Galliford Try to cut 350 jobs after construction review
By Frank Prenesti
Date: Tuesday 21 May 2019
(Sharecast News) - Government contractor Galliford Try said it was cutting 350 jobs at its troubled construction division after a strategic review.
In a trading statement, Galliford said it expected full year results to be in line with its own forecasts, adding that target construction revenues would fall to £1.3bn.
Galliford forecast profit before tax after exceptional items for the year to June 30 of £112.7m - £123.3m based on forecasts at May 20.
The restructured construction business was expected to generate annualised cost savings of up to £15m from 2021, accelerating progress towards Galliford's target operating margins of 2% by 2021.
In April, Galiford became the latest government contractor to founder after issuing a huge profit warning linked to the struggling construction division, triggering a 19% share price collapse.
Construction profits were set to take a £40m hit after a strategic review due to restructuring costs and legacy and current projects, the company said.
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