Galliford Try Holdings Plc · LSE:GFRD

Galliford Try — FY2017 Earnings Presentation

71 slides from Galliford Try's earnings presentation, Sep 13, 2017

  1. Slide 1: Full Year Results to 30 June 2017

    FULL YEAR RESULTS TO 30 JUNE 2017 13 September 2017 Peter Truscott, Chief Executive Graham Prothero, Finance Director Longbridge Retirement Village, Birmingham

  2. Slide 2: Peter Truscott, Chief Executive

    Peter Truscott CHIEF EXECUTIVE

  3. Slide 3: Agenda

    AGENDA Full year results to 30 June 2017 § Highlights § Operating Review § Financial Review § Outlook § Appendices FY17 Results – Analyst Presentation, 1 3 September 2 017

  4. Slide 4: Highlights

    HIGHLIGHTS Full year results to 30 June 2017 Great Eastern Quays, East London

  5. Slide 5: Group Financial Highlights

    GROUP FINANCIAL HIGHLIGHTS 5 Strong underlying performance across the Group § Pre-­‐exceptional profit before tax up 9% to PBT1 up 9% EPS1 up 10% £147.6m 150 150 § Linden Homes operating profit up 16% to £170.3m; Partnerships & R egeneration up £147.6m 145.8p £135.0m 132.5p 27% to £14.9m; and Cons

  6. Slide 6: Strategy to 2021 Progress

    STRATEGY TO 2021 PROGRESS 6 Delivering sustainable growth and strong returns Strengthening our foundations to support further g rowth •Operate sustainably •Drive operating efficiencies •Maintain capital discipline Volume and margin Geographical Underlying business growth growth performed well Improv

  7. Slide 7: Linden Homes

    LINDEN HOMES Operating review Heathlands, S urrey

  8. Slide 8: Linden Homes Operating Review: Overview

    LINDEN HOMES 8 Operating review Overview § Strong performance, driven by solid g rowth in volumes § Revenue up 11% to £937m (FY16: £841m) § Operating margin increased to 18.2% (FY16: 17.5%) 22.7% £350k § 3,296 completions in the period, up 7% (FY16: 3,078) § Strong in-­‐hand position of £545m,

  9. Slide 9: Linden Homes: Landbank Analysis

    LINDEN HOMES 9 Operating review Landbank analysis1 Gross margin of landbank ASP in landbank % 25 £k 400 20 300 15 22.6% 22.7% 23.5% 200 10 £291k £310k £305k 5 100 0 0 FY15 FY16 FY17 FY15 FY16 FY17 Cost per plot Plot cost as % of ASP £k 80 % 30 60 20 40 £73k £69k £71k 24% 24% 23% 10 20 0 0 1 Includes

  10. Slide 10: Partnerships & Regeneration

    PARTNERSHIPS & REGENERATION Operating review Upton Village, East London

  11. Slide 11: Partnerships & Regeneration: Overview

    PARTNERSHIPS & REGENERATION 11 Operating review Overview § Revenue up 10% to £330m § Margin improved to 4.5% (FY16: 3.9%), r eflecting g rowth in mixed-­‐tenure § Strong landbank of 2,700 plots (FY16: 2,800) with GDV of £690m; equivalent to circa 4.5 years in FY17 § Good quality order book of mo

  12. Slide 12: Partnerships & Regeneration: Geographical Growth

    PARTNERSHIPS & REGENERATION 12 Operating review Geographical growth § Acquisition of Drew Smith accelerating g rowth in Southern r egion § Growth in operations in Bristol, M idlands and London Key 1 Newcastle 1 1 2 Warrington 3 Wolvey 2 2 4 Chelmsford/London 8 3 3 5 Newton Abbot/Exeter 4 6 4 6 Bri

  13. Slide 13: Construction

    CONSTRUCTION Operating review East Midlands Airport, Derby

  14. Slide 14: Construction: Overview

    CONSTRUCTION 14 Operating review Overview § Underlying portfolio of newer contracts continues to perform well § Excellent progress in defence, r ail, highways and airports sectors, increasing our presence in areas with high barriers to entry § Cash position decreased to £137m (FY16: £161m) § Imp

  15. Slide 15: Construction: Order Book

    CONSTRUCTION 15 Operating review Order book1 By client type Building Education 100% 12% 10% Other Public and Regulated 13% 19% £2.6bn Facilities Management 16% 16% 13% Commercial 75% 23% Health Defence 50% 72% 74% 74% 58% Infrastructure 25% Water £1.0bn Roads 0% Rail FY 14 FY 15 FY 16 FY 17 Other Ci

  16. Slide 16: Graham Prothero, Finance Director

    Graham Prothero FINANCE DIRECTOR

  17. Slide 17: Financial Review

    FINANCIAL © Crown Copyright REVIEW Full year results to 30 June 2017 RAF Marham, Norfolk

  18. Slide 18: Summary Income Statement

    FINANCIAL REVIEW 18 Full year results 30 June 2017 Summary income statement: Full year to 30 June £m 2017 2016 % Revenue1 2,820.2 2,670.4 5.6 Profit from operations before exceptional items 171.2 157.5 8.7 Profit before exceptional items 147.6 135.0 9.3 and tax Profit before tax 58.7 135.0 (56.5) Ea

  19. Slide 19: Exceptional Items

    FINANCIAL REVIEW 19 Full year results 30 June 2017 Exceptional items Pre-­‐exceptional £m Exceptional cost cost of sales One-­‐off cost announced 3 May 98.3 79.3 19.0 Exceptional contract costs pre 3 May 5.0 Exceptional contract costs post 3 May 3.6 Abortive bid costs 1.0 Exceptional charge 88.9 FY1

  20. Slide 20: Linden Homes Financial Review

    FINANCIAL REVIEW 20 Full year results 30 June 2017 Linden Homes REVENUE/OPERATING PROFIT profit up 16% Linden Homes gross margin Units: 3,296 (FY16: 3,078) Revenue: £937m (FY16: £841m) 25% 23.8% 22.5% 23.0% 21.4% Operating £170.3m (FY16: £147.2m) profit: 20% 6.3% 4.8% 6.5% 6.3% SALES MIX (UNITS) uni

  21. Slide 21: Partnerships & Regeneration Financial Review

    FINANCIAL REVIEW 21 Full year results 30 June 2017 Partnerships & Regeneration REVENUE/OPERATING PROFIT profit up 27% Partnerships & Regeneration Contracting: £248.0m (FY16: £233.9m) gross margin Mixed-­‐tenure: £82.2m (FY16: £66.7m) 10.5% Operating profit: £14.9m (FY16: £11.7m) 10% 9.3% UNITS DELIV

  22. Slide 22: Construction Financial Review

    FINANCIAL REVIEW 22 Full year results 30 June 2017 Construction REVENUE/OPERATING PROFIT1 revenue up £23.5m Construction gross margin1 Revenue: £1,526.9m (FY16: £1,503.4m) 10% Operating £(0.9)m (FY16: £15.8m) profit: 8% CASH down £23.7m 6.1% 5.8% 6% 4.9% 4.4% £137.4m (FY16: £161.1m) 4% 5.1% 4.6% 3.8

  23. Slide 23: Segmental Analysis: Full Year to 30 June

    FINANCIAL REVIEW 23 Full year results 30 June 2017 Segmental analysis: Full year to 30 June 2017 Profit/(Loss) Operating £m Revenue 1 from Operations2 3 Margin2 Linden Homes 937.4 170.3 18.2% Partnerships & Regeneration 330.2 14.9 4.5% Construction 1,526.9 (0.9) 0.0% PPP Investments 25.0 2.4 N/A Gro

  24. Slide 24: Group Cash Management

    FINANCIAL REVIEW 24 Full year results 30 June 2017 Group cash management § Strengthened balance sheet while maintaining ongoing focus on working capital management § Debt facilities enhanced to provide flexibility and r esilience • Bank facility extended to 2022 on same terms • Debt private placem

  25. Slide 25: Cash Flow

    FINANCIAL REVIEW 25 Full year results 30 June 2017 Cash flow £m 175 144.7 73.4 125 (10.0) (12.9) 75 (88.9) 25 7.2 (72.8) (17.6) -­‐25 (8.7) -­‐75 -­‐125 Opening Cash from Exceptional Working capital Interest Tax Dividend Other Closing net cash net debt pre-­‐exceptional items movements at 30 June 2

  26. Slide 26: Balance Sheet Highlights

    FINANCIAL REVIEW 26 Full year results 30 June 2017 Balance sheet highlights £m 2017 2016 Net assets 575.5 600.0 Tangible net assets 396.4 447.8 Net cash/(debt) 7.2 (8.7) Gearing % -­‐ 1% FY17 Results – Analyst Presentation, 1 3 September 2 017

  27. Slide 27: Segmental Balance Sheet

    FINANCIAL REVIEW 27 Full year results 30 June 2017 Segmental balance sheet Linden Partnerships & PPP Net assets £m Homes Regeneration Construction Investments Central Total 30 June 2017 Goodwill & intangible 52.5 35.8 83.8 -­‐ 7.0 179.1 assets Working capital employed 619.9 44.9 (143.5) 20.6 (152.7)

  28. Slide 28: Calculation of Dividend

    FINANCIAL REVIEW 28 Full year results 30 June 2017 Calculation of dividend In line with g uidance before 3 May trading statement £m Profit before tax 58.7 One-­‐off charge 98.3 Notional profit before one-­‐off charge 157.0 Implied notional EPS 154p Dividend at 1.6x cover 96.0p FY17 Results – Analyst

  29. Slide 29: Dividend

    Financial Review FINANCIAL REVIEW 29 Full year results 30 June 2017 Dividend Cover 1.8x 1.7x 1.6x 1.6x § Full year dividend up 17% 100 96p § Increasing dividend cover to 2.0x 90 82p while maintaining absolute payment 80 68p 70 § 5-­‐year target CAGR of 5% 64p 60 53p 56p Pence 50 46p 40 38p 30 20

  30. Slide 30: Strategy to 2021: Group Targets

    STRATEGY TO 2021 30 Group targets Improving margins Sustainable profit growth Strong returns PBT1 growth £ Group RoNA1 % Dividend per share p ≥ 60% 250 growth 30 120 CAGR 27.5 >5% 200 28 26.9 110 148 96.0 135 100 150 26 > 25.0 90 82.0 100 24 80 50 22 70 0 20 60 FY16 FY17 FY21 FY16 FY17 FY21 FY16 FY1

  31. Slide 31: Peter Truscott, Chief Executive

    Peter Truscott CHIEF EXECUTIVE

  32. Slide 32: Case Study

    CASE STUDY Full year results to 30 June 2017 Park View Student Village, Newcastle U niversity

  33. Slide 33: Modern Methods of Construction (MMC)

    CASE STUDY 33 Modern Methods of Construction (MMC) § Park View Student Village, Newcastle Project University Location § Newcastle § Producing 1,277 cluster bedrooms / Background 37,293m2 area © Purcell Architects Contract value § £68m § Working with CIMC to construct modules with traditional co

  34. Slide 34: Outlook

    OUTLOOK Full year results to 30 June 2017 Arena Central, Birmingham

  35. Slide 35: Outlook: Linden Homes

    OUTLOOK 35 Linden Homes § Land market continues to provide g ood opportunities § Targeting sustainable volume g rowth § Ongoing operating margin improvement § 100% land secured for FY18 and 90% for FY19 § 2,396 acres in strategic land § Some inflationary pressure in the supply chain but availa

  36. Slide 36: Outlook: Partnerships & Regeneration

    OUTLOOK 36 Partnerships & Regeneration § Sustained demand from housing associations and local authorities § Client r elationships supporting g eographical 1 expansion § Both elements of low capital model achieving g rowth • Strengthened contracting order book at record levels • Increased joint ve

  37. Slide 37: Outlook: Construction

    OUTLOOK 37 Construction § Concentrating on public and r egulated sectors; exited from large, fixed-­‐price all r isk infrastructure projects § High quality order book with g ood visibility provides confidence § Rigorous project selection, prioritising margin over volume § Focus on quality, minim

  38. Slide 38: Outlook: Group

    OUTLOOK 38 Group § Linden Homes expected to deliver further volume g rowth and improved operating margins § Partnerships & R egeneration well placed to benefit from demand for affordable housing § Construction’s margin expected to increase as legacy contracts complete § Remain cautious regarding

  39. Slide 39: Appendices

    APPENDICES Full year results to 30 June 2017 St Mary’s at Kings F ield, Bedfordshire

  40. Slide 40: Appendices Contents

    APPENDICES 40 Full year results to 30 June 2017 1. Group 1.1 Return on net assets 2.8 Landbank analysis 1.2 Cash flow summary 2.9 Movement in landbank 1.3 Net finance costs 2.10 Forecast outlets and revenue 1.4 Pension liability 2.11 Areas of operation 1.5 Investment in L inden Homes and P artnershi

  41. Slide 41: 1.1 Return on Net Assets

    APPENDICES 41 Full year results to 30 June 2017 1.1 Return on net assets Group1 Linden Homes2 35% 40% 30% 35% 25% 30% 25% 20% 20% 15% 37.1% 26.9% 27.5% 15% 31.7% 25.2% 28.1% 27.9% 10% 21.3% 10% 5% 5% 0% 0% FY14 FY15 FY16 FY17 FY14 FY15 FY16 FY17 1 Pre-­‐exceptional RoNA is calculated as p re-­‐excep

  42. Slide 42: 1.2 Cash Flow Summary

    APPENDICES 42 Full year results to 30 June 2017 1.2 Cash flow summary – Full year to 30 June 2017 £m 2017 2016 Cash f rom pre-­‐exceptional operating activities 144.7 124.9 Exceptional items (88.9) -­‐ Cash f rom operating activities 55.8 124.9 Working capital movements 73.4 (15.2) Net cash g enerat

  43. Slide 43: 1.3 Net Finance Costs

    APPENDICES 43 Full year results to 30 June 2017 1.3 Net finance costs – Full year to 30 June 2017 £m 2017 2016 Net interest payable on borrowings (16.2) (15.4) Interest receivable from joint ventures 4.9 7.0 Unwind of discount on payables (0.7) (0.8) Other 0.1 0.4 TOTAL (11.9) (8.8) FY17 Results – A

  44. Slide 44: 1.4 Pension Liability

    APPENDICES 44 Full year results to 30 June 2017 1.4 Pension liability 1 £m Defined benefit pension liability 1 July 2016 (4.3) Return on plan assets, excluding interest income 8.9 Experience g ains 3.9 Actuarial losses (17.8) Employer contributions 6.4 Expenses (0.3) Defined benefit pension liabilit

  45. Slide 45: 1.5 Investment in Linden Homes and Partnerships & Regeneration

    APPENDICES 45 Full year results to 30 June 2017 1.5 Investment in Linden Homes and Partnerships & Regeneration £m 2017 2016 Amounts invested in joint ventures 248.6 198.0 Land 456.6 538.7 Work in progress 266.0 282.1 Total invested in housebuilding developments & JVs 971.2 1,018.8 Land creditors (14

  46. Slide 46: 1.6 Forecast Land Creditors' Payment Profile

    APPENDICES 46 Full year results to 30 June 2017 1.6 Forecast land creditors’ payment profile £m 160 16.2 0.4 144.5 140 29.7 120 98.2 100 80 60 40 20 0 FY18 FY19 FY20 Beyond Total FY17 Results – Analyst Presentation, 1 3 September 2 017

  47. Slide 47: 1.7 Completed Housing Units - FY17

    APPENDICES 47 Full year results to 30 June 2017 1.7 Completed housing units -­‐ FY17 Partnerships & Partnerships & Linden Homes Linden Homes Regeneration Regeneration TOTAL TOTAL net of net of net of Units Incl. JVs partner s hare Incl. JVs partner s hare Incl. JVs partner s hare Private 2,537 2,222

  48. Slide 48: 1.7 Completed Housing Units - FY16

    APPENDICES 48 Full year results to 30 June 2017 1.7 Completed housing units -­‐ FY16 Partnerships & Partnerships & Linden Homes Linden Homes Regeneration Regeneration TOTAL TOTAL net of net of net of Units Incl. JVs partner s hare Incl. JVs partner s hare Incl. JVs partner s hare Private 2,487 2,156

  49. Slide 49: 1.8 Business Targets

    APPENDICES 49 Full year results to 30 June 2017 1.8 Business targets Business Metric FY16 FY17 FY21 Units 3,078 3,296 4,750 -­‐ 5,000 p.a. Revenue £0.8bn £0.9bn £1.25bn -­‐ £1.35bn Operating margin 17.5% 18.2% 19% -­‐ 20% Units 2,126 2,594 4,200 Revenue £301m £330m £650m Operating margin 3.9% 4.5% 6

  50. Slide 50: 2.1 Linden Homes Revenue Analysis, Regional

    APPENDICES 50 Full year results to 30 June 2017 2.1 Linden Homes – revenue analysis, regional at 30 June 2017 TOTAL Regions updated to Units 3,296 reflect operating structure Revenue £937.4m from 1 July 2016 EAST DIVISION Units 1,473 (45%) Revenue £433.1m (46%) WEST DIVISION Units 1,823 (55%) Revenu

  51. Slide 51: 2.2 Sales Reserved, Contracted and Completed

    APPENDICES 51 Full year results to 30 June 2017 2.2 Linden Homes – analysis of sales reserved, contracted, and completed £m Sept 17 June 17 Sept 16 Private 376 233 365 Affordable 169 140 145 TOTAL 545 373 510 For completion in F Y18 437 295 412 For completion post F Y18 108 78 98 TOTAL 545 373 510 U

  52. Slide 52: 2.3 Sales, Completions by Buyer Type

    APPENDICES 52 Full year results to 30 June 2017 2.3 Linden Homes – sales, completions by buyer type FY17 FY16 9% 7% Private 9% 10% Affordable 19% Private -­‐ Investor 23% 59% 64% Private with part exchange Based on 3,296 completions (FY16: 3,078) FY17 Results – Analyst Presentation, 1 3 September 2

  53. Slide 53: 2.4 Linden Homes Trading Overview

    APPENDICES 53 Full year results to 30 June 2017 2.4 Linden Homes – trading overview FY17 FY16 Revenue (£m) 937 841 Land cost 23.9% 26.8% Build cost 53.1% 49.4% Gross margin 23.0% 23.8% Overheads 4.8% 6.3% Operating margin 18.2% 17.5% FY17 Results – Analyst Presentation, 1 3 September 2 017

  54. Slide 54: 2.5 Private Sales, Analysis of Incentives

    APPENDICES 54 Full year results to 30 June 2017 2.5 Linden Homes – private sales, analysis of incentives on reservations Proportion of units FY17 FY16 No incentives 33% 40% Incentives Part exchange 13% 8% Assisted move 2% 3% Help to Buy 47% 38% Investor sales 5% 11% TOTAL 100% 100% FY17 Results – An

  55. Slide 55: 2.6 Strategic Use of Joint Ventures - FY17

    APPENDICES 55 Full year results to 30 June 2017 2.6 Linden Homes – strategic use of joint ventures -­‐ FY17 Revenue Completions ( Units) (Linden Homes only) ASP3 Net of Gross JV partner £m £000 Direct -­‐ private 1,907 1,907 652 342 -­‐ affordable 548 548 61 111 Other income, including land sales 68

  56. Slide 56: 2.6 Strategic Use of Joint Ventures - FY16

    APPENDICES 56 Full year results to 30 June 2017 2.6 Linden Homes – strategic use of joint ventures -­‐ FY16 Revenue Completions ( Units) (Linden Homes only) ASP3 Net of Gross JV partner £m £000 Direct -­‐ private 1,824 1,824 578 317 -­‐ affordable 481 481 52 109 Other income, including land sales 49

  57. Slide 57: 2.7 Landbank Valuation

    APPENDICES 57 Full year results to 30 June 2017 2.7 Linden Homes -­‐ landbank valuation1 June 2017 June 2016 June 2015 East West East West East West Cost per plot £000 Division Division Division Division Division Division Opening landbank 79 69 76 65 66 59 Closing landbank 78 66 79 69 76 65 Weighted

  58. Slide 58: 2.8 Landbank Analysis

    APPENDICES 58 Full year results to 30 June 2017 2.8 Landbank analysis1 By business By sector Product mix2 Product mix2 19% 21% 14% 33% 67% 81% 79% 86% Linden Homes 11,250 Private 11,000 Houses 7,650 Houses 1,400 Partnerships 2,700 Affordable 2,950 Apartments 1,250 Apartments 700 13,950 13,950 8,900

  59. Slide 59: 2.9 Movement in Landbank

    APPENDICES 59 Full year results to 30 June 2017 2.9 Linden Homes: movement in landbank Total Landbank Owned Controlled At 30 June 2016 11,500 9,648 1,852 Legal completions (2,876) (2,876) -­‐ Land acquired 3,038 1,897 1,141 Land sales and transfers into JV (711) (711) -­‐ Transfers -­‐ 870 (870) Abo

  60. Slide 60: 2.10 Forecast Outlets and Revenue

    APPENDICES 60 Full year results to 30 June 2017 2.10 Linden Homes -­‐ forecast outlets and revenue Number of sales outlets1 Revenue by period % 120 100% 10% 42% 90 75% Not yet acquired 60 50% 100% 100% 100% 90% Owned or controlled 98 90 80 77 83 58% 30 25% 0 0% FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY1

  61. Slide 61: 2.11 Areas of Operation

    APPENDICES 61 Full year results to 30 June 2017 2.11 Linden Homes – areas of operation 10 9 11 12 8 7 2 3 6 4 5 1 FY17 Results – Analyst Presentation, 1 3 September 2 017

  62. Slide 62: 3.1 Partnerships & Regeneration Units Delivered

    APPENDICES 62 Full year results to 30 June 2017 3.1 Partnerships & Regeneration -­‐ units delivered 2,594 2500 2,208 2,126 2000 1,720 2,000 1500 1,800 1,600 1000 1,500 726 500 600 526 594 408 126 220 0 FY13 FY14 FY15 FY16 FY 17 Private mixed tenure units Contracting -­‐ equivalent units FY17 Results

  63. Slide 63: 3.2 Contract Awards

    APPENDICES 63 Full year results to 30 June 2017 3.2 Partnerships & Regeneration – contract awards § Great Eastern Quays, Phase 2, R oyal Docks, London -­‐ £128m § Stoke Gifford r etirement village, Bristol -­‐ £44m § Wixams retirement village, Bedfordshire -­‐ £44m § Lyons Place, Maida Vale, Lon

  64. Slide 64: 3.3 Market Opportunity

    APPENDICES 64 Full year results to 30 June 2017 3.3 Partnerships & Regeneration – market opportunity New dwellings per year Nominal house price FY17 Results – Analyst Presentation, 1 3 September 2 017

  65. Slide 65: 3.4 Tenure Types

    APPENDICES 65 Full year results to 30 June 2017 3.4 Partnerships & Regeneration – tenure types Contracting Commissioning Developing LOW CAPITAL REQUIREMENT HIGH LOW MARGIN HIGH Affordable Social rent Supported Intermediate PRS/ Rent to Shared Help to Buy Private s ale rent housing Buy ownership FY17

  66. Slide 66: 4.1 Construction Segmental Analysis

    APPENDICES 66 Full year results to 30 June 2017 4.1 Construction – segmental analysis June 2017 £m Profit/(loss) Revenue1 2 from Operations2 Margin 2 Building 1,014.1 (12.0) (1.2)% Infrastructure 555.2 11.1 2.0% TOTAL 1,569.3 (0.9) 0.0% June 2016 Profit £m Revenue1 from Operations2 Margin2 Building

  67. Slide 67: 4.2 Construction Order Book

    APPENDICES 67 Full year results to 30 June 2017 4.2 Construction -­‐ order book1 £2.6bn £1.0bn Building £m Infrastructure £m Education 1051 Water 361 Other Public Sector 213 Roads 331 Facilities Management 474 Rail & Aviation 217 Commercial 297 Other Civil Engineering 119 Health 296 Defence 248 1 Cu

  68. Slide 68: 4.3 Construction Contract Awards

    APPENDICES 68 Full year results to 30 June 2017 4.3 Construction-­‐ contract awards § ProCure 22 Framework, Department of Health – £4bn (total value) § East Lothian Community Hospital, Haddington, Scotland -­‐ £72m § Park View Student Village, Newcastle University -­‐ £68m § 50-­‐60 Station R oa

  69. Slide 69: 4.4 Building Projects

    APPENDICES 69 Full year results to 30 June 2017 4.4 Building projects North East PSBP Schools Framework NGEC National Capital Works F ramework Hub South West Scotland ProCure22 North W ales Schools F ramework Hub North Scotland PPP FY17 Results – Analyst Presentation, 1 3 September 2 017

  70. Slide 70: 4.5 Infrastructure Projects

    APPENDICES 70 Full year results to 30 June 2017 4.5 Infrastructure projects Manchester Airports G roup Smart Motorways F ramework Urban Vision Partnership, Salford Capital Delivery F ramework Highways England Capital Skipton FAS Delivery F ramework Tollbar End Improvement Scheme FY17 Results – Analy

  71. Slide 71: Disclaimer

    DISCLAIMER 71 This presentation is being made only to and is directed in the Company or any member of its g roup or any at persons who have professional experience in commitment whatsoever. This presentation does not matters relating to investments falling within Article purport to contain all the i

Galliford Try Holdings — FY2017 Earnings Presentation on 6ix