Edition:
United Kingdom

Galliford To Review Construction Business, Lowers Forecast


Tuesday, 16 Apr 2019 

April 16 (Reuters) - Galliford Try PLC ::UNDERTAKING A STRATEGIC REVIEW OF ITS CONSTRUCTION BUSINESS..REVIEW WILL REDUCE SIZE OF CONSTRUCTION BUSINESS.REVIEW INCLUDES AN ASSESSMENT OF OPERATIONAL PROGRESS AND CONTRACT POSITIONS THROUGHOUT CONSTRUCTION BUSINESS.EXPECTS OUTCOME OF ASSESSMENT WILL REDUCE FY POST-EXCEPTIONAL PROFIT BEFORE TAX BY £30M-£40M BELOW CURRENT CONSENSUS ANALYSTS' VIEW.ANTICIPATES THAT THIS REVIEW WILL RESULT IN REDUCED PROFITABILITY IN CURRENT YEAR.MAJORITY OF CONSTRUCTION BUSINESSES CONTINUE TO PERFORM WELL.ADJUSTMENTS ON CONSTRUCTION BUSINESS NOT EXPECTED TO HAVE SIGNIFICANT IMPACT ON PREVIOUS GUIDANCE ON AVERAGE NET DEBT FOR YEAR.