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Annual-Report-2014.Pdf Galliford plc Try Annual Report and Financial Statements 2014 Delivering disciplined growth Galliford Try plc Annual Report and Financial Statements 2014 Galliford Try is a leading UK housebuilding and construction group. We are listed on the London Stock Exchange and are a member of the FTSE 250. Contents P18 Divisional review: P24 Divisional review: Construction Housebuilding P08 Chief executive Greg Fitzgerald talks about our strategy. Strategic report P01 01 Highlights 02 At a glance 06 Chairman’s statement Governance P42 08 Chief executive’s review 10 Our business model 42 Directors and Executive Board 12 Group strategy, objectives and 44 Governance key performance indicators 52 Remuneration policy and report 14 Financial review 64 Directors’ report and other statutory information 2014 18 Divisional review: Housebuilding 24 Divisional review: Construction 30 Principal risks 32 Sustainability Financials P67 67 Independent auditors’ report to the members of Galliford Try plc 72 Consolidated income statement 73 Consolidated statement of comprehensive income 74 Balance sheets 75 Consolidated statement of changes in equity 75 Company statement of changes in equity 76 Statements of cash flows 77 Notes to the consolidated financial statements 111 Five year record 112 Shareholder information www.gallifordtry.co.uk Strategic report Governance Financials Highlights Financial year ended 30 June 2014 Group key performance indicators Group revenue Up 21% £1,768m Profit before tax Up 28% Divisional highlights £95.2m Housebuilding • 37% increase in revenue to £1,002 million Earnings per share Up 32% on 3,107 completions (2013: £730 million on 2,932 completions); • 15.1% Linden Homes margin shows improved performance in line with strategy (2013: 13.3%); 94.6p • 11% increase in sales reserved, contracted or completed at £348 million (2013: £313 million); Dividend per share Up 43% • 91% of 13,900 plot landbank now acquired at current market value (2013: 86% of 11,300 plots); • 100% of land required for 2015 financial year in place, 87% of land secured for 2016; 53.0p • Galliford Try Partnerships revenue up 150% to £242.8 million; business performing strongly in a growing market, with contract order book Year end net debt Down from £14.4m of £0.5 billion. Construction • 1.0% construction margin (2013: 1.6%); £5.1m • £151 million year end cash balance demonstrates exceptional cash management (2013: £132 million); Return on net assets Up from 16.6% • £3.0 billion construction order book following acquisition of Miller Construction (2013: £1.2 billion); 20.8% • 84% of this year’s planned revenue secured (2013: 82%). 1. ‘Group revenue’ excludes share of joint ventures of £83.0 million (2013: £92.1 million). ‘Revenue’ where stated throughout this Annual Report includes share of joint ventures. Please refer to page 12 for our full set of 2. Comparative figures throughout this Annual Report have been restated for the Group KPIs and page 41 for our KPIs relating new segmental reporting of Galliford Try Partnerships, as set out in note 2 of the to sustainability financial statements. Galliford Try plc Annual Report and Financial Statements 2014 01 At a glance Our divisions Housebuilding We are one of the UK’s leading housebuilders. Our housebuilding division includes Linden Homes, which develops private and affordable homes for Saint Nicholasgate is an award-winning collection of traditionally sale, and Galliford Try Partnerships, our specialist inspired family homes and apartments in the market town of affordable housing business. Beverley, Yorkshire. Linden Homes We develop bespoke homes in prime locations, primarily in Linden Homes revenue Up 20% Partnerships revenue Up 150% the South of England and the eastern counties. Our homes complement their surroundings and we take pride in their quality and attention to detail. £760m £243m We often build on brownfield sites and use our construction division to help us deliver the most complex developments, Linden Homes profit from Partnerships profit from differentiating us in the market. We have a strong focus on meeting operations Up 37% operations Up 257% our customers’ needs and our success has been recognised through numerous industry awards in recent years. £115m £5m Linden Homes currently delivers around 3,000 houses and apartments each year, the majority of which are for private sale. Linden Homes margin Partnerships margin Up from 13.3% Up from 1.4% Galliford Try Partnerships Partnerships provides specialist contracting services to housing associations and local authorities. We have a strong presence in 15.1% 2.1% the South and North East of England and a growing business across the rest of the country. Completions by sector Partnerships also develops mixed tenure projects, producing Up 6% private housing on sites that are predominantly affordable developments. We draw on Linden Homes’ expertise in housing development and sales to successfully deliver these projects. Private 2,360 Partnerships delivered 220 private units in the year. Affordable 747 3,107 “ Our prime sites, bespoke designs and Landbank Up 23% southern focus give Linden Homes a strong platform to deliver disciplined revenue growth and rising margins over the next few years.” Andrew Richards Managing director, housebuilding 13,900 02 Galliford Try plc Annual Report and Financial Statements 2014 Strategic report Governance Financials Construction We are a major UK contractor, operating mainly under the Galliford Try and Morrison Construction brands. We work for clients across the public, We are one of three contractors appointed by Manchester Airports regulated and private sectors, and develop long- Group to carry out its entire Capital Delivery Programme over term relationships based on our ability to provide three years, with the potential for two further 12 month extensions. whole-life solutions, high standards of project delivery and innovation. Our diverse business has expertise in key sectors ranging from water and Profit from operations Down £5m Cash Up £19m transport to education and hotels. Construction is organised into building and £8m £151m infrastructure businesses and also includes our investments business, as well as our multi- Profit margin Order book Up 17% disciplined group of chartered surveyors and our Down from 1.6% national piling specialists. Building 1.0% £1.4bn Increased to £3.0bn following Our building business serves clients in the health, education and acquisition of Miller Construction in commercial markets across the UK. Our largest markets are the July 2014. South of England, the Midlands and Scotland, where we have a significant presence and strong track record. Infrastructure Infrastructure operates across the UK. It carries out civil engineering projects, primarily in the water, highways, flood Revenue alleviation, remediation and renewable energy markets. Up 1% PPP Investments Building £458m Our investments business delivers major building and infrastructure Infrastructure £375m projects through public private partnerships. It leads bid consortia £833m and arranges finance, makes direct equity investments and manages construction through to operations. “ The diversity of our business and order Revenue Up 1% book, our deep sectoral expertise and our ability to be selective about the work we take on position us for success as our markets improve.” Ken Gillespie Construction division chief executive £833m Galliford Try plc Annual Report and Financial Statements 2014 03 At a glance Strength in diversity Our diverse business and our divisions’ mix of skills give us unique competitive advantages, allowing us to create value for our clients and ultimately for our shareholders. A complete offering in affordable housing Group structure P10 explains our Aligning Galliford Try Partnerships with We have two complementary divisions, business model Linden Homes reinforces our leading housebuilding and construction. Our position in affordable housing, allowing us business model (pages 10 and 11) to offer both contracting and mixed tenure explains the advantages of this developments to our clients. The Aylesbury hybrid structure. Estate (above) in Walworth, South East Group services London, combines homes for sale, Health, Safety and Sustainability affordable rent and shared ownership. Human resources Nightingale Park (below) in Sarisbury Finance and Corporate Green, Hampshire, is a collection of new homes within the grounds of the old Coldeast Hospital. nd nd r a us r a us M e oc Pr e oc a P23 m y f im m y f n o it e o it a t n t n g s lo s in u u u u m c m g C a C r t i m i m s o o o k c n c s Housebuilding Construction s u Q Q s u u t a n a a l g l n i i i it i n ty s y a a e h s b a d b c ip l n l u y h e d a il l s b u d pp n u id Su io ild iv at Ind rel Our vision To be leaders in the construction of a sustainable future Corporate values Excellence, passion, integrity and collaboration 04 Galliford Try plc Annual Report and Financial Statements 2014 Strategic report Governance Financials A premium housebuilder Linden Homes is positioned for further growth, benefiting from its record landbank of prime sites, rising profit margins, and by building more houses and fewer apartments. Pictured left, the Swallowhurst development in Cranleigh near Guildford sets a new benchmark, featuring Linden Homes’ highest priced home sold to date. Below, Thornbury Park is set in the prime location of Isleworth, Middlesex. P18 People are vital to our success To achieve our growth plans over the period to 2018, we will need to retain and develop our people, and to recruit more than 1,000 new employees. We are therefore delighted to be joined by around 600 experienced staff following the acquisition of Miller Construction in July 2014. More information A diverse construction about how we manage our people can be business found on pages 36 and 37.
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