It’s been a tough two years for Galliford Try. The same could be said for its shareholders, who have been given plenty of reasons to cut and run. Those who have been patient, however, look to be a lot closer to reaping the rewards.
A second year of exceptional charges in yesterday’s annual results complicates the picture for a group that, as well as constructing roads, schools and universities, builds new homes and develops land with affordable and mixed-use housing.
Strip out the exceptional items, however, and the underlying businesses feel poised for sustainable growth. Investors who held their nerve, as recommended by Tempus in February, have seen the value of their shares rise by just under 40 per cent. There should be more to