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Annual-Report-2015.Pdf Galliford Try plc Annual Report and Delivering Financial Statements 2015 our strategy Strategic report 1 Highlights Galliford Try is one 2 Our businesses at a glance 6 Executive Chairman’s statement 8 Business model 10 Strategy 2013–2018 of the UK’s leading 14 Principal risks 16 Financial review 20 Divisional review: Housebuilding 26 Divisional review: Construction housebuilding and 32 Sustainability in focus Governance 38 Directors and Executive Board construction groups. 40 Governance 48 Remuneration Policy and Report 62 Directors’ Report Our hybrid business model, which spans 65 Statement of directors’ responsibilities complementary markets and cycles, gives Financials 66 Independent auditors’ report us a unique set of competitive advantages. 71 Consolidated income statement 72 Consolidated statement of comprehensive income Our shares are listed on the London Stock 73 Balance sheets 74 Consolidated statement of changes Exchange and we are a member of the in equity 74 Company statement of changes in equity FTSE 250, in the Home Construction sector. 75 Statements of cash flows 76 Notes to the consolidated financial statements 115 Five-year record Please refer to page 8 for more information about our business model 116 Shareholder information Group services Centralised support services functions nd s P nd s M r a cu rim r a cu a e fo e e fo na m y l m y g it o it i to n c to n n s u a s u g u t u r m io m i C C s m n m k o s o c c Housebuilding Construction s s Q Q u u s u s u n t a t a a l g a l n i it i i i n y s in ty a s a a e a a h ip b d b c h l n l n y e d a le d l s b u b p n u id u up tio ild iv il S la Ind Our vision d re To be leaders in the construction of a sustainable future Our values Excellence, passion, integrity and collaboration Strategic report Governance Financials 1 Revenue1 Profit before tax Highlights Up 31%; Group revenue excluding JVs £2,348m Up 20% Group key performance £2,431m £114m indicators Earnings per share Dividend per share Up 19% Up 28% 112.8p 68p Year end net debt Return on net assets Up by £12.2m Up 2.5 points £17.3m 23.3% Earnings per share (pre-exceptional) Profit before tax (pre-exceptional) Up 23% Up 24% 116.3p £117.7m Please refer to page 10 for our performance against our strategy Divisional highlights Housebuilding • 11% increase in revenue to £1,108 • Further increase in Galliford Try million. 3,177 completions (2014: Partnerships mixed-tenure revenue £1,002 million, 3,107 completions). contributed to higher margin of 2.9% • Linden Homes margin increased (2014: 2.1%). to 16.0% (2014: 15.1%). • Total landbank (including Galliford Try • Sales reserved, contracted or Partnerships) of 15,750 plots completed of £343 million (2014: 13,900 plots). (2014: £348 million). • 100% of land required for 2016 • Galliford Try Partnerships delivered financial year in place, 87% of significant growth, with revenue up land secured for 2017. 36% to £329 million and a contracting order book of £825 million (2014: £500 million). Construction • Improving market conditions • Successful integration of Miller contributed to a number of major Construction has accelerated project wins. our growth plans and provided • 1.2% Construction margin access to new frameworks. (2014: 1.0%). • £3.5 billion order book (2014: • £173 million year end cash balance £3.0 billion2). in Construction, demonstrating • 88% of this year’s planned continued strong cash management revenue secured (2014: 84%). (2014: £151 million). 1 ‘Revenue’ includes share of joint ventures of £82.3 million (2014: £83.0 million). ‘Group revenue’, where stated throughout this Annual Report, excludes share of joint ventures. Group revenue in the year to 30 June 2015 is £2,348.4 million. 2 Including Miller Construction. 30 June 2014 excluding Miller Construction was £1.4 billion. Galliford Try plc Annual Report and Financial Statements 2015 2 Our businesses at a glance Housebuilding Revenue We are one of the UK’s leading Linden Homes Up 3% housebuilders. Our Housebuilding Linden Homes delivers around 3,000 houses and apartments £779m division comprises Linden Homes, each year, the majority of which which develops both private are for private sale. Profit from operations and affordable homes for sale, We develop distinctive and Up 8% diverse new homes in prime and Galliford Try Partnerships, locations. By using renowned our specialist affordable architects, we pay meticulous £124m attention to detail to create housing business. homes that complement their surroundings. As well Operating margin Please refer to page 20 for as meeting our customers’ Up from 15.1% our review of Housebuilding needs, our approach has led to numerous industry awards. 16.0% Revenue We have a South of England Up 11% focus, with an increasing presence in the North and Midlands. We also embrace the delivery of £1,108m complex projects including brownfield, refurbishment and regeneration projects. Landbank Up 13% Revenue Galliford Try Up 36% 15,750 Partnerships Partnerships is our specialist £329m affordable housing contractor, providing services to housing associations and local Profit from operations authorities. We have a strong Up 88% Completions by sector presence in the South East, Up 2% 3,177 Midlands and North East £9.4m England, and a growing Private Affordable business across the rest of the country. Operating margin Up from 2.1% Galliford Try Partnerships 2,247 930 also develops mixed- tenure projects, providing 2.9% private housing for sale on regeneration-led sites. We draw on Linden Homes’ expertise Sales in hand by activity in housing development and Down 1% £343m sales to successfully deliver these projects. Galliford Try Private Affordable Partnerships completed 408 private units in the year. £212m £131m Galliford Try plc Annual Report and Financial Statements 2015 Strategic report Governance Financials 3 01 03 02 01 Cholsey Meadows in Oxfordshire 02 Royal Barham House in Truro, Cornwall 03 Riverside in Godalming, Surrey 04 05 06 04 Silvertown Way in East London 05 Bournville Gardens Retirement Village in Birmingham 06 The Sycamores, Birtley, part of the Gateshead Regeneration scheme Galliford Try plc Annual Report and Financial Statements 2015 4 Our businesses at a glance continued Construction Revenue We are a major UK contractor, Building Up 98% operating mainly under the Galliford Building serves a range of clients across the UK. £907m Try and Morrison Construction The acquisition of Miller brands. Our diverse business works Construction in July 2014 further enhanced the scale Profit from operations across the public, regulated and and geographical coverage Up 167% private sectors. We create long-term of our Building business. client relationships, based on our £8.0m ability to innovate, provide sustainable whole-life solutions and deliver projects to high standards. Please refer to page 26 for our review of Construction Revenue Up 55% Revenue Infrastructure Up 3% Infrastructure carries out civil engineering projects, £386m £1,293m primarily in the highways, rail and aviation, environmental, water and waste, and power Profit from operations Cash Profit margin and security markets. Up 54% Up 14% Up from 1.0% £7.7m £173m 1.2% Profit from operations Order book Up 96% Up 17% Revenue PPP Investments Up 91% Investments delivers major £15.7m £3.5bn building and infrastructure £28.8m projects through public private partnerships. It leads bid consortia and arranges finance, Profit from operations Revenue by sector Order book makes equity investments, Up £5.5m manages construction through Building (£907m) Building (£2.4bn) Infrastructure (£386m) Infrastructure (£1.1bn) to operations, and ultimately realises its investment to £3.7m fund new projects. £1,293m £3.5bn Galliford Try plc Annual Report and Financial Statements 2015 Strategic report Governance Financials 5 01 01 St George’s Hospital Helipad in South London 03 02 Resorts World Birmingham 03 Pathology Lab at Queen Elizabeth Hospital in Gateshead 02 04 05 04 Hamilton Square Station, Birkenhead 05 MAG (Manchester Airports Group) Capital Delivery Framework 06 06 St Michael’s, part of the Kent ‘Excellent Homes for All’ scheme Galliford Try plc Annual Report and Financial Statements 2015 6 Executive Chairman’s statement Record results, enhanced targets Introduction “Galliford Try had another excellent This was another record year, keeping us on track to meet our year, with strong growth in earnings enhanced 2018 targets. Linden Homes increased both revenue and margin, with mortgage availability, the planning environment and a further significant increase and the land market remaining positive. Galliford Try Partnerships in the dividend. We have made key grew faster than expected and we see further substantial potential for this exciting business. Construction is benefiting from a rapidly appointments to the Board to give us improving market and the acquisition of Miller Construction, both the leadership and independent with a good pipeline of opportunities at appropriate margins. oversight we need for the next We achieved this performance during a period of significant evolution of the Board. In September 2014, Amanda Burton stage of our success, along with retired as a Non-executive Director, with Ian Coull stepping my continuing involvement as down as Chairman in October due to his other commitments. Non-executive Chairman.” Having announced my intention to retire as Chief Executive at the end of 2015, I accepted the Board’s request to become Executive Chairman on an interim basis when Ian Coull stepped down and Pre-exceptional earnings per share I am delighted to provide continuity to the Board as Non-executive Up 23% Chairman from January 2016.
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