Galliford Try on track after solid start to first half

Construction group Galliford Try said it remains on track to hit recently upgraded profit expectations after a decent first-half performance.

At an annual general meeting on Friday, the board is expected to say they are "encouraged by the momentum in the first half of the year, with a number of recent project wins".

"The board remains confident of maintaining progress on its sustainable growth strategy and meeting its objectives for the current financial year."

In September, at the time of Galliford Try's annual results, the company upgraded its current-year outlook, saying that pre-exceptional pre-tax profits for the year to 30 June 2024 would be at the upper end of analysts' expectations, which ranged from £24m to £28m, up from £23.8m previously.

"The group's operations are performing well and we are trading in line with the board's revised expectations," the company said.

Galliford Try said on Thursday that it has bought AVRS, a specialist mechanical, electrical, instrumentation, control and automation (MEICA) design and build contractor, for up to £7m. Galliford said AVRS is "an excellent fit" and the acquisition is a continuation of its previously-disclosed strategy relating to the development of adjacent markets.

The stock was up 1.1% at 230.45p by 0822 GMT.