its interim dividend as the construction group predicted it would return to profit in the first half.
The group said it was performing in line with board expectations and that its average cash position in the first half was towards the upper end of its guidance for £125m-£145m.

All projects have been fully operational since the start of the financial year on 1 July. Productivity is close to normal levels and the company is operating normally during the second Covid-19 lockdown.

"The board expects the group to return to profitability in the first half of this financial year and a resumption of dividend with the interim results," Galliford Try said in a statement before its closed annual general meeting. The company cancelled its dividend at the end of March as the first lockdown closed most of Britain's construction industry.

Galliford Try said it had a good pipeline of new projects and that it expected to emerge strongly from the Covid-19 crisis by working on infrastructure and recovery projects for the government.