Galliford Try has taken steps to conserve cash during the Covid-19 crisis, including furloughing workers and axing its interim dividend.
The group, which owns Scottish construction firm Morrison, said it had closed some construction sites and kept others open in line with UK Government and Construction Leadership Council guidelines.
“Across the group, we are working with the NHS and others to assist and support them to increase capacity to meet the current challenges and immediate needs”, it added.
An interim dividend of 1p per share that was announced just a fortnight ago has been cancelled. But the group added: “Galliford Try remains a well-capitalised business with no debt or bank covenants.
“The [UK] Government is continuing to support our sector – for example, through the Cabinet Office Procurement Policy Note, which provides guidance on payment by public bodies during the Covid-19 outbreak – and 83% of our order book is in the public and regulated sectors.
"The group’s cash levels remain in line with management’s expectations, with average month-end cash for the second half of the financial year to 30 June expected to remain over £100 million, and the group continues to hold a public-private partnership (PPP) portfolio of £39 million.”
The group said it was no longer possible to give guidance on revenue and operating profits for its 2020 or 2021 financial years due to the pandemic. Galliford Try bought Morrison from water firm AWG in 2006 for £42 million.
