Strong half-year results as chief operating officer announces departure date
Galliford Try has posted record half-year profit, as its chief operating officer Ken Gillespie announced he is to retire next February.
The firm posted increased profit across its housing, regeneration and construction businesses. Overall, pre-tax profit increased 24% to £52.9m, up from £42.5m, while revenue increased 12% to £1.3bn, up from £1.1bn.
Gillespie will retire in February 2017, but will step down from the firm’s board from the end of this July.
Former Skanska director Bill Hocking, who joined Galliford Try last September, will become chief executive of construction and investments from August.
Galliford Try’s construction business margin increased to 1.2% from 1%. The firm said its construction business was on course to hit £1.5bn full-year revenue ahead of its 2018 target, while its aim remains to hit a 2% margin by that date.
Commenting on his decision to retire, Gillespie said: “I have been immensely privileged and proud to have led and worked with great teams and great people throughout my time at Galliford Try.
“I will leave the business in a strong position and, having appointed Bill Hocking in September 2015, I know the business is in excellent hands to continue its success.”