Construction giant Galliford Try expects to get back into the black in the first half of its financial year, after its construction sites reopened following the first lockdown.
Galliford said it had won a series of new contracts in recent months, including a role in Thames Water's £590 million investment programme over the next four years.
It also hailed its appointment to the £60 million schools project for West Lothian Council, which includes the new Winchburgh Academy.
READ MORE: Former Michelin factory signs first new tenant
All the business's projects have been fully operational since the financial year started on July 1, and productivity is nearly back to normal levels, the company said.
"The group is performing well, in line with the board's expectations, with an excellent first half year average month end cash position towards the upper end of previous guidance of £125 million to £145 million," Galliford told investors ahead of a shareholder meeting on Friday.
"The board expects the group to return to profitability in the first half of this financial year and a resumption of dividend with the interim results."
Shareholders reacted with delight, sending the company's stock up by around 17% about an hour after markets opened on Friday.
Galliford said its strategy and sector focus makes it "positioned to emerge strongly from the pandemic, supporting the Government's planned investment in infrastructure and economic recovery."
It added: "We welcome the Government's support for the construction sector continuing to operate. Our staff, suppliers and clients' health, safety and wellbeing remain our top priority."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel