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Galliford Try boss to step down as record results announced

Money

Galliford Try chief operating officer Ken Gillespie is retiring next year.

Gillespie will step down from the board in July and will retire from the business in February 2017.

Bill Hocking, who joined the business from Skanska last year, will become chief executive of construction and investments from 1 August 2016.

Gillespie said: “I am not leaving immediately but I am very confident that the growth and strength of the business will continue under Bill’s leadership.

“Bill has been running our construction business for the last six months and I think it demonstrates the strength of the group that we could persuade someone of his capability and standing in the infrastructure sector to join us after 25 years at Skanska.”

The announcement comes as Galliford Try announced record half-year pretax profit of £53M, up 24% on the same period last year.

Overall group revenue for the six months to 31 December 2015 was £1.18bn – a 9% increase from the first half of 2015.

Construction orders increased to £3.7bn, compared to £3.3bn for the same period last year.

Last month, New Civil Engineer reported that the business had already secured a record two-thirds of its projected construction revenue for 2016/17.

Gillespie said: “We’re very pleased with these record results and the progress the business has shown. From a construction point of view, revenue is up by over 20% and the margin has moved up from 1% to 1.2%. I’d like this to move further and, as I always say, I get frustrated with the margins the construction sector gets for its work because I think we deserve more given the capability and the great projects we deliver.”

Gillespie added that infrastructure will continue to play an important part in the company’s strategy for growth.

“Galliford Try has a strong infrastructure business with a heavy penetration in both the water and transport sector,” he said.

“It’s very pleasing to be announcing that we’re back at 90% of our order book in the public and regulated sectors, which is where we want to operate because the procurement opportunities and client relationships are far more collaborative in that area than they are in the private commercial sector.”

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