(Alliance News) - Galliford & Try Holdings PLC on Wednesday reported a higher profit and revenue in the first-half to December 31.
The Uxbridge, England-based construction company said it swung to a pretax profit of GBP7.2 million from a loss of GBP2.6 million a year prior, citing acquisition costs in the first half of financial 2022.
Meanwhile, the firm's revenue rose 14% to GBP679 million from GBP594 million.
Chief Executive Officer Bill Hocking said that the acquisition of the specialist businesses of MCS Control Systems and Ham Baker in the first six months of the year helped to enhance the company's performance.
MCS Control Systems is a system integrator to providers industry and utilities sectors, while Ham Baker specialises in pipe manufacturing.
The company increased its interim dividend per share to 3.0 pence from 2.2p a year ago.
Looking ahead, the company has said that the recent integration of MCS Control Systems and Ham and Baker will "grow and further enhance" Galliford Try's asset optimisation and balance sheet.
In addition, the company stated that it is "well-placed" for the financial year to June 30, anticipating profit before tax to be at the upper end of current analyst estimates.
Galliford said analysts estimate the pre-exceptional pretax profit for financial 2023 to be between GBP20.3 million and GBP23.3 million, which would be at least 5.9% higher than GBP19.1 million it posted for financial 2022.
The company's shares were up 3.6% at 180.18 pence in London on Wednesday morning.
By Sabrina Penty; Alliance News reporter
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Galliford Try (GFRD)