Business
Fully Underwritten £150 million Capital Raising
Fully Underwritten £150 million Capital Raising.
About this update from Galliford Try Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8007E Galliford Try PLC 14 February 2018 \n\n14 FEBRUARY 2018\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\nGalliford Try plc\nFully Underwritten £150 million Capital Raising\n \nGalliford Try plc (\"Galliford Try\" or \"the Group\") today announces that it proposes to raise £150m of new equity capital (the \"Capital Raising\") from its shareholders in the coming weeks and is also providing an update on Galliford Try's dividend policy. \n \nGalliford Try today has separately announced its Half Year Results for the six months to 31 December 2017. \n \nUpdate on trading - strong financial performance, in line with expectations\n \nGalliford Try's Half Year Results show the strong financial and operational performance across all three businesses with good progress being made against the Group's growth plan to 2021. Highlights include:\n \n· Linden Homes delivered an excellent performance in the first half: strong volume growth with revenue up 7%, operating margin (excluding land sales) improved to 18.5% (H1 2017: 16.3%), reflecting the increased focus on standardisation and operating efficiencies;\n \n· Partnerships & Regeneration has seen a significant revenue increase of 55% over H1 2017, excellent operating margin progress to 4.8% (H1 2017: 3.4%), and continuing strengthening of the order book, up 41% to £1.3bn. Further revenue growth and margin gains are expected, driven by continuing strong demand and geographical expansion; and\n \n· Construction's underlying business continues to improve following the changes made to its tendering processes. Pre-exceptional operating margin increased to 0.9% (H1 2017: 0.4%) and a high-quality order book has been maintained at £3.5bn (H1 2017: £3.4bn). There has been an encouraging performance on more recently...