Nov 13, 2020

City Bulletin: Galliford Try reassures investors ahead of annual meeting

Construction group Galliford Try has delivered a reassuring trading update, saying all its projects have been fully operational since the start of July with productivity at near normal levels. "The group is performing well, in line with the board's expectations, with an excellent first half year average month end cash position towards the upper end of previous guidance of £125m-£145m," Galliford said ahead of its virtual annual general meeting. Analysts at Peel Hunt forecast Galliford to restart dividends with a fiscal first-half payment of 0.8p a share, with pre-tax profit for the full year ending June forecast at £9.6m versus last year's £59.7m loss. Speaking at Thursday's City & Financial summit on post-transition regulation, Financial Conduct Authority director Nausicaa Delfas said issues with derivatives trading, the transfer of personal data and offering services to customers in the EU remained a real possibility after January 1. Round Hill Music Royalty Fund, a fledgling peer of Hipgnosis, begins trading on the London Stock Exchange on Friday after raising $282m with a share sale to investors.

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