Galliford Try has confirmed 350 employees are to lose their jobs.
The job cuts were announced in a trading statement in which Galliford Try announced its intention to “concentrate on its core strengths in building, water and highways” resulting in the reduction of 350 personnel across the UK.
The restructured business’s target annual revenue will reduce to approximately £1.3bn and could produce savings of up to £15M from 2021.
In April the firm released a statement that, following a strategic, review it would be reducing the size of its construction arm and “focusing on its key strengths in markets and sectors with sustainable prospects for profitability and growth”.
Last year, the firm was hit by losses on the £1bn Aberdeen Western Peripheral Route, following the collapse of their joint venture partner Carillion at the beginning of 2018.
Galliford Try chief executive officer Graham Prothero said the difficult choices were needed to stabilise the business.
“We have made some difficult decisions in response to the challenges faced by the group’s construction business,” he said. “The associated operational changes are being implemented across the business. We are confident that the decision to refocus our construction activities will deliver a more stable business for the future and support improved margins.
“Our balance sheet remains strong, with guidance for average net debt for the full year unchanged.”
Galliford Try’s order book stands at £3bn, down £300M from this time last year, but with 78% of revenue secured.
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