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Strength in Diversity

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Strength in Diversity Annual Report and Financial Statements 2011 Strength in diversity PERFORMANCE 01 Highlights 02 The Group at a glance 04 Chairman’s statement 06 Chief Executive’s review 08 Finance review 12 Business review 16 Housebuilding 24 Construction 31 PPP Investments 32 Principal risks 34 Corporate responsibility GOVERNANCE 40 Directors and Executive Board 42 Governance 48 Remuneration report 55 Directors’ report and other statutory information FINANCIALS 59 Independent auditors’ report to the members of Galliford Try plc 60 Consolidated income statement 60 Consolidated statement of comprehensive income 61 Consolidated balance sheet 62 Consolidated statement of changes in equity 63 Consolidated statement of cash flows 64 Notes to the consolidated financial statements 99 Five year record 100 Shareholder information Galliford Try plc Annual Report and Financial Statements 2011 Highlights – year ended 30 June 2011 Performance PERFORMANCE on track Profit before tax – Profit before tax – Group revenue 1 pre exceptional post exceptional 2 £1,284m £35.1m £41.7m Up 5% (2010: £1,222 million) Up 34% (2010: £26.1 million) Up 117% (2010: £19.2 million) Earnings per share – Earnings per share – pre exceptional post exceptional 2 Dividend per share 32.2p 40.3p 16.0p Up 31% (2010: 24.6p) Up 174% (2010: 14.7p) Up 28% (2010: 12.5p) £36 million net cash at year end, ahead of expectations (2010: £77 million). Housebuilding 27% increase in completions to 2,170 (2010: 1,705). 8.1% housebuilding margin shows strong progress (2010: 5.6%), 9.2% achieved in second half. 25% increase in sales currently reserved, contracted or completed at £328 million (2010: £263 million). 72% of 10,400 plot landbank now acquired at current market values (2010: 58% of 9,700). 100% of land required for 2012 financial year in place with detailed planning, 80% land secured for 2013. Construction 2.4% construction margin remains robust (2010: 2.4%). Strong year end construction cash balance of £217 million (2010: £207 million). £1.7 billion current construction order book underpinned by major long term projects, 90% of this year’s planned revenue secured (2010: £1.8 billion; 88%). 1 Group revenue excludes share of joint ventures’ revenue of £52 million (2010: £35 million). Revenue where stated throughout the business review on pages 03 to 39 includes share of joint ventures. 2 Stated after a net exceptional credit of £6.6 million (2010 net charge: £6.9 million). 01 Galliford Try plc Annual Report and Financial Statements 2011 The Group at a glance Galliford Try is a housebuilder and affordable housing developer across the South and East of England, and a provider of construction services throughout the UK. Galliford Try’s strength is in the diversity of its operations, spanning markets in both the housebuilding and construction industries. We provide whole life solutions to projects for the built environment, delivering housing and regeneration schemes and carrying out major construction projects from public and commercial buildings to major civil engineering works. Housebuilding Revenue Profit from operations Home completions £389m £31.6m 2,170 Revenue by sector UK coverage Completions by sector 1 2 2 1 1 Private Housing £324m 1 Private Housing 1,446 2 Affordable Housing £65m 2 Affordable Housing 724 Our credentials We are also a major provider of affordable Sustainability Galliford Try’s award winning housebuilding homes and are one of only six developers Sustainability is about creating affordable, business has a long track record of building working on all of the Homes and Communities well designed homes in viable dynamic individually designed developments with an Agency’s developer partner panels. communities. The majority of our homes are unrivalled expertise in brownfield sites and on brownfield sites and we have sustainability building conversions. We aim to design with Our strategy action plans covering the key issues – technical, local architectural styles and building materials We are at the start of the final year of our localism and planning, regulation, supply and do not rely on standard house types. three year expansion plan, under which we chain and customer engagement. plan to have doubled the size of the business Market position from 2009. In 2012 we anticipate completing We are the seventh largest housebuilder over 3,000 homes, placing us in the top five in the UK, and during the year rebranded our of UK housebuilders – delivering an increasing entire business as Linden Homes to provide proportion of our sales from land acquired a consistent recognisable presence across since July 2008 on which higher profit For more information about our regions. We operate across the South margins will drive absolute profit growth. Housebuilding see pages 16 to 23. of England and the Eastern counties. For more detailed information go to: www.gallifordtry.co.uk 02 Galliford Try plc Annual Report and Financial Statements 2011 PERFORMANCE Construction Revenue Profit from operations Order book £937m £22.2m £1.75bn Revenue by activity UK coverage Order book by activity 3 3 1 2 1 2 1 Building £439m 1 Building £673m 2 Partnerships £124m 2 Partnerships £156m 3 Infrastructure £375m 3 Infrastructure £921m Our credentials and hospitality facilities, education, health value with an acceptable return and risk Galliford Try’s record has been built on and, in our partnerships division, affordable profile. We aim to be in a position to resume collaborative working with clients to deliver housing. Infrastructure projects encompass our growth strategy when economic best value construction projects. A significant water, highways and rail, civil engineering and conditions and markets improve. proportion of our work is in long term flood alleviation as well as renewable energy frameworks, particularly on programmes and energy from waste. Sustainability for improving the country’s infrastructure. We aim to play a key role in supporting Our strategy our clients to achieve their sustainability We have experience in working in joint We aim to maintain our order book at a objectives, and have initiatives in place ventures where we can bring regional consistent level with the objective in the to reduce our carbon footprint and drive expertise and our specialist civil engineering current economic conditions of delivering improvements across our own operations. skills to the largest projects. profit and cash balances, not absolute levels of revenue. We strive for a diverse spread of Market position work across the regulated, public and private For more information about We are a UK top 12 contractor operating sectors, focusing on sectors where procuring Construction see pages 24 to 30. across the entire country. Building works work is not based on price competition alone, where there are opportunities to deliver best For more detailed information range across commercial property, leisure go to: www.gallifordtry.co.uk 033 Galliford Try plc Annual Report and Financial Statements 2011 Chairman’s statement A strategy for value The business is soundly based, is in robust good health, and has a clear vision for the future. I am delighted to have been appointed Board and governance although not mandatory for the Company, Chairman of Galliford Try at this important We have a top quality executive management the board has decided to follow best practice stage of the Group’s development and to team, led by a first class Chief Executive, as applicable to FTSE 350 listed companies. make my first report to shareholders. Since Greg Fitzgerald. We also have an impressive I would specifically highlight that this means, joining the board last November, I have spent and well balanced mix of non-executive notwithstanding the effectiveness of the some time getting to know the business and directors who question and challenge in a current board evaluation process, the board can confirm that it is soundly based, is in way that is both constructive and supportive. has committed to an external evaluation robust good health and has a clear vision The board is well informed by the executive, at least once every three years, and that for the future. I know that I am speaking ensuring that board debate is both full all directors will stand for re-election at each on behalf of all the board in paying tribute and open. annual general meeting. I can also report to the inestimable contribution made by that the Company carried out a considerable David Calverley over the 16 years he was I am pleased to be able to report that I have amount of work prior to the implementation with the Company, and particularly as found corporate governance within the of the 2010 Bribery Act on 1 July 2011, Chairman over the last six. We wish him Company to be excellent and in line with and has put in place a well thought-through a long and happy retirement. best practice. This is the first annual report package of appropriate measures, including prepared under the new UK corporate a Group-wide information and training plan, governance code and I can confirm that, to drive compliance with the law. We have also appointed an experienced Head of Risk 04 Galliford Try plc Annual Report and Financial Statements 2011 Dividend per share (p) and Internal Audit during the year to further up better than forecast in challenging markets, PERFORMANCE strengthen our processes for managing the and continues to benefit from its many long 16.0 assessment, impact and mitigation of risk term client relationships. across the Group. 12.5 Earnings and dividend 10.9 The board is also very aware of current The financial results achieved this year concerns around the effectiveness of represent an increase in earnings per share executive remuneration, which underlines the of 31%, and as a result the directors are importance of the work of our remuneration recommending a final dividend of 11.5 pence committee to ensure there is clear alignment per share which, subject to approval at the with shareholders’ interests and the long annual general meeting, will be payable on 09 10 11 term success of the business.
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