Galliford Try Holdings
Website:
Galliford Try Holdings
Index:
FTSE 250
EPIC: GFRD
Supersector:
Construction and Materials
Sector:
Construction and Materials
Subsector:
Heavy Construction
Market Cap:
£520.75M
Payout Frequency: Semi-Annual
Galliford Try Holdings Dividend Analysis and Summary
Key Dividend Details
- Final dividend: 13.5p per share (up 17.4% year-on-year)
- Interim dividend: 5.5p (paid April 2025)
- Total FY25 dividend: 19.0p (up 22.6% YoY vs 15.5p)
- Ex-dividend date: 06/11/2025
- Record date: 07/11/2025
- Payment date: 05/12/2025
- Dividend cover: 1.8x based on adjusted EPS 34.4p (implied payout ~55%)
- Policy: Sustainable dividends with ~1.8x earnings cover; DPS expected to grow in line with earnings
Supporting Financials
- Adjusted PBT: £45.0m (+28.6% YoY); adjusted EPS 34.4p (+16%)
- Divisional adjusted operating margin: 3.0% (2030 target 4.0%; 3.0% delivered a year early)
- Balance sheet: £237.6m net cash; average month-end cash £178.7m
- Order book: £4.1bn; revenue secured — FY26 92%, FY27 75%
- Capital returns: Completed £10m buyback (May 2025) and announced new £10m buyback
Analysis: Sustainability and Growth
- Sustainability: The final dividend is well-covered at 1.8x, supported by strong net cash, no bank debt, improving margins and high revenue visibility from frameworks. Cash generation remains robust.
- Growth trajectory: DPS up 22.6% YoY; management reiterates DPS growth in line with earnings. While revenue growth is expected to “flatten” near term during the AMP7?AMP8 transition, continued margin expansion should underpin EPS and dividend progression.
- Capital allocation: Clear priorities—invest for growth, pay sustainable dividends (1.8x cover), and return excess cash. Ongoing buybacks support per-share metrics and indicate confidence in future cash generation. An undrawn £25m RCF adds flexibility without leverage risk.
Structural Changes / Policy Signals
- Share buybacks: £10m completed in FY25; new £10m programme announced—reduces share count and supports DPS growth per share.
- No demergers or M&A announced; bolt-on acquisitions remain an option within capital allocation.
- Dividend policy reaffirmed at 1.8x adjusted earnings cover.
Risks and Flags to Dividend Stability
- Working capital timing: HMRC VAT payment profile change pulled forward ~£17m into FY25; expected to reduce average cash in FY26 by ~£18m (timing effect, not quantum).
- Operational liabilities: Significant warranty/rectification exposure—specific provision £13.1m (range £7.3m–£19.2m) plus a pool of contingent claims up to £12m could create cash flow variability.
- Sector exposure: Low-margin construction and heavy public/regulated sector mix—policy or budget shifts could affect pipeline, albeit current order book is strong and diversified.
- Governance/contracting discipline: FY24 IFRS 15 restatement addressed; no FY25 exceptional items—ongoing focus on risk management remains key.
Read more
Galliford Try Holdings Annual Dividend Yield - 3.65%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 13/03/2025 |
11/04/2025 |
Interim |
5.50p |
GBX |
| 06/11/2025 |
05/12/2025 |
Final |
13.50p |
GBX |
Total (Annual Dividends Per Share):
19.00p
Dividend Yield =
Annual Dividends Per Share (19.00p)
÷ Share Price (520p)
= 3.65%
Galliford Try Holdings Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 06/11/2025 |
05/12/2025 |
Final |
13.50p |
GBX |
| 13/03/2025 |
11/04/2025 |
Interim |
5.50p |
GBX |
| 07/11/2024 |
05/12/2024 |
Final |
11.50p |
GBX |
| 14/03/2024 |
12/04/2024 |
Interim |
4.00p |
GBX |
| 09/11/2023 |
08/12/2023 |
Final |
7.50p |
GBX |
| 05/10/2023 |
27/10/2023 |
Special |
12.00p |
GBX |
| 16/03/2023 |
14/04/2023 |
Interim |
3.00p |
GBX |
| 10/11/2022 |
09/12/2022 |
Final |
5.80p |
GBX |
| 10/03/2022 |
08/04/2022 |
Interim |
2.20p |
GBX |
| 11/11/2021 |
10/12/2021 |
Final |
3.50p |
GBX |
| 11/03/2021 |
09/04/2021 |
Interim |
1.20p |
GBX |
| 19/03/2020 |
17/04/2020 |
Interim |
1.00p |
GBX |
| 07/11/2019 |
04/12/2019 |
Final |
35.00p |
GBX |
| 14/03/2019 |
10/04/2019 |
Interim |
23.00p |
GBX |
| 08/11/2018 |
05/12/2018 |
Final |
49.00p |
GBX |
| 15/03/2018 |
06/04/2018 |
Interim |
28.00p |
GBX |
| 26/10/2017 |
22/11/2017 |
Final |
64.00p |
GBX |
| 23/03/2017 |
06/04/2017 |
Interim |
32.00p |
GBX |
| 27/10/2016 |
23/11/2016 |
Final |
56.00p |
GBX |
| 24/03/2016 |
07/04/2016 |
Interim |
26.00p |
GBX |
| 22/10/2015 |
25/11/2015 |
Final |
46.00p |
GBX |
| 19/03/2015 |
08/04/2015 |
Interim |
22.00p |
GBX |
| 16/10/2014 |
28/11/2014 |
Final |
38.00p |
GBX |
| 19/03/2014 |
09/04/2014 |
Interim |
15.00p |
GBX |
| 16/10/2013 |
29/11/2013 |
Final |
25.00p |
GBX |
| 20/03/2013 |
10/04/2013 |
Interim |
12.00p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
4.000 |
11.500 |
|
GBX |
15.500 |
-31.110 |
| 2023 |
3.000 |
7.500 |
12.000 |
GBX |
22.500 |
181.250 |
| 2022 |
2.200 |
5.800 |
|
GBX |
8.000 |
70.210 |
| 2021 |
1.200 |
3.500 |
|
GBX |
4.700 |
370.000 |
| 2020 |
1.000 |
|
|
GBX |
1.000 |
-98.270 |
| 2019 |
23.000 |
35.000 |
|
GBX |
58.000 |
-24.670 |
| 2018 |
28.000 |
49.000 |
|
GBX |
77.000 |
-19.790 |
| 2017 |
32.000 |
64.000 |
|
GBX |
96.000 |
17.070 |
| 2016 |
26.000 |
56.000 |
|
GBX |
82.000 |
20.580 |
| 2015 |
22.000 |
46.000 |
|
GBX |
68.000 |
28.300 |
| 2014 |
15.000 |
38.000 |
|
GBX |
53.000 |
43.240 |
| 2013 |
12.000 |
25.000 |
|
GBX |
37.000 |
|
Galliford Try Holdings Dividend Calculator
Galliford Try Holdings Dividend Growth
| Dividend Growth (1Y) |
22.58%
|
| Dividend CAGR (5Y) |
73.75%
|
| Years of Growth |
–
|
| Payout Ratio |
52.08%
|
| Buyback Yield |
0.07%
|
| Shareholder Yield |
3.76%
|
| P/E Ratio (TTM) | 15.99 |
|---|
| Forward P/E | 14.84 |
|---|
| P/FCF | 7.98 |
|---|
| Earnings Yield | 6.65% |
|---|
| FCF Yield | 12.54% |
|---|
| ROE | 28.51% |
|---|
| ROCE | 25.91% |
|---|
| Profit Margin | 1.79% |
|---|
| Operating Margin | 2.12% |
|---|
| Gross Margin | 8.08% |
|---|