Business
Settlement of AWPR
Settlement of AWPR.
About this update from Galliford Try Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8332X Galliford Try PLC 23 December 2019 \n\n \n \n \n \n \n \nGalliford Try plc\nSettlement agreed on Aberdeen Western Peripheral Route \n \n \nGalliford Try plc (\"Galliford Try\"), the housebuilding, regeneration and construction group announces that, following a lengthy period of negotiation, the Aberdeen Western Peripheral Route (\"AWPR\") joint venture has substantially agreed settlement terms with the client in respect of the final account of this major infrastructure project. As a result of the settlement Galliford Try expects to receive a cash payment of around £32m and incur a write-off of £52m.\n \nThe settlement brings to a conclusion a complex and challenging project, averting a lengthy and costly litigation process. The settlement also removes a significant distraction and uncertainty, allowing the Construction business to focus on its core business, current and new projects which are expected to deliver improving margins, operating on multiple secured frameworks and in our chosen sectors. \n \nTaken together with an adverse adjudication award on an unrelated historical contract in the period, the Group will report an exceptional write-off of circa £61m at 31 December 2019.\n \nThe person responsible for making this announcement on behalf of Galliford Try is Kevin Corbett, General Counsel & Company Secretary. This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014.\n \nFor further enquiries please contact:\n \nGalliford Try \nGraham Prothero, Chief Executive &n...