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A Strategy for Success

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A Strategy for Success Galliford plc Try Annual Report and Financial Statements 2013 A strategy for success Galliford Try plc Annual Report and Financial Statements 2013 www.gallifordtry.co.uk Contents Business review 01 Highlights 02 At a glance Galliford Try is a leading UK 06 Chairman’s statement 08 Chief Executive’s housebuilding and construction strategic review 14 Finance review Divisional review: group. We are listed on the 18 Housebuilding 26 Construction 33 PPP Investments London Stock Exchange and 34 Principal risks 36 Sustainability are a member of the FTSE 250. Governance 46 Directors and executive board 48 Governance 56 Remuneration policy 65 Directors’ report and other statutory information Financials Our vision Our objective 68 Independent auditors’ report to the members of Galliford Try plc To be leaders in the To generate a superior 69 Consolidated income statement construction of a return for shareholders, 70 Consolidated statement of sustainable future. maintain our position as a comprehensive income 71 Balance sheets leading housebuilder and 72 Consolidated statement of changes in equity grow our construction 72 Company statement of changes in equity business when 73 Statement of cash flows 74 Notes to the consolidated markets allow. financial statements 110 Five year record 111 Shareholder information Group structure Our activities are spread across two different but complementary Group Services Health, Safety & Environment businesses, Human Resources Finance & Corporate housebuilding and Building Galliford Try Building construction. This Private Morrison Construction Housing C hybrid model gives us Linden Homes g n o distinct competitive i n d Partnerships s advantages. See our l Galliford Try Partnerships i t r business model on u Galliford Try plc u b page 10 for more c e Infrastructure t s Galliford Try Infrastructure information. i o Morrison Construction u n o Affordable H PPP Investments Housing Galliford Try Investments Galliford Try Affordable Corporate values Housing & Excellence, passion, integrity Regeneration and collaboration Front cover image Water Colour combines the best of urban and country living. With the countryside on its doorstep, Water Colour is also close to Redhill and Reigate town centres, with good links to London and beyond. Galliford Try plc Annual Report and Financial Statements 2013 Highlights review Business Financial Year ended 30 June 2013 Group revenue1 Profit before tax Group key Down 2% Up 17% performance indicators £1,467m £74.1m Earnings per share Dividend per share Up 18% Up 23% 71.7p 37.0p Cash and capital management Health & Safety Year end net debt Accident frequency rate £14.4m 0.10 Housebuilding • 13.1% housebuilding margin shows strong performance (2012: 11.8%); • 16% increase in sales currently reserved, contracted or completed at £405 million (2012: £350 million); • 2,932 completions (2012: 3,039); • 86% of 11,300 plot landbank now acquired at current market values (2012: 81% of 10,500); • 100% of land required for 2014 financial year in place, and 90% of land secured for 2015. Construction • 1.7% construction margin remained robust (2012: 2.0%); • Strong year end construction cash balance of £145 million (2012: £146 million); • £1.7 billion current construction order book (2012: £1.65 billion); • 87% of this year’s planned revenue secured (2012: 86%). 1 Group revenue excludes share of joint ventures’ revenue of £92.1 million (2012: £72.2 million). Revenue where stated throughout the business review includes share of joint ventures. Galliford Try plc Annual Report and Financial Statements 2013 01 At a glance Our divisions Two strong businesses… Operating through Linden Homes, we are Following a period of expansion over the three a leading housebuilder. We develop individual years to June 2012, the Group now delivers Housebuilding homes in prime locations nationwide and around 3,000 homes annually to customers in have a strong presence in the south of its chosen regions. England and the eastern counties. Key developments for the business in the Creating distinctive homes that complement financial year included King Harry Park and their local surroundings, we take pride in Mosaic in St Albans; Nash Mills Wharf in attention to detail and the quality of our Hertfordshire; Cholsey Meadows at Cholsey, houses and apartments. We typically build Oxfordshire; Burntwood Square in on brownfield sites and can take on the most Brentwood, Essex; Milbury Reach in Exeter, complex developments by using the skills Devon; Purifier House in Bristol; and Saint of our construction division, reinforcing our Nicholasgate in Beverley, East Yorkshire. industry leading offering and differentiating us in the new homes market. Forthcoming developments anticipated for 2014 include Boyn Hill in Maidenhead and With a keen focus on customer service, Oakbrook in Langley, both in Berkshire; we have built our business on commitment Millbrook Park, Finchley and Ashlar Court, to our customers. Our success has been Hammersmith, both in London; Northfields in demonstrated by our level of satisfied Colchester, Essex; Riverside in Goldalming, Folders Meadow, West Sussex customers and this has been recognised by Surrey; City Glade, St Loyes in Exeter; and Linden Homes winning a host of high profile Oasis in Lincoln, Lincolnshire. awards over the last 12 months. Revenue “Linden Homes has an Up £2.9m excellent reputation, award-winning quality, delivering homes in prime locations and a sound strategy for disciplined growth and higher margins.” £640m Greg Fitzgerald Chief Executive 2013 performance: Housebuilding Profit from operations Profit margin Up 11% Up 11% Linden Homes, our housebuilding business had a record year, with profits, average selling 2,932 price, year end sales in hand and landbank 13.1% all reaching new highs. The business enters the new financial year in excellent shape, £83.5m with the prospect of further growth and higher margins. Home completions Down 107 units Completions Landbank by sector Up 8% Private 2,244 2,932 Affordable 688 11,300 02 Galliford Try plc Annual Report and Financial Statements 2013 Business review Business Our construction division is a major UK for clients in the water, highways, remediation, contractor. We have a diversified workload in oil and gas, and energy from waste markets. Construction the public, regulated and private sectors, and look to develop long-term client relationships The construction division also includes our that allow us to work in partnership to deliver multi-disciplined group of chartered best value. We have a strong reputation for surveyors; and our national piling specialists. providing whole-life solutions, high standards of project delivery, an ability to innovate and In addition, our Investments business invests the diversity of our activities. in public private partnerships, creating construction and facilities management Construction operates mainly under the opportunities for the Group, while benefiting Galliford Try and Morrison Construction from our strong balance sheet. brands, and is organised into building, partnerships and infrastructure divisions. Building serves clients in the health, education and commercial markets across the UK. Partnerships is our specialist affordable housing contractor, with a strong business in the south and north east and a Tidemill School, Deptford Lounge and growing presence elsewhere. Infrastructure Resolution Studios, South East London carries out civil engineering projects, primarily Revenue “With our broad range of Down 1.3% capability, strong regional positions, long-term customer relationships and focus on risk management, we are well placed to grow when markets improve.” £913m Ken Gillespie Construction Division Chief Executive 2013 performance: Construction Profit from operations Profit margin Down 20% On plan Construction performed well in difficult markets. The business won a number of £913m significant new contracts, allowing it to 1.7% maintain its order book, and enters the new year with a solid position. £15.1m Order book Maintained Revenue by activity Cash Strong performance Building £407m Partnerships £90m £1.7bn Infrastructure £416m £145m Galliford Try plc Annual Report and Financial Statements 2013 03 At a glance Strength in diversity …delivering a competitive advantage An integrated service offering Our internal trading charter encourages our divisions to work together, creating combinations of skills that are attractive to our clients and which keep profit within the Group. For example, construction is increasingly supporting housebuilding on complex and challenging sites and with building apartments. At Gresham Mill (pictured left) four construction business units worked with Linden Homes to rejuvenate a former printworks, creating 70 apartments and 18 townhouses, including a water turbine to produce 10% of the homes’ electricity needs. At Gloucestershire County Cricket Club (pictured below) our Building division is delivering nearly 150 homes for housebuilding, as well as improvements to the cricket ground. A construction business spread across markets Construction benefits from the diversity of its markets. As the public sector market has become more difficult, the private sector has increased and regulated work has continued to come through. We are strong in the water sector, with recent projects including odour reduction at Beckton, Europe’s largest sewage treatment works (pictured below); and upgrades and extensions to Liverpool Wastewater Treatment Works (right). We were also recently
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