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"value": "Notes to the consolidated financial statements 1\u2002Accounting policies General information Galliford Try Holdings plc (the Company) is a public limited company incorporated, listed and domiciled in the UK, and registered under the laws of England and Wales. The address of the registered office is 3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has its listing on the London Stock Exchange. The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. The amounts stated are denominated in millions (\u00a3m). Basis of accounting For the year to 30 June 2023, the Group consolidated financial statements and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. There was no impact or changes in accounting policies from the transition, which reflects a change in accounting framework. The consolidated and Company financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of PPP and other investments and financial assets and liabilities (including derivative financial instruments) at fair value through other comprehensive income. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Viability Statement (on page 69) and the Strategic Report (from page 1). As at 30 June 2023, the Group had substantial cash balances, no debt, and a strong forward secured order book. The directors regularly review the working capital requirements of the Group while considering downside sensitivities. The Group\u2019s forecasts have been prepared in the context of the current economic conditions and additionally, the directors have considered a range of downside sensitivities (as discussed in detail in the Viability Statement on page 69). Even in the worst-case scenario, the Group is forecast to continue to meet its obligations and remain cash positive for a period of at least 12 months from the date the financial statements are authorised for issue. After making enquiries and considering the factors and sensitivities outlined above for a range of scenarios, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Company has elected to take the exemption under section 408 of the Companies Act 2006 to not present the Parent Company income statement and statement of comprehensive income. New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: + Amendments to IFRS 3 Business Combinations + Amendments to IAS 12 Income Taxes + Amendments to IAS 16 Property, Plant and Equipment + Amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets + Annual improvements 2018 \u2013 2020 (impacting IFRS 1, IFRS 9, IAS 41 and IFRS 16) These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: + Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants + Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8 + IFRS 17 Insurance Contracts as amended in December 2021 + Amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction + Amendment to IAS 12 International tax reform \u2013 pillar two model rules + Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance + Amendment to IFRS 16 Leases: Leases on sale and leaseback + IFRS S1 General requirements for disclosure of sustainability- related financial information + IFRS S2 Climate-related disclosures The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. Basis of consolidation The Group financial statements incorporate the results of Galliford Try Holdings plc, its subsidiary undertakings and the Group\u2019s share of the results of joint arrangements. Subsidiaries are all entities over which the Group has control. The exposure or right to variable returns from its involvement with an investee, and the ability to influence those returns, are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of a business by the Group. The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed to the income statement. The identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date, irrespective of any non-controlling interest. The excess of cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the Group\u2019s share of the identifiable net assets is in excess of the cost of the acquisition, the gain on bargain purchase is recognised as a credit through the income statement. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. In addition to total performance measures, the Group discloses
additional information including performance before exceptional
items and earnings per share before exceptional items. The Group
believes that this additional information provides useful information
on underlying trends. This additional information is not defined
under international accounting standards and may therefore not be
comparable with similarly titled profit measures reported by other
companies. It is not intended to be a substitute for, or superior to,
international accounting standards measures of profit.
Impact of climate change on the financial statements
As reported in the TCFD disclosures starting on page 57, and the
principal risks starting on page 52, the directors have considered
the risks and potential impact of climate change to the Group.
It is unlikely that these risks will have a material financial impact
in the short and medium term, particularly given the nature of
the contractual arrangements in place, however the directors
continue to monitor this, particularly regarding any judgements on
construction contracts, impairment reviews and going concern.
Critical accounting estimates and judgements
The preparation of the consolidated financial statements requires
management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets,
liabilities, income and expenses. Critical judgements are those
management has made when applying its significant accounting
policies, whereas critical estimates are assumptions and estimates
made at the end of the reporting period that have a significant risk
of resulting in a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
The estimates, judgements and associated assumptions are based
on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form
the basis of making estimates and judgements about the carrying
value of assets and liabilities which are not readily apparent from
other sources. Actual results may differ from these estimates and
judgements. The estimates, judgements and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates
and judgements are recognised in the period in which the estimate
or judgement is revised if the revision affects only that period, or in
the period of revision and future periods if the revision affects both
current and future periods.
Material estimates, judgements and assumptions are made in
particular with regards to establishing the following policies:
(i) Revenue and profit recognition for long-term contract
accounting (judgement and estimate)
In order to determine the profit and loss that the Group is able
to recognise on its construction contracts in a specific period,
the Group has to estimate the outcome of both the total costs to
complete the contract as well as the final contract value. The Group
has to allocate total costs of the construction contracts between
the amount incurred on the contract to the end of the reporting
period and the proportion to complete in a future period. The
assessment of the total costs to be incurred and final contract value
requires a degree of estimation.
Contract modifications are recognised when the Group considers
they have been approved (which also includes consideration of
whether enforceable rights exist in the contract). The estimation
of final contract value includes the assessment of the recovery of
variations, claims and compensation events (contract modifications).
The estimate made is constrained in accordance with IFRS 15 so
that it is highly probable not to result in a significant reversal of
revenue in the future. Where the change in scope results in an
increase to the work to be performed that is distinct and reflects the
stand-alone selling price of the distinct good/service, it is treated as
a separate contract. This is assessed on a contract specific basis.
The Group recognises recoveries of claims from clients as revenue
where clear entitlement has been established, such as through
dispute-resolution processes. This includes the recovery of costs
(such as delays to the contract programme) to the extent it is highly
probable not to result in a significant reversal of revenue in the
future.
The estimation of costs to complete is based on all available relevant
information such as procured packages and management experience
and includes estimation of final accounts and any potential
maintenance and defect liabilities. Recoveries resulting from actual
or potential claims against subcontractors are accounted for in
accordance with IAS 37 and are recognised only when they meet
the virtually certain threshold.
Group management has established internal controls to review
and ensure the appropriateness of estimates made on an individual
contract basis, including any necessary contract provisions. As with
most large, complex construction projects, there is an element of
estimation uncertainty over costs to complete and final account
settlements. This is, however, reduced by the experience of the
management team and the controls that we have in place. The
settlement of these final accounts may give rise to an over or under-
recognition of profit or loss and associated cash flows, which could
be material.
As at 30 June 2023, the Group\u2019s contract assets, contract liabilities
and contract provisions amounted to \u00a3204.9m, \u00a3106.6m and
\u00a329.9m respectively as set out in Notes 17, 19 and 20. The Group
has considered the nature of the estimates involved in deriving
these balances and concluded that it is possible, on the basis of
existing knowledge, that outcomes within the next financial year
may be different from the Group\u2019s assumptions applied as at 30
June 2023 and could require a material adjustment to the carrying
amounts of these assets and liabilities in the next financial year.
However, due to the level of uncertainty, combination of cost and
income variables and timing across the Group\u2019s large portfolio of
contracts at different stages of their contract life, it is impracticable
to provide a quantitative analysis of the aggregated judgements that
are applied at a portfolio level.
The Group\u2019s five largest unagreed variations and claims positions at
the year-end are summarised in aggregate below.
\u00a3m
Overall contract value (including total estimated end of
contract variations and claims after IFRS 15 constraints) 385.5
Revenue in the year 58.6
Total estimated end of contract variations and claims
before IFRS 15 constraints 71.9
Total estimated end of contract variations after IFRS 15
constraints 46.5
These five positions represent the most significant estimates of
revenue. The aggregate unagreed variations and claims constrained
revenue recognised at year-end of the subsequent five largest
unagreed variations and claims is \u00a316.1m.
These items include estimation uncertainty, with a range of
reasonably possible outcome of \u00a3nil to \u00a371.9m.
In respect of contract assets of \u00a3204.9m (30 June 2022: \u00a3173.4m)
and in assessing receivable provisions calculated on an expected
loss basis, the Group has recorded a provision of \u00a3nil (2022:
\u00a314.0m), refer to note 17.
It is unclear whether the outstanding uncertainties will be resolved
within the next 12 months.
(ii) Taxation (judgement and estimate)
Deferred tax liabilities are generally provided for in full and deferred
tax assets are recognised to the extent that it is probable that future
taxable profit will arise against which the temporary differences will
be utilised. Management judgement is required to determine the
amount of deferred tax assets that can be recognised, based on the
likely timing and level of future taxable profits (note 22).
(iii) Exceptional items (judgement)
Exceptional items are items of financial performance which the
Group believes should be presented separately on the face of
the income statement, to assist in understanding the underlying
financial performance achieved by the Group. Determining
whether an item is part of underlying items or non-underlying items
requires judgement. Details of exceptional items included in the
financial statements are included in note 4. The exceptional items
presented in the income statement meet the Group\u2019s definition of
exceptional, being material and irregular costs incurred during the
year, that the Group believes assists the users of the accounts by
disclosing separately.
(iv) PPP and other investments measured at fair value
through other comprehensive income (estimate)
At 30 June 2023, \u00a344.6m (2022: \u00a347.5m) of PPP and other
investments were classified as financial assets measured at fair value
through other comprehensive income. In the operational phase, the
fair value of these financial assets is measured at each reporting
date by discounting the future value of the cash flows allocated to
the financial asset. Individual discount rates have been used which
equate to an overall blended discount rate of 7.3% (2022: 7.0%),
which reflects the rates typically experienced in the marketplace.
A 0.5% increase/reduction in the discount rate would result in a
corresponding decrease/increase in the value of the investments
recorded in the balance sheet of approximately \u00a31.6m
(2022: \u00a31.9m) (note 16).
(v) Business combinations (judgement and estimate)
The acquisition of the nmcn Water Business during the prior
year, represented a material business combination. This required
the application of both estimates and judgements to be made by
management in determining the allocation of the purchase price
against the identifiable assets and liabilities and any residual
goodwill. During the current year the Group has acquired MCS
Control Systems Limited and the business of Ham Baker and has
applied a consistent methodology.
Exceptional items
Exceptional items are material or significant irregular items
of income and expense which the Group believes should be
disclosed in the income statement, to assist in understanding
the underlying financial performance achieved by the Group, by
virtue of their nature or size. Examples of items which may give
rise to disclosure as exceptional items include gains and losses
on the disposal of businesses and property, plant and equipment,
significant unanticipated losses on contracts, cost of restructuring
and reorganisation of businesses, acquisition costs and asset
impairments.
Segmental reporting
Segmental reporting is presented in the consolidated financial
statements in respect of the Group\u2019s business segments, which are
the primary basis of segmental reporting. The business segmental
reporting reflects the Group\u2019s management and internal reporting
structure. Segmental results include items directly attributable to
the segment, as well as those that can be allocated on a reasonable
basis.
Revenue and profit
Revenue is recognised when the Group transfers control of goods
or services to customers. Revenue comprises the fair value of the
consideration received or receivable net of rebates, discounts and
value-added tax. Where consideration is subject to variability, the
Group estimates the amount receivable. Revenue recognised is
constrained to the amount which is highly probable not to result
in a significant reversal in future periods. The Group also assesses
whether the costs incurred on a project depict an appropriate
measure of progress, and constrain revenue accordingly.
Sales within the Group are eliminated. Revenue also includes the
Group\u2019s proportion of work carried out under joint operations.
Where a modification to an existing contract occurs, the Group
assesses the nature of the modification and whether it represents a
separate performance obligation required to be satisfied or whether
it is a modification to the existing performance obligation.
Revenue for the Group\u2019s continuing operations is recognised as
follows:
Construction services
Revenue comprises the value of construction services transferred
to a customer during the period. The results for the period
include adjustments for the outcome of contracts, including
jointly controlled operations, executed in both the current and
preceding years.
Fixed price contracts \u2013 the amount of revenue recognised is
calculated based on total costs incurred as a proportion of total
estimated costs to complete and is recognised over time. The
estimated final value includes variations, compensation events and
certain claims (contract modifications) where it is highly probable
that there will not be a significant reversal. Provision will be made
against any expected loss as soon as it is identified.
Cost-reimbursable contracts \u2013 revenue is recognised based upon
costs incurred to date plus any agreed fee and is recognised over
time. Where contracts include a target price, consideration is
given to the impact on revenue of the mechanism for distributing
any savings or additional costs compared to the target price. Any
revenue over and above the target price is recognised once it is
highly probable that there will not be a significant reversal. Revenue
includes any variations and compensation events where it is highly
probable that there will not be a significant reversal.
Facilities management \u2013 management services and facilities
management contracts typically represent a single performance
obligation. Revenue is recognised over time as control passes to the
customer and is typically measured on a straight-line basis as this is
considered to be a reliable estimate of the pattern of transfer to the
customer.
Recoveries from claims against third parties
The recognition of expected reimbursements resulting from
certain third-party claims such as against the supply chain or
through insurance recoveries is accounted for in accordance with
IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
This requires recovery to be \u2018virtually certain\u2019 before an asset can
be recognised.
Government funding
Grants (including research and development expenditure credits)
are recognised when there is reasonable assurance that the Group
will comply with the conditions attaching to them and the grants
will be received. The grants are recognised in the income statement
over the periods necessary to match them with the related costs
which they are intended to compensate, on a systematic basis.
Contract costs
Incremental costs to obtain a contract are capitalised to the extent
the contract is expected to be sufficiently profitable for them to
be recovered. All other costs to obtain a contract are expensed
as incurred. Incremental costs to fulfil a contract are expensed
unless they relate directly to an existing contract or specific
anticipated contract, generate or enhance resources that will be
used to satisfy the obligations under the contract and are expected
to be recovered. These costs are amortised over the shorter of
the duration of the contract or the period for which revenue and
profit can be forecast with reasonable certainty. Where a contract
becomes loss making, capitalised costs in relation to that contract
are expensed immediately.
Interest income and expense
Interest income and expense is recognised on a time proportion
basis, using the effective interest method.
Income tax
Current income tax is based on the taxable profit for the year.
Taxable profit differs from profit before taxation recorded in the
income statement because it excludes items of income or expense
that are taxable or deductible in other years or that are never
taxable or deductible. The liability for current tax is calculated using
rates that have been enacted, or substantively enacted, by the
balance sheet date.
Deferred income tax is provided using the balance sheet liability
method, providing for all temporary differences between the
carrying amount of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes, with
the exception of the initial recognition of goodwill arising on an
acquisition. Deferred tax is measured at the tax rates that are
expected to apply in the periods in which the timing differences
are expected to reverse, based on rates and laws that have been
enacted or substantively enacted by the balance sheet date. A
deferred tax asset is only recognised when it is more likely than
not that the asset will be recoverable in the foreseeable future out
of suitable taxable profits from which the underlying temporary
differences can be deducted.
Deferred income tax is provided on temporary differences arising
on investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference is controlled by
the Group and it is probable that the temporary difference will not
reverse in the foreseeable future. Deferred income tax assets and
liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when there is an
intention to settle the balances on a net basis.
Deferred income tax is charged or credited through the income
statement, except when it relates to items charged or credited
through the statement of comprehensive income or to equity, when
it is charged or credited there.
Goodwill
Goodwill arising on consolidation represents the excess of the fair
value of the consideration given over the fair value of the net assets
acquired. It is recognised as an asset and reviewed for impairment
at least annually or when there is a triggering event, by considering
the net present value of future cash flows. For purposes of testing
for impairment, the carrying value of goodwill is compared to its
recoverable amount, which is the higher of the value in use and the
fair value less costs to sell. Any impairment is charged immediately
to the income statement.
Goodwill arising on acquisitions before the date of transition to
IFRS has been retained at the previous UK GAAP amounts following
impairment tests. Goodwill written off to reserves under UK GAAP
prior to 1998 has not been restated.
Goodwill is allocated to Cash Generating Units (CGUs) for the
purpose of impairment testing. The allocation is made to those
CGUs or groups of CGUs that are expected to benefit from the
business combination in which the goodwill arose.
Intangible assets
Intangible assets can include brands, customer contracts and
customer relationships acquired on acquisition of subsidiary
companies, and computer software developed by the Group. The
intangible assets are reviewed for impairment at least annually or
when there is a triggering event. Intangible assets are stated at cost
less accumulated amortisation and impairment. Cost is determined
at the time of acquisition as being directly attributable costs or,
where relevant, by using an appropriate valuation methodology.
Intangible assets are amortised over the following periods:
(a) Customer contracts and relationships \u2013 on a straight-line basis
over up to 10 years.
(b) Computer software \u2013 once the software is fully operational,
amortisation is on a straight-line basis over up to 10 years.
Property, plant and equipment
All property, plant and equipment is stated at cost less accumulated
depreciation and impairment. Cost includes expenditure that
is directly attributable to the acquisition of the items. Land and
buildings comprise mainly offices.
Depreciation is calculated to write off the cost of each asset to its
estimated residual value over its expected useful life. Freehold land
is not depreciated. The annual rates of depreciation on cost, applied
on a straight-line basis, are as follows:
+ Freehold buildings 2%
+ Plant and machinery 15% to 33%
+ Fixtures and fittings 10% to 33%
In addition to systematic depreciation, the book value of property,
plant and equipment is written down to estimated recoverable
amounts should any impairment in the respective carrying values be
identified. The asset residual values, carrying values and useful lives
are reviewed on an annual basis and adjusted if appropriate at each
balance sheet date.
Repairs and maintenance expenditure is expensed as incurred, on an
accruals basis.
Joint arrangements
The Group applies IFRS 11 to all joint arrangements. Investments
in joint arrangements are classified as either joint ventures or joint
operations, depending on the contractual rights and obligations of
each investor.
A joint venture is an entity over which the Group has joint control
and rights to the net assets of the entity. The Group\u2019s interest in
joint ventures is accounted for using the equity method. Under
this method the Group\u2019s share of profits less losses after taxation
of joint ventures is included in the consolidated income statement
and its interest in their net assets is included in investments in the
consolidated balance sheet. Where the share of losses exceeds
the Group\u2019s interest in the entity and there is no obligation to fund
these losses, the carrying amount is reduced to nil and recognition
of further losses is discontinued. Future profits are not recognised
until unrecognised losses are extinguished. Unrealised gains on
transactions with the Group\u2019s joint ventures are eliminated to the
extent of the Group\u2019s interest in the joint venture. Accounting
policies of joint ventures have been changed on consolidation
where necessary, to ensure consistency with policies adopted by
the Group. Where joint ventures do not adopt accounting periods
that are coterminous with the Group\u2019s, results and net assets are
based on unaudited accounts drawn up to the Group\u2019s accounting
reference date.
A joint operation is a joint arrangement that the Group undertakes
with third parties, whereby those parties have rights to the assets
and obligations of the arrangement. The Group accounts for joint
operations by recognising its share of profits and losses in the
consolidated income statement. The Group recognises its share of
associated assets and liabilities in the consolidated balance sheet.
PPP and other investments
PPP and other investments are non-derivatives that are either
designated in this category or not classified in any of the other
categories. They are included in non-current assets unless
management intends to dispose of the assets within 12 months
of the balance sheet date. On initial recognition, the asset is
recognised at cost.
The Group applies equity accounting for its investments in PPP/
PFI entities. These investments are treated as associates as the
Group has significant influence over them. On initial recognition,
the investments in these entities are recognised at cost, and the
carrying amounts are increased or decreased to recognise the
Group\u2019s share of the profit or loss of the PPP/PFI entities after the
date of acquisition. The Group\u2019s share of the investments\u2019 profits
or losses is recognised in the profit or loss net of any impairment
losses. Distributions received reduce the carrying amount of
the investments.
The debt element of the Group\u2019s PPP/PFI entities is accounted for
under IFRS 9 \u2018Financial Instruments\u2019 with fair value movements
recorded in other comprehensive income and with recycling of gains
and losses through the income statement. Tax is recognised on the
movements in other comprehensive income, where we expect the
recycling to attract a tax charge/credit to the income statement.
This reflects the fact that the Group has a demonstrable track
record of investing in PFI assets as part of an overall construction
procurement strategy, with a view to churning these investments on
a regular basis. Management has reviewed the classification of PPP
investments and considers that the business model continues to be
hold to collect and sell. The investments therefore continue to be
held at fair value through other comprehensive income.
Leases
In accordance with IFRS 16, leases are recognised as a right-of-use
asset and a corresponding liability at the date at which the leased
asset is available for use by the Group. Each lease payment is
allocated between the liability and finance cost. The finance cost is
charged to profit or loss over the lease term at a constant periodic
rate of interest on the remaining balance of the liability. The right-of-
use asset is depreciated over the lease term on a straight-line basis,
unless the useful life of the asset is shorter than the lease term.
Trade receivables
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost, using the effective
interest method, less provision for impairment. A provision for
impairment of trade receivables is established based on an expected
credit loss model (general or simplified approach, as detailed under
impairment of financial assets). The amount of the loss is recognised
in the income statement through administrative expenses unless
presented separately.
When a trade receivable is uncollectible, it is written off against the
impairment provision for trade receivables. Subsequent recoveries
of amounts previously written off are credited against costs in
the income statement. Short-term trade receivables do not carry
any interest and are stated at their amortised cost, as reduced by
appropriate allowances for estimated irrecoverable amounts.
Impairment of financial assets
IFRS 9 establishes a model for recognition and measurement of
impairment in financial assets. Loans and receivables and contract
assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other
assets are classified and measured at fair value, with movements
going through the income statement or other comprehensive
income. Expected credit losses are recognised and measured
according to one of three approaches \u2013 a general approach (12
months ECL), a simplified approach (lifetime ECL) or the \u2018credit
adjusted approach\u2019. The Group has taken the practical expedient
to apply a simplified \u2018provision matrix\u2019 for calculating expected
losses. The provision matrix is based on an entity\u2019s historical default
rates over the expected life of the trade receivables and is adjusted
for forward-looking estimates. For large one-off balances where
there is no historic experience, analysis is completed in respect of a
number of reasonably possible scenarios.
Cash and cash equivalents
Cash and cash equivalents are carried in the balance sheet at
nominal value. For the purposes of the cash flow statement, cash
and cash equivalents comprise cash at bank and in hand, including
bank deposits with original maturities of three months or less. Bank
overdrafts are included for purposes of cash flow movements and
the cash flow statement.
Bank deposits with an original term of more than three months are
classified as short-term deposits where the cash can be withdrawn
on demand and the penalty for early withdrawal is not significant.
Cash held in escrow accounts is classified as a short-term deposit
where the escrow agreement allows the balance to be converted to
cash, if replaced by a bond repayable on demand.
Trade payables
Trade payables on normal terms are not interest bearing and are
stated at their nominal value. Trade payables on extended terms are
recorded at their fair value at the date of acquisition of the asset
to which they relate and subsequently held at amortised cost. The
discount to nominal value is amortised over the period of the credit
term and charged to finance costs using the effective interest rate.
Provisions for liabilities and charges
Provisions for liabilities and charges are recognised when, as a
result of past events, the Group has a present legal or constructive
obligation, it is probable that an outflow of resources will be
required to settle the obligation and the amount has been reliably
estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditures
expected to be required to settle the obligation, using the pre-tax
rate that reflects current market assessments of the time value
of money and the risks specific to the obligation. The increase
in the provision due to the passage of time is recognised as an
interest expense.
Foreign currency
Transactions in foreign currencies are recorded at the rate ruling
at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the rate of
exchange ruling at the balance sheet date. All differences are taken
to the income statement.
Retirement benefit obligations
For defined contribution schemes operated by the Group, amounts
payable are charged to the income statement as they accrue.
Accounting for Employee Share Ownership Plan
Own shares held by the Galliford Try Employee Share Trust
(the \u2018Trust\u2019) are included in the Group financial statements as a
deduction from retained earnings. The charge made to the income
statement for employee share awards and options is based on
the fair value of the award at the date of grant, spread over the
performance period. Where such shares subsequently vest to the
employees under the terms of the Group\u2019s share option schemes or
are sold, any consideration received is included in equity.
Share-based payments
The Group operates a number of equity-settled, share-based
compensation plans. The fair value of the employee services
received in exchange for the grant of the options is recognised as an
expense over the vesting period. The total amount to be expensed
over the vesting period is determined by reference to the fair value
of the options granted, excluding the impact of any non-market
vesting conditions such as growth in earnings per share. Non-
market vesting conditions are included in assumptions about the
number of options that are expected to vest.
At each balance sheet date, the Group revises its estimates of the
number of options that are expected to vest. It recognises the
impact of the revision to original estimates, if any, in the income
statement, with a corresponding adjustment to equity.
The proceeds received net of any directly attributable
transaction costs are credited to share capital (nominal value)
and share premium when the options are exercised. The grant
by the Company of options over its equity instruments to the
employees of subsidiary undertakings in the Group is treated as a
capital contribution.
Dividend
Final dividend distribution to the Company\u2019s shareholders is
recognised as a liability in the Group\u2019s financial statements in the
period in which the dividends are approved by the Company\u2019s
shareholders. Interim dividends are recognised when paid.
Equity instruments
Equity instruments, such as ordinary share capital, issued by the
Company are recorded at the proceeds received net of directly
attributable incremental issue costs. Consideration paid for shares in
the Company held by the Trust are deducted from total equity.
Investments in subsidiaries
The Company\u2019s investments in subsidiaries are recorded in the
Company\u2019s balance sheet at cost less any impairment. The directors
review the investments for impairment annually.
2\u2002Segmental reporting
Segmental reporting is presented in the consolidated financial statements in respect of the Group\u2019s business segments, which are the
primary basis of segmental reporting. The business segmental reporting reflects the Group\u2019s management and internal reporting structure.
Segmental results include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. As the
Group has no activities outside the UK, segment reporting is not required by geographical region.
The Chief Operating Decision-Makers (CODM) have been identified as the Group\u2019s Chief Executive and Finance Director. The CODM
review the Group\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating
segments of the Group to be Building, Infrastructure, PPP Investments and Central (primarily representing central overheads).
The CODM assess the performance of the operating segments based on a measure of adjusted earnings before finance costs, amortisation,
exceptional items and taxation. This measurement basis excludes the effects of non-recurring expenditure from the operating segments,
such as restructuring costs and impairments when the impairment is the result of an isolated, non-recurring event. In the financial year
ending 30 June 2023, the Group has also presented pre-exceptional performance excluding a one off contract settlement as announced
on 8 June 2023 (disclosed in the consolidated income statement as an impairment of financial assets of \u00a32.8m). Interest income and
expenditure are included in the result for each operating segment that is reviewed by the CODM. Other information provided to them is
measured in a manner consistent with that in the financial statements.
Income statement
Year-ended 30 June 2023
Building
\u00a3m
Infrastructure
\u00a3m
PPP Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Revenue 797.1 590.8 5.8 \u2013 1,393.7
Pre-exceptional operating profit/(loss) before amortisation
and impairment of financial assets 18.5 14.5 1.4 (12.5) 21.9
Finance income \u2013 0.3 3.9 2.1 6.3
Finance costs (0.7) (0.7) (0.1) (0.3) (1.8)
Pre-exceptional profit/(loss) before amortisation and
taxation and amortisation of financial assets 17.8 14.1 5.2 (10.7) 26.4
Amortisation of intangible assets (1.0) (0.9) \u2013 (1.1) (3.0)
Pre-exceptional profit/(loss) before taxation and impairment
of financial assets 16.8 13.2 5.2 (11.8) 23.4
Impairment of financial assets \u2013 (2.8) \u2013 \u2013 (2.8)
Exceptional items \u2013 \u2013 \u2013 (10.5) (10.5)
Profit before tax 16.8 10.4 5.2 (22.3) 10.1
Income tax charge (1.0)
Profit for the year 9.1
Year-ended 30 June 2022
Building
\u00a3m
Infrastructure
\u00a3m
PPP Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Revenue 789.1 441.9 6.2 \u2013 1 ,237. 2
Pre-exceptional operating profit/(loss) before amortisation 18.9 10.8 (0.9) (10.3) 18.5
Share of post-tax profits from joint ventures \u2013 \u2013 0.4 \u2013 0.4
Finance income \u2013 \u2013 3.9 0.4 4.3
Finance costs (0.3) (0.7) \u2013 (0.4) (1.4)
Pre-exceptional profit/(loss) before amortisation and
taxation 18.6 10.1 3.4 (10.3) 21.8
Amortisation of intangible assets (1.0) (0.7) \u2013 (1.0) (2.7)
Pre-exceptional profit/(loss) before taxation 17.6 9.4 3.4 (11.3) 19.1
Exceptional items \u2013 (7.7 ) \u2013 (6.0) (13.7)
Profit before tax 17.6 1.7 3.4 (17.3) 5.4
Income tax credit 0.9
Profit for the year 6.3
Inter-segment revenue is eliminated from revenue above. In the year to 30 June 2023, this amounted to \u00a361.0m (2022: \u00a338.8m) for
continuing operations, of which \u00a3nil (2022: \u00a3nil) was in Building, \u00a340.1m (2022: \u00a321.7m) was in Infrastructure and \u00a320.9m (2022: \u00a317.1m)
was in central costs.
Balance sheet
30 June 2023 Notes
Building
\u00a3m
Infrastructure
\u00a3m
PPP Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Goodwill and intangible assets 41.0 57.1 \u2013 0.2 98.3
Working capital employed (60.9) (178.2) 43.3 (4.1) (199.9)
Net cash 18 139.0 42.7 (8.6) 47.1 220.2
Net assets 119.1 (78.4) 34.7 43.2 118.6
Total Group liabilities (594.1)
Total Group assets 712.7
30 June 2022 Notes
Building
\u00a3m
Infrastructure
\u00a3m
PPP Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Goodwill and intangible assets 42.0 53.3 \u2013 1.7 97.0
Working capital employed (92.8) (139.5) 41.9 6.6 (183.8)
Net cash 18 154.9 (1.4) (9.6) 75.0 218.9
Net assets 104.1 (87. 6) 32.3 83.3 132.1
Total Group liabilities (523.3)
Total Group assets 655.4
Other segmental information
Year ended 30 June 2023 Notes
Building
\u00a3m
Infrastructure
\u00a3m
PPP Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Contracting revenue 797.1 590.8 \u2013 \u2013 1 ,387.9
Capital expenditure \u2013 property, plant and
equipment 13 0.8 1.2 0.1 0.1 2.2
Total depreciation 13 & 14 6.4 6.1 0.2 0.9 13.6
Share-based payments 25 0.9 0.5 0.4 1.6 3.4
Acquisition of intangible assets
1
30 \u2013 0.3 \u2013 \u2013 0.3
Amortisation of intangible assets 11 1.0 0.9 \u2013 1.1 3.0
1 Acquired as part of a business combination. See note 30.
Year ended 30 June 2022 Notes
Building
\u00a3m
Infrastructure
\u00a3m
PPP Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Investment in joint ventures \u2013 \u2013 0.3 \u2013 0.3
Contracting revenue 789.1 441.9 \u2013 \u2013 1,231.0
Capital expenditure \u2013 property, plant and
equipment 13 0.9 3.8 \u2013 0.4 5.1
Total depreciation 13 & 14 4.5 5.8 0.1 1.4 11.8
Share-based payments 17 0.6 0.1 0.3 1.3 2.3
Acquisition of intangible assets
1
25 \u2013 5.8 \u2013 \u2013 5.8
Amortisation of intangible assets 11 1.0 0.7 \u2013 1.0 2.7
1 Acquired as part of a business combination. See note 30.
3\u2002Revenue
Nature of revenue streams
(i) Building and Infrastructure segments
Our Construction business operates nationwide, working with clients predominantly in the public and regulated sectors, such as health,
education and defence markets within the Building segment and road and water markets within the Infrastructure segment (as well as
private commercial clients). Projects include the construction of assets (with services including design and build, construction only and
refurbishment) in addition to the maintenance, renewal, upgrading and managing of services across utility and infrastructure assets.
Revenue stream Nature, timing of satisfaction of performance obligations and significant payment terms
Fixed price A number of projects within these segments are undertaken using fixed-price contracts.
Contracts are typically accounted for as a single performance obligation; even when a contract (or multiple
combined contracts) includes both design and build elements, they are considered to form a single performance
obligation as the two elements are not distinct in the context of the contract, given that each is highly
interdependent on the other.
The Group typically receives payments from the customer based on a contractual schedule of value that reflects
the timing and performance of service delivery. Revenue is therefore recognised over time (the period of
construction) based on an input model (reference to costs incurred to date). Un-invoiced amounts are presented as
contract assets.
No significant financing component typically exists in these contracts.
Cost-reimbursable A number of projects are undertaken using cost reimbursable/target price (possibly with a pain/gain share
mechanism) contracts.
These projects are often delivered under frameworks, however, individual performance obligations under the
framework are normally determined at a project level where multiple services are supplied. The Group constrains
revenue and calculates any pain/gain mechanism at the framework level where appropriate.
The Group typically receives payments from the customer based on actual costs incurred. Revenue is therefore
recognised over time (the period of construction) based on an input model (reference to costs incurred to date).
Un-invoiced amounts are presented as contract assets.
No significant financing component typically exists in these contracts.
Facilities management* Contracts undertaken within the Building segment that provide full life-cycle solutions to clients, are accounted for
as a single performance obligation, with revenue recognised over time and typically on a straight-line basis.
* Facilities management represents around 5% of the total Building segment turnover.
(ii) Investments segment
Our Investments business specialises in managing construction through to operations for major building projects through public private
partnerships and co-development opportunities. The business leads bid consortia and arranges finance, as well as making debt and equity
investments (which are recycled).
Revenue stream Nature, timing of satisfaction of performance obligations and significant payment terms
PPP Investments The Group has investments in a number of PPP Special Purpose Vehicles (SPVs), delivering major building and
infrastructure projects.
The business additionally provides management services to the SPVs under Management Service Agreements
(MSA). Revenue for these services is typically recognised over time as and when the service is delivered to the
customer.
Disaggregation of revenue
The Group considers the split of revenue by operating segment to be the most appropriate disaggregation. All revenue has been derived
from performance obligations settled over time.
Revenue on existing contracts, where performance obligations are unsatisfied or partially unsatisfied at the balance sheet date, is expected
to be recognised as follows:
Revenue \u2013 year ended 30 June 2023
2024
\u00a3m
2025
\u00a3m
2026
onwards
\u00a3m
Total
\u00a3m
Building 614.4 214.4 32.7 861.5
Infrastructure 453.1 185.0 49.4 687.5
Total Construction 1,067.5 399.4 82.1 1,549.0
PPP Investments 3.2 2.6 26.5 32.3
Total transaction price allocated to performance obligations yet to be satisfied 1,070.7 402.0 108.6 1,581.3
Revenue \u2013 year ended 30 June 2022
2023
\u00a3m
2024
\u00a3m
2025
onwards
\u00a3m
Total
\u00a3m
Building 526.4 111.6 33.2 671.2
Infrastructure 295.2 134.5 142.4 572.1
Total Construction 821.6 246.1 175.6 1,243.3
PPP Investments 2.8 2.7 25.7 31.2
Total transaction price allocated to performance obligations yet to be satisfied 824.4 248.8 201.3 1,274.5
Any element of variable consideration is estimated at a value that is highly probable not to result in a significant reversal in the cumulative
revenue recognised.
4\u2002Exceptional items
2023
\u00a3m
2022
\u00a3m
Acquisition and integration related costs
1
\u2013 cost of sales \u2013 5.8
Acquisition and integration related costs
1
\u2013 administrative expenses \u2013 1.9
Implementation costs of cloud based arrangements
2
\u2013 administrative expenses 10.5 6.0
Total 10.5 13.7
1 The Group acquired the Water business of nmcn plc (in administration) on 7 October 2021 and incurred acquisition and integration related costs of \u00a37.7m. This is
predominantly made up of legal and professional fees, integration and restructuring costs recognised in administrative expenses, and specific staff costs incurred
during the period of site closures following nmcn plc entering administration that are recognised in cost of sales. Although similar costs have been incurred as a result of
the acquisitions in the year, these have not been classified as exceptional as they are not considered to be material or significant in quantum.
2 The Group incurred \u00a310.5m (2022: \u00a36.0m) of customisation and configuration costs associated with the move to Oracle Fusion, a cloud-based computing arrangement,
during the period. Taking into account the IFRIC Agenda Decision issued by the IFRS IC in March 2021, the Group has analysed the costs and concluded that these
costs should be expensed in the period. In accordance with the Group\u2019s existing accounting policy, management considers that the costs should be separately disclosed
as exceptional because they are significant and irregular. The Group expects the project and associated costs to be completed in the first half of the next financial year.
An associated tax credit of \u00a32.1m (2022: \u00a32.6m) has been recognised.
5\u2002Employees and directors
Employee benefit expense during the year
Group Company
Notes
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Wages and salaries 206.6 171.5 \u2013 \u2013
Social security costs 24.8 21.3 \u2013 \u2013
Other pension costs 21.9 17.7 \u2013 \u2013
Share-based payments 25 3.4 2.3 \u2013 \u2013
Restructure costs \u2013 0.2 \u2013 \u2013
Total 256.7 213.0 \u2013 \u2013
All employees are entitled to join the Galliford Try Pension Scheme, a defined contribution scheme established as a stakeholder plan, with a
Company contribution based on a scale dependent on the employee\u2019s age and the amount they choose to contribute. Since 1 July 2013, all
non-participating and newly-employed staff have been auto-enrolled into the separate stakeholder plan and are entitled to increase their
contribution rates in line with existing members. Since 1 April 2009, the Group has operated a pension salary sacrifice scheme, which means
that all employee pension contributions are paid as employer contributions on their behalf.
All pension costs in the current and prior years were in respect of the Group\u2019s defined contribution schemes. Of the total charge, \u00a310.4m
(2022: \u00a38.3m) and \u00a311.5m (2022: \u00a39.4m) were included, respectively, within cost of sales and administrative expenses.
Average monthly number of people (including Executive and non-executive directors) employed
Group Company
2023
Number
2022
Number
2023
Number
2022
Number
By business:
\u2013 Building 1,271 1,265 \u2013 \u2013
\u2013 Infrastructure 2,235 1,751 \u2013 \u2013
Construction 3,506 3,016 \u2013 \u2013
PPP Investments 60 73 \u2013 \u2013
Central 181 165 7 6
Total 3,747 3,254 7 6
Remuneration of key management personnel
The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management
personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24, Related Party Disclosures. Further
information about the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part
of the Directors\u2019 remuneration report.
2023
\u00a3m
2022
\u00a3m
Salaries and short-term employee benefits 3.8 3.4
Retirement benefit costs 0.3 0.3
Share-based payments 2.9 2.0
Total 7.0 5.7
6\u2002Net finance income
Group
2023
\u00a3m
2022
\u00a3m
Interest receivable on bank deposits 2.4 0.4
Interest receivable from PPP Investments and joint ventures 3.9 3.9
Finance income 6.3 4.3
Other (including interest on lease liabilities) (1.8) (1.4)
Finance costs (1.8) (1.4)
Net finance income 4.5 2.9
7\u2002Profit before income tax
The following items have been included in arriving at profit before income tax:
Notes
2023
\u00a3m
2022
\u00a3m
Employee benefit expense 5 256.7 213.0
Total depreciation 13 & 14 13.6 11.8
Amortisation and impairment of intangible assets 11 3.5 2.7
Repairs and maintenance expenditure on property, plant and equipment 1.0 0.7
Impairment of financial assets 17 2.8 \u2013
Exceptional items 4 10.5 13.7
In addition to the above, the Group incurs other costs classified as cost of sales relating to labour, materials and subcontractors\u2019 costs.
Services provided by the Group\u2019s auditor and network firms
During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below:
2023
\u00a3m
2022
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of Parent Company and consolidated financial statements 0.2 0.2
Fees payable to the Company\u2019s auditor for other services:
The audit of financial statements of the Company\u2019s subsidiaries 2.1 0.8
Audit-related assurance services 0.1 0.1
Total other services 2.2 0.9
Total 2.4 1.1
The audit fee for 2023 includes an amount in respect of additional costs related to the 2022 audit. A description of the work of the Audit
Committee in respect of the auditor\u2019s independence is set out in the Governance report.
8\u2002Income tax charge/(credit)
Group Notes
2023
\u00a3m
2022
\u00a3m
Analysis of expense in year
Current year\u2019s income tax
Current tax \u2013 (1.6)
Deferred tax
1
22 0.9 0.5
Adjustments in respect of prior years
Current tax \u2013 0.8
Deferred tax 22 0.1 (0.6)
Income tax expense/(credit) 1.0 (0.9)
Tax on items recognised in other comprehensive income
Tax recognised in other comprehensive income \u2013 \u2013
Total tax expense/(credit) 1.0 (0.9)
1 Includes impact of change in rate of tax.
The total income tax charge for the year of \u00a31.0m (2022: credit of \u00a30.9m) is lower (2022: lower) than the blended standard rate of
corporation tax in the UK of 20.5% (2022: 19.0%). The differences are explained below:
2023
\u00a3m
2022
\u00a3m
Profit before income tax 10.1 5.4
Profit before income tax multiplied by the blended standard corporation tax rate in the UK of 20.5%
(2022: 19.0%) 2.1 1.0
Effects of:
Expenses not deductible for tax purposes 0.1 0.4
Non-taxable income (1.0) (0.1)
Adjustments in respect of prior years 0.1 0.2
Change in tax rates 0.1 (0.4)
Net (recognition and utilisation)/restriction of tax losses
1
\u2013 (2.1)
Other (0.4) 0.1
Income tax expense/(credit) 1.0 (0.9)
1 The net recognition and utilisation of tax losses of \u00a3nil (2022: \u00a32.1m) reflects the utilisation of \u00a3nil (2022: \u00a3nil) tax losses in the year and the recognition of \u00a3nil (2022:
\u00a32.1m) tax losses in line with the Group\u2019s accounting policy (note 22).
In the Spring Budget 2021, the UK Government announced that from 1 April 2023, the corporation tax rate would increase from 19% to
25%. This new law was substantively enacted in the Finance Bill 2021 and received Royal Assent on 10 June 2021. Where appropriate,
deferred taxes at the balance sheet date have been measured using the appropriate tax rates (based on when the underlying balance is
expected to crystallise) and reflected in these financial statements.
9\u2002Dividends
2023 2022
Group and Company \u00a3m
pence per
share \u00a3m
pence per
share
Previous year final 6.4 5.8 3.9 3.5
Current year interim 3.2 3.0 2.4 2.2
Dividend recognised in the year 9.6 8.8 6.3 5.7
The following dividends were declared by the Company in respect of each accounting period presented:
2023 2022
\u00a3m
pence per
share \u00a3m
pence per
share
Interim 3.2 3.0 2.4 2.2
Special 12.6 12.0 \u2013 \u2013
Final 7.9 7.5 6.4 5.8
Dividend relating to the year 23.7 22.5 8.8 8.0
The directors are proposing a final dividend in respect of the financial year ended 30 June 2023 of 7.5 pence per share (2022: 5.8 pence
per share), bringing the total dividend in respect of 2023 to 22.5 pence per share (2022: 8.0 pence per share). The final dividend will absorb
approximately \u00a37.9m of equity. Subject to shareholders\u2019 approval at the AGM to be held on 10 November 2023, the dividend will be paid on
8 December 2023 to shareholders who are on the register of members at the close of business on 10 November 2023.
On 8 June, the directors declared a special dividend of 12.0 pence per share following the settlement of its long-standing dispute
concerning three contracts with entities owned by a major infrastructure fund, returning a substantial portion of the proceeds to
shareholders. The Special Dividend will be paid on 27 October 2023 to shareholders on the register as at 6 October 2023. The ex-dividend
date is 5 October 2023.
10\u2002Earnings per share
Basic and diluted earnings per share (EPS)
Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year, excluding those held by the Trust, which are treated as cancelled.
Under normal circumstances, the average number of shares is diluted by reference to the average number of potential ordinary shares
held under option in the year. The dilutive effect amounts to the number of ordinary shares which would be purchased using the aggregate
difference in value between the market value of shares and the share option price. Only shares that have met their cumulative performance
criteria are included in the dilution calculation. The Group has two classes of potentially dilutive ordinary shares: those share options
granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year and
the contingently issuable shares under the Group\u2019s long-term incentive plans. A loss per share cannot be reduced through dilution, hence
this dilution is only applied where the Group has reported a profit.
The earnings and weighted average number of shares used in the calculations are set out below.
2023 2022
Earnings
\u00a3m
Weighted
average number
of shares
Per share
amount
pence
Earnings
\u00a3m
Weighted
average number
of shares
Per share
amount
pence
Basic EPS \u2013 pre-exceptional
Earnings attributable to ordinary shareholders
pre-exceptional items 17.5 105,180,316 16.6 17.4 109,016,667 16.0
Basic EPS
Earnings attributable to ordinary shareholders
post-exceptional items 9.1 105,180,316 8.7 6.3 109,016,667 5.8
Effect of dilutive securities:
Options n/a 7, 286 ,375 n/a n/a 6,627,132 n/a
Diluted EPS \u2013 pre-exceptional 17.5 112,466,691 15.6 17.4 115,643,799 15.0
Diluted EPS 9.1 112,466,691 8.1 6.3 115,643,799 5.5
The pre-exceptional EPS (basic) excluding the impact of the one-off contract settlement as announced on 8 June 2023 (note 17) is 18.9p
(and diluted EPS is 17.7p).
11\u2002Intangible assets
Group Notes
Customer
contracts and
relationships
\u00a3m
Computer
software
\u00a3m
Total
\u00a3m
Cost
At 1 July 2021 12.2 10.9 23.1
Additions 30 5.2 0.6 5.8
At 30 June 2022 17.4 11.5 28.9
Additions 30 0.3 \u2013 0.3
At 30 June 2023 17.7 11.5 29.2
Accumulated amortisation and impairment loss
At 1 July 2021 (9.2) (8.2) (17.4)
Amortisation in year (1.5) (1.2) (2.7)
At 1 July 2022 (10.7) (9.4) (20.1)
Amortisation in year (1.8) (1.2) (3.0)
Impairment loss \u2013 (0.5) (0.5)
At 30 June 2023 (12.5) (11.1) (23.6)
Net book amount
At 30 June 2023 5.2 0.4 5.6
At 30 June 2022 6.7 2.1 8.8
At 30 June 2021 3.0 2.7 5.7
All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting
systems.
The remaining period of amortisation on computer software ranges from one year and six months to two years and three months. The
remaining period of amortisation on customer contracts and relationships ranges between two and nine years.
12\u2002Goodwill
Group Notes \u00a3m
Cost
At 30 June 2021 77. 2
Additions 30 11.0
At 30 June 2022 88.2
Additions 30 4.5
At 30 June 2023 92.7
Aggregate impairment at 30 June 2021, 2022 and 2023 \u2013
At 30 June 2021, 2022 and 30 June 2023 \u2013
Net book amount
At 30 June 2023 92.7
At 30 June 2022 88.2
At 30 June 2021 77. 2
Goodwill is allocated to the Group\u2019s CGUs identified according to business segment. The goodwill is attributable to the following business
segments:
2023
\u00a3m
2022
\u00a3m
Building 40.0 40.0
Infrastructure 52.7 48.2
92.7 88.2
Impairment review of goodwill and key assumptions
Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations.
These calculations use pre-tax cash flow projections based on future financial budgets approved by the Board, based on past performance
and its expectation of market developments. The key assumptions within these budgets relate to revenue and the future profit margin
achievable, in line with our strategy and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s
knowledge of actual results from prior years and latest forecasts for the current year, along with the existing secured works and
management\u2019s expectation of the future level of work available within the market sector. In establishing future profit margins, the margins
currently being achieved are considered in conjunction with expected inflation rates in each revenue and cost category. In Building and
Infrastructure, the margins currently being achieved are expected to increase in line with the strategy set out in the Strategic report.
Cash is monitored very closely on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a
whole. Details of the Group\u2019s treasury management are included within the Financial review in the Strategic report of the Annual Report.
The assumptions used are reviewed regularly and differences between forecast and actual results are closely monitored, with variances
being investigated fully. The knowledge gained from this past experience is used to ensure that the future assumptions used are consistent
with past actual outcomes and are management\u2019s best estimate of the future cash flows of each business unit.
Cash flows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth
rate used is the Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore,
sensitivity analysis has been undertaken on each goodwill impairment review, by changing the discount rates, profit margins, growth rates
and other variables applicable to each CGU, and the results are noted below.
The pre-tax discount rates for each CGU are noted below.
Building CGU
A pre-tax discount rate of 15.0% (2022: 13.1%) in Building has been applied to the future cash flows, based on an estimate of the weighted
average cost of capital (WACC) of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget
operating margins and working capital cash flows) into perpetuity and these assumptions result in the recoverable value of this CGU being
significantly in excess of the carrying value of the CGU assets.
The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in
any single assumption would give rise to an impairment of the carrying value of goodwill and intangibles.
Infrastructure CGU
A pre-tax discount rate of 14.6% (2022: 12.7%) in Infrastructure has been applied to the future cash flows, based on an estimate of the
weighted average cost of capital of that division.
A long-term growth rate of 2.0% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating
margins and working capital cashflows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly
in excess of the carrying value of the CGU assets.
The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible
change in any single assumption would give rise to an impairment of the carrying value of goodwill and intangibles.
13\u2002Property, plant and equipment
Group
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Fixtures and
fittings
\u00a3m
Total
\u00a3m
Cost
At 1 July 2021 1.1 3.1 9.4 13.6
Additions 1.7 1.9 1.5 5.1
Disposals \u2013 (1.8) (0.4) (2.2)
At 1 July 2022 2.8 3.2 10.5 16.5
Additions 0.9 1.0 0.3 2.2
Disposals (0.4) \u2013 (6.5) (6.9)
At 30 June 2023 3.3 4.2 4.3 11.8
Accumulated depreciation
At 1 July 2021 (0.4) (1.1) (7.7 ) (9.2)
Charge for the year (0.1) (0.2) (1.1) (1.4)
Disposals \u2013 0.8 0.4 1.2
At 1 July 2022 (0.5) (0.5) (8.4) (9.4)
Charge for the year (0.5) (0.4) (0.7) (1.6)
Disposals 0.1 \u2013 6.3 6.4
At 30 June 2023 (0.9) (0.9) (2.8) (4.6)
Net book amount
At 30 June 2023 2.4 3.3 1.5 7.2
At 30 June 2022 2.3 2.7 2.1 7.1
At 30 June 2021 0.7 2.0 1.7 4.4
There has been no impairment of property, plant and equipment during the year (2022: \u00a3nil).
The Company has no property, plant or equipment.
14\u2002Leases
This note provides information for leases where the Group is a lessee.
The Company holds no leases.
Right-of-use assets
Cost
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
At 1 July 2021 10.0 7.1 16.4 33.5
Additions 5.3 2.7 7.4 15.4
Disposals (2.7) (1.1) (2.2) (6.0)
At 1 July 2022 12.6 8.7 21.6 42.9
Additions 5.2 6.4 14.5 26.1
Disposals (0.4) (6.4) (2.7) (9.5)
At 30 June 2023 17.4 8.7 33.4 59.5
Accumulated depreciation
At 1 July 2021 (4.2) (2.7) (7.1) (14.0)
Charge for the year (2.2) (2.8) (5.4) (10.4)
Disposals 2.7 1.1 2.2 6.0
At 1 July 2022 (3.7) (4.4) (10.3) (18.4)
Charge for the year (2.5) (2.6) (6.9) (12.0)
Disposals 1.4 4.5 3.6 9.5
At 30 June 2023 (4.8) (2.5) (13.6) (20.9)
Net book amount
At 30 June 2023 12.6 6.2 19.8 38.6
At 30 June 2022 8.9 4.3 11.3 24.5
At 30 June 2021 5.8 4.4 9.3 19.5
Lease liabilities
2023
\u00a3m
2022
\u00a3m
Current 14.9 9.9
Non-current 24.2 14.9
Total lease liabilities 39.1 24.8
The consolidated income statement shows the following amounts relating to leases for continuing operations:
2023
\u00a3m
2022
\u00a3m
Depreciation of right-of-use assets 12.0 10.4
Interest expense (included in finance cost) 1.6 1.0
Expense relating to short-term leases (included in cost of sales and administrative expenses) 10.7 9.6
Expense relating to leases of low-value assets that are not shown above as short-term leases
(included in administrative expenses) 0.8 0.1
Total expenses 25.1 21.1
The total cash outflow for leases in the year to 30 June 2023 was \u00a313.6m, of which \u00a31.6m was included in net interest expense \u2013 note 6
(2022: \u00a311.2m and \u00a31.0m respectively).
Maturity of contractual undiscounted future lease payments:
As at 30 June 2023
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Less than 1 year 3.1 3.6 8.3 15.0
Between 1 and 5 years 8.3 2.5 14.1 24.9
More than 5 years 8.4 \u2013 \u2013 8.4
Total 19.8 6.1 22.4 48.3
As at 30 June 2022
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Motor
vehicles
\u00a3m
Total
\u00a3m
Less than 1 year 2.3 2.5 5.2 10.0
Between 1 and 5 years 6.4 1.3 7. 0 14.7
More than 5 years 7. 8 \u2013 \u2013 7. 8
Total 16.5 3.8 12.2 32.5
15\u2002Investments in subsidiaries
Company
2023
\u00a3m
2022
\u00a3m
Cost
As at 1 July 2022 and 2021 188.0 187.7
Additions 0.5 0.3
At 30 June 188.5 188.0
Aggregate impairment
As at 1 July 2022 and 2021 \u2013 (13.8)
Reversal of impairment \u2013 13.8
At 30 June \u2013 \u2013
Net book value
At 30 June 188.5 188.0
Following the disposal of the housebuilding divisions to Vistry Group plc on 3 January 2020, Galliford Try Limited paid a cash-backed
distribution to the Company of \u00a3100.0m, which resulted in an equivalent reduction in the fair value of the investment at the time of initial
recognition. Previously this reduction in value was reflected as an impairment however management have re-assessed this presentation and
consider it would provide more relevant information to reflect it as an adjustment to the gross cost of the investment. As such, the 2022
comparatives have been restated to reflect a reduced gross cost and a nil accumulated impairment. There is no effect on the net carrying
value of investments.
The carrying value of investments was reviewed. In the prior year a partial impairment reversal of \u00a313.8m was recorded, determined from
value in use calculations based on the same assumptions as those disclosed in note 12.
The subsidiary undertakings that principally affected profits and net assets of the Group were:
Galliford Try Construction Limited
Galliford Try Infrastructure Limited
1
Galliford Try Investments Limited
Galliford Try Facilities Management Limited
Galliford Try Services Limited
Galliford Try Limited
2
1 Incorporated in Scotland.
2 Shares owned directly by the Company.
Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated in England & Wales
and 100% of ordinary shares and voting rights are held by the Group. Galliford Try Services Limited operates as central administration
company to the Group.
A full list of the Group\u2019s undertakings is set out in note 33.
16\u2002PPP and other investments
Group
2023
\u00a3m
2022
\u00a3m
At 1 July 47.5 49.1
Disposals and subordinated loan repayments (0.5) (0.7)
Movement in fair value (2.4) (0.9)
At 30 June 44.6 47. 5
These comprise PPP/PFI investments and investments in other listed securities.
Debt investments at fair value through OCI
None of the financial assets are past their due dates (2022: \u00a3nil), and the directors expect an average maturity profile of around 10 years.
Further disclosures relating to financial assets are set out in note 23.
The expected credit loss (ECL) was assessed to be minimal and accordingly no ECL recognised.
During the year, there were no additions (2022: \u00a3nil) to the Group\u2019s PPP/PFI investments and subordinated loans of \u00a30.5m (2022: \u00a30.5m)
were repaid. Of the total fair value movement in the year of \u00a32.4m, all of it relates to the movement in the fair value of the PPP investments
(2022: \u00a30.9m) and has been recorded through other comprehensive income.
The Group has commitments of \u00a3nil (2022: \u00a3nil) to provide further subordinated debt to its investments.
The fair value of the portfolio reflects a blended discount rate of 7.3% (2022: 7.0%). A 0.5% increase/reduction in the discount rate would
result in a corresponding decrease/increase in the value of the investments recorded in the balance sheet of approximately \u00a31.6m (2022:
\u00a31.9m).
Equity accounted investments
Our share of PPP and other investments\u2019 external bank funding was \u00a3245.3m at 30 June 2023 (2022: \u00a3257.2m). Our share of these entities\u2019
other external funding consists of \u00a364.1m (2022: \u00a364.1m) of listed bonds. These balances are non-recourse to the Group.
The information disclosed reflects the amounts presented in the financial statements or management accounts of the relevant joint
ventures and associates and not the Group\u2019s share of those amounts. The Group holds investments in both debt and equity within a number
of entities over which it has significant influence. Predominantly all of the value that the Group recognises relates to the debt instruments
(representing over 99% of the PPP and other investments portfolio) which have been fair valued within the PPP and other investments
portfolio. Consequently, the material (due to their holdings and/or issuing listed debt) joint ventures (in which the Group also holds
debt investments either directly or indirectly) are disclosed within this note (\u00a3nil value (2022: \u00a3nil) has been recognised through equity
accounting for these joint ventures). The net assets disclosed in the balance sheet extracts are not recognised as part of the investment in
joint ventures. The joint ventures have non-profit distribution agreements in place.
During the year the Group disposed of equity accounted interests in joint ventures held at \u00a3nil (2022: \u00a30.2m), generating a profit on
disposal of \u00a33.6m (2022: \u00a3nil).
Aberdeen Roads (Finance) Plc Aberdeen Roads Limited
1
Income statement \u2013 extracts
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Revenue
2
\u2013 \u2013 (1.1) 9.4
Depreciation and amortisation \u2013 \u2013 \u2013 \u2013
Finance income 24.1 24.7 29.7 29.6
Finance expense (24.1) (24.7) (29.6) (24.7)
Income tax expense \u2013 \u2013 \u2013 \u2013
Profit (100%) \u2013 \u2013 \u2013 \u2013
Other comprehensive income 2.9 4.6 \u2013 \u2013
Total comprehensive income (100%) 2.9 4.6 \u2013 \u2013
Group\u2019s share of profit and total comprehensive income 1.0 1.5 \u2013 \u2013
Dividends received by the Group during the year \u2013 \u2013 \u2013 \u2013
Balance sheet \u2013 extracts
Cash and cash equivalents 0.2 0.2 29.3 29.9
Other current assets \u2013 \u2013 4.9 3.8
Current assets 0.2 0.2 34.2 33.7
Non-current assets 536.3 548.4 532.6 544.5
Current external borrowings \u2013 bank/listed bonds (19.5) (19.1) \u2013 \u2013
Other current liabilities (3.6) (6.5) (34.8) (30.6)
Current liabilities (23.1) (25.6) (34.8) (30.6)
Non-current external borrowings \u2013 bank/listed bonds (460.1) (474.8) \u2013 \u2013
Other non-current liabilities (48.7) (47. 2) (532.0) (547.6)
Non-current liabilities (508.8) (522.0) (532.0) (547.6)
Net assets (100%) 4.6 1.0 \u2013 \u2013
1 Material due to their holdings and/or issuing listed debt.
2 Revenue includes a deduction for the non-profit distribution model (NPD) surplus.
Details of related party transactions with joint ventures and associates are given in note 29. The Group\u2019s shareholding in each joint venture
and associate can be seen in note 33.
17\u2002Trade and other receivables
Group
Notes
2023
\u00a3m
2022
\u00a3m
Amounts falling due within one year:
Trade receivables 52.0 46.0
Less: provision for impairment of receivables (0.1) (0.1)
Trade receivables \u2013 net 51.9 45.9
Contract assets
1
21 204.9 173.4
Amounts due from joint ventures 0.9 1.1
Research and development expenditure credits 5.8 4.5
Other receivables 7.6 4.7
Prepayments 15.4 13.4
286.5 243.0
1 Contract assets of \u00a3204.9 at 30 June 2023 (2022: \u00a3173.4m) are stated net of a life-time expected credit loss allowance of \u00a3nil (2022: \u00a314.0m).
The Company has no trade and other receivables.
Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that
\u00a333.2m (2022: \u00a333.6m) will be collected within 12 months from the balance sheet date.
The Group has no significant capitalised contract costs.
The Group announced on 8 June 2023 that it had agreed settlement terms in respect of its long-standing dispute concerning three
contracts with entities owned by a major infrastructure fund. The settlement brought to a conclusion a complex and challenging multi-
contract dispute. Taking into account the requirements of IFRS 15, the Group had constrained the revenue recognised in prior periods to
the extent that it was highly probable not to result in a significant reversal in the future and had also previously assessed any expected
credit loss provision in accordance with IFRS 9. As a result of the settlement a further one-off expected credit loss of \u00a32.8m has been
recognised in the current financial year.
There have been no movements in the Group\u2019s provision for impairment of trade receivables.
Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the
impairment provision are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the
Group\u2019s cash and cash equivalents. The Group does not hold any collateral as security.
Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base
being large, unrelated and predominantly within the public and regulated sectors.
As of 30 June 2023, trade receivables of \u00a315.8m (2022: \u00a313.7m) were past due but not impaired.
These relate to a number of independent customers for whom there is no recent history of default and there are no indications that
they will not meet their payment obligations in respect of the trade receivables recognised in the balance sheet that are past due and
unprovided. The ageing analysis of these trade receivables is as follows:
2023
\u00a3m
2022
\u00a3m
Number of days past due date
Less than 30 days 5.7 4.4
Between 30 and 60 days 2.3 1.3
Between 60 and 90 days 2.2 0.9
Between 90 and 120 days 0.5 1.3
Greater than 120 days 5.1 5.8
15.8 13.7
As of 30 June 2023, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade
receivables listings. The amount provided for these balances was \u00a30.1m (2022: \u00a30.1m). The allocation of the provision is as follows:
2023
\u00a3m
2022
\u00a3m
Number of days past due date:
Greater than 120 days 0.1 0.1
0.1 0.1
18\u2002Cash and cash equivalents
Group Company
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Cash at bank and in hand and per the statement of cash flows 220.2 218.9 114.2 109.4
Cash at bank above includes \u00a311.0m (2022: \u00a322.7m), being the Group\u2019s share of cash held by jointly controlled operations. The effective
interest rate received on cash balances is 2.6% (2022: 0.3%). The Group has no bank borrowings or loans.
Net cash excludes IFRS 16 lease liabilities (note 14).
Cash and cash equivalents and bank overdrafts are presented on a net (offset) basis. In 2016, the IFRS Interpretations Committee released
an update in respect of IAS 32 \u2018Financial instruments: presentation\u2019 specifically in relation to offsetting and cash pooling. This clarified that
in order to offset bank account balances, an entity must have both a legally enforceable right and an intention to do so. The Group\u2019s bank
arrangements and facilities with both HSBC Bank plc and Barclays Bank plc provide the legally enforceable right to offset and the Group
demonstrated its intention to offset by formally sweeping the balances within each bank. Consequently, the balances have been offset in
the financial statements.
19\u2002Trade and other payables
Group
Notes
2023
\u00a3m
2022
\u00a3m
Trade payables 136.6 102.3
Contract liabilities 21 106.6 104.4
Other taxation and social security payable 53.4 29.9
Other payables 1.9 1.6
Accruals 226.6 232.9
525.1 471.1
The Company has no trade and other payables.
All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability.
The undiscounted future cash flows of non-derivative financial liabilities are \u00a3365.1m (2022: \u00a3336.8m) and these are expected to be settled
within one year of the balance sheet date.
20\u2002Provisions for other liabilities and charges
Group
Onerous
contracts Rectification
Total
\u00a3m
At 1 July 2021 (0.8) (24.2) (25.0)
Utilised 10.2 3.7 13.9
Additions
1
(14.0) (2.3) (16.3)
At 30 June 2022 (4.6) (22.8) (27.4)
Utilised 6.8 3.5 10.3
Additions
1
(4.2) (8.6) (12.8)
At 30 June 2023 (2.0) (27.9) (29.9)
1 Additions include \u00a30.1m (2022: \u00a313.7m) acquired as part of business combinations (note 30).
Onerous contract provisions are made on loss-making contracts the Group is obliged to complete.
Rectification provisions are made for potential claims and defects for remedial works against work completed by the Group, and includes
provisions for dilapidations on premises the Group occupies.
As at 30 June 2023 \u00a322.3m of provision related to three contracts. Management\u2019s best estimate of the range of outcomes on these three
contracts is between \u00a314.6m and \u00a322.7m. The remaining \u00a37.6m of the provision relates to a number of immaterial balances. Due to the
level of uncertainty, combination of cost and income variables and timing across the remaining portfolio of contracts, it is impracticable to
provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level and therefore management has not given a
range of expected outcomes.
Due to the nature of the provisions, the timing of any potential future outflows is uncertain, however they are expected to be utilised within
the Group\u2019s normal operating cycle, and accordingly are classified as current liabilities. Of the total provisions, \u00a317.0m (2022: \u00a318.8m) is
likely to be utilised by the end of 2031 with the remainder utilised within 12 months.
The Company does not hold any provisions.
21\u2002Contract balances
Contract assets and liabilities are included within \u2018trade and other receivables\u2019 and \u2018trade and other payables\u2019 respectively on the face of
the balance sheet. Where there is a corresponding contract asset and liability in relation to the same contract, the balance shown is the
net position. The timing of work performed (and thus revenue recognised), billing profiles and cash collection results in trade receivables
(amounts billed to date and unpaid), contract assets (unbilled amounts where revenue has been recognised) and contract liabilities (customer
advances and deposits where no corresponding work has yet to be performed), being recognised on the Group\u2019s balance sheet.
The reconciliation of the Group opening to closing contract balances is shown below:
2023 2022
Contract
asset
\u00a3m
Contract
liability
\u00a3m
Contract
asset
\u00a3m
Contract
liability
\u00a3m
At 1 July 173.4 (104.4) 156.0 (92.7)
Revenue recognised in the year 1,334.9 58.8 1,183.2 54.0
Net cash received in advance of performance obligations being fully satisfied \u2013 (61.0) \u2013 (65.7)
Transfers in the year from contract assets to trade receivables (1,303.4) \u2013 (1,165.8) \u2013
30 June 204.9 (106.6) 173.4 (104.4)
Revenue allocated to performance obligations that are unsatisfied at 30 June, is expected to be recognised as disclosed in note 3.
The Company has no contract balances.
The amount of revenue recognised in the year from performance obligations satisfied in previous periods amounts to \u00a34.8m (2022: \u00a33.0m).
22\u2002Deferred income tax
Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that
are expected to apply in the periods in which the timing differences are expected to reverse.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against
current income tax liabilities. The net deferred tax position at 30 June was:
Group
2023
\u00a3m
2022
\u00a3m
Deferred income tax assets 16.6 15.6
Deferred income tax liabilities (1.1) (1.6)
Net deferred income tax 15.5 14.0
The movement for the year in the net deferred income tax account is as shown below:
Group
2023
\u00a3m
2022
\u00a3m
At 1 July 14.0 14.3
Current year\u2019s deferred income tax (0.9) (0.9)
Adjustment in respect of prior years (0.1) 0.6
Transfer from current tax assets and change in rates of deferred income tax 2.5 0.3
Acquisition of subsidiaries \u2013 (0.3)
At 30 June 15.5 14.0
All remaining unutilised tax losses have now been recognised and the Group has approximately \u00a353m (2022: \u00a353m) of unrecognised trading
losses that arose from a historical contract. The availability of the losses is subject to agreement with HMRC and therefore no deferred tax
asset has been recognised.
Movements in deferred income tax assets and liabilities during the year are shown below:
The Company has no deferred tax balances.
Deferred income tax assets
Group
Accelerated
tax
depreciation
\u00a3m
Share-based
payments
\u00a3m
Tax losses
\u00a3m
Other
1
\u00a3m
Total
\u00a3m
At 30 June 2021 \u2013 \u2013 9.6 5.4 15.0
(Expense)/credit taken to income statement (0.4) 0.2 \u2013 (0.4) (0.6)
Adjustment in respect of prior years
2
(0.2) \u2013 2.4 (1.6) 0.6
Transfer to deferred income tax liabilities 0.6 \u2013 \u2013 \u2013 0.6
At 30 June 2022 \u2013 0.2 12.0 3.4 15.6
Credit/(expense) taken to income statement \u2013 0.1 (1.1) (0.3) (1.3)
Adjustment in respect of prior years \u2013 \u2013 (0.2) \u2013 (0.2)
Transfer to deferred income tax
3
\u2013 \u2013 2.5 \u2013 2.5
At 30 June 2023 \u2013 0.3 13.2 3.1 16.6
1 Deferred tax assets included in the \u2018Other\u2019 category relate to future income tax deductions available from IFRS transitions adjustments in respect of IFRS 15, IFRS 9
and IFRS 16 which will be utilised over the next 3\u20136 years in line with the requirements of tax legislation.
2 The adjustment in respect of prior years arose predominantly due to the recognition of previously restricted tax interest expense deductions due to the corporate
interest restriction provisions. This deferred tax asset will be utilised over the next three financial years in the form of reactivated tax interest expense deductions
against tax interest income from Group investment assets. This is offset by other adjustments that reflect changes to the estimates made in the previous years\u2019 Annual
Report and Accounts and the finalised tax computations submitted to HMRC.
3 The transfer to deferred income tax represents a transfer of tax losses that were previously recorded as a current tax asset.
The Company has no deferred tax balances.
Deferred income tax liabilities
Group
Accelerated
tax
depreciation
\u00a3m
Intangible
assets
acquired
\u00a3m
Total
\u00a3m
At 30 June 2021 \u2013 (0.7) (0.7)
Transfer from deferred income tax assets (0.6) \u2013 (0.6)
Acquisition of subsidiaries \u2013 (0.3) (0.3)
At 30 June 2022 (0.6) (1.0) (1.6)
Credit taken to the income statement 0.2 0.2 0.4
Adjustment in respect of prior years \u2013 0.1 0.1
At 30 June 2023 (0.4) (0.7) (1.1)
23\u2002Financial instruments
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk),
credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks
to minimise potential adverse effects on the Group\u2019s financial performance. Financial assets and liabilities are offset and the net amount
reported when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or
realise the asset and settle the liability simultaneously.
The Group and Company operate within financial risk policies and procedures approved by the Board. It is, and has been throughout the
year, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The Board provides written principles for overall risk
management, as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative
financial instruments and non-derivative financial instruments, and investment of excess liquidity. The Group\u2019s financial instruments
principally comprise cash and cash equivalents, receivables, payables and PPP and other investments that arise directly from its operations
and its acquisitions. The Company\u2019s financial instruments comprise of cash and cash equivalents.
Capital risk management
The Group is funded by ordinary shares, retained profits and its strong net cash position. The Group\u2019s and Company\u2019s objectives when
managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and
benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. The Group has no borrowing or
debt facilities and hence no gearing targets.
Financial risk factors
(a) Market risk
(i) Foreign exchange risk
All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to
overseas suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to
enter into forward foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2023 (2022: nil).
(ii) Price risk
Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk.
(iii) Interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates.
The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with no debt or net
overdraft facilities.
(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and financial
institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not
hold any debt facilities. Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were
exceeded during the reporting period, and management does not expect any material losses from non-performance of any counterparties,
including in respect of receivables not yet due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the
carrying amount (book value) of each class of financial asset set out on the following page.
(c) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its operations through
its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s liquidity reserve on the basis of
expected cash flow. This is generally carried out at local level in the operating companies of the Group, in accordance with practices and
limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. On a daily
basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s operating companies are aggregated into a total cash
figure, in order that the Group can obtain the most advantageous interest rate.
In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to
be separately accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been
identified.
Fair value of other financial assets and financial liabilities
Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected
future cash flows at the prevailing interest rate.
Primary financial instruments held or issued to finance the Group\u2019s operations:
2023 2022
Notes
Book value
\u00a3m
Fair value
\u00a3m
Book value
\u00a3m
Fair value
\u00a3m
Financial liabilities:
Current financial liabilities measured at amortised cost 19 365.1 365.1 336.8 336.8
Financial assets:
PPP and other investments 16 44.6 44.6 47. 5 47. 5
Current assets measured at amortised cost 17 271.1 271.1 229.6 229.6
Cash and cash equivalents 18 220.2 220.2 218.9 218.9
Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract liabilities are excluded
from financial liabilities measured at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities is given in note 19.
Borrowing facilities
The Group had no committed borrowing facilities available at 30 June 2023 or 2022.
Fair value estimation
Specific valuation techniques used to value financial instruments are defined as:
+ Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments.
+ Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, based on observable
yield curves.
+ Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial
instruments. The fair value of other investments is set out in note 16.
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June:
2023 2022
Level 3
\u00a3m
Total
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets
Fair value through other comprehensive income
\u2013 PPP and other investments 44.6 44.6 47. 5 47.5
Total 44.6 44.6 47. 5 47.5
There were no transfers between levels during the year.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by
using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as
possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Fair value measurements using significant unobservable inputs (Level 3)
2023
\u00a3m
2022
\u00a3m
At 1 July 47. 5 49.1
Movement in fair value (2.4) (0.9)
Disposals and subordinated loan repayments (0.5) (0.7)
Closing balance 44.6 47. 5
The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk and discount rates. The typical
repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio reflects a blended
discount rate of 7.3% (2022: 7.0%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16. If
receipts were to occur earlier than expected, the fair value would increase.
24\u2002Ordinary shares and share premium
Group
Number of
shares
Ordinary
shares
\u00a3m
Share
premium
\u00a3m
Total
\u00a3m
At 30 June 2021 111,053,489 55.5 \u2013 55.5
Allotted under share option schemes 739 \u2013 \u2013 \u2013
At 30 June 2022 111,054,228 55.5 \u2013 55.5
Allotted under share option schemes 2,114 \u2013 \u2013 \u2013
Cancellation of shares (6,187,148) (3.1) \u2013 (3.1)
At 30 June 2023 104,869,194 52.4 \u2013 52.4
Company
Number of
shares
Ordinary
shares
\u00a3m
Share
premium
\u00a3m
Total
\u00a3m
At 30 June 2021 111,053,489 55.5 \u2013 55.5
Allotted under share option schemes 739 \u2013 \u2013 \u2013
At 30 June 2022 111,054,228 55.5 \u2013 55.5
Allotted under share option schemes 2,114 \u2013 \u2013 \u2013
Cancellation of shares (6,187,148) (3.1) \u2013 (3.1)
At 30 June 2023 104,869,194 52.4 \u2013 52.4
Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised and issued but
not fully paid.
During the year the Company purchased and cancelled 6,187,148 shares as part of the share buy back announced in September 2022 for
total consideration of \u00a310.6m.
At 30 June 2023, the total number of shares outstanding under the sharesave scheme was 3,481,546 (2022: 2,776,374) and under the long
term incentive plan was 6,466,295 (2022: 6,986,213) as detailed in note 25.
25\u2002Share-based payments
The Group operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019 Remuneration
report. The Group also operates sharesave schemes. The total charge for the year relating to employee share-based payment plans was
\u00a33.4m (2022: \u00a32.3m), all of which related to equity-settled share-based payment transactions. After deferred tax, the total charge was
\u00a33.3m (2022: \u00a32.1m).
Savings related share options
The Company operates an HMRC approved sharesave scheme, under which employees are granted an option to purchase ordinary shares
in the Company at up to 20% less than the market price at grant, in three years\u2019 time, dependent on their entering into a contract to make
monthly contributions into a savings account over the relevant period. These funds are used to fund the option exercise. This scheme is
open to all employees meeting the minimum employment period. No performance criteria are applied to the exercise of sharesave options.
The options were valued using the binomial option-pricing model. The fair value per option granted and the assumptions used in the
calculation are as follows:
Grant date
Shares
under option
Share price
at grant
date
Exercise
price
Contract
date
Expected
volatility
Option
life
(years)
Risk free
rate
Dividend
yield
Employee
turnover
before
vesting
Fair
value per
option
07. 0 4. 21 1,989,993 130p 112p 01.06.21 60% 3 0.2% 3.1% 10% 50p
13.04.22 999,819 174p 143p 01.06.22 58% 3 1.5% 3.3% 10% 70p
14.04.23 947,033 174p 137p 01.06.23 54% 3 3.6% 4.5% 10% 67p
The expected volatility is based on historical volatility in the movement in the share price over the past three years up to the date of grant
(or since incorporation of the Company in January 2020). The expected life is the average expected period to exercise. The risk free-rate is
the yield on zero-coupon UK Government bonds of a term consistent with the assumed option life. A reconciliation of savings related share
awards over the year to 30 June 2023 is shown below:
2023 2022
Number
Weighted
average
exercise price Number
Weighted
average
exercise price
Outstanding at 1 July 2,776,374 123p 1,989,993 112p
Awards 947,033 137p 999,819 143p
Forfeited (109,335) 124p (120,096) 112p
Cancelled (127,458) 124p (79,454) 113p
Expired
1
(2,954) 119p (13,149) 113p
Exercised (2,114) 112p (739) 112p
Outstanding at 30 June 3,481,546 127p 2,776,374 123p
Exercisable at 30 June \u2013 \u2013 \u2013 \u2013
1 The number of options that expired in 2022 has been restated from 199,950 to 13,149, with the total outstanding balance at 30 June 2022 of 2,776,374 (previously
reported as 2,589,973).
The weighted average fair value of awards granted during the year was 67p (2022: 70p). There were 2,114 share options exercised during
the year ended 30 June 2023 (2022: 739) and the weighted average share price at the date of exercise was 164p (2022: 171p). The
weighted average remaining contractual life is 1 years and 9 months (2022: 2 years and 3 months). The charge to the income statement
relating to the sharesave scheme was \u00a30.5m (2022: \u00a30.3m).
Performance-related long-term incentive plans
The Company operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019
Remuneration report. The awards that vest are satisfied by the transfer of shares for no consideration. The outstanding options were
valued using a Black-Scholes model. The fair value per option granted and the assumptions used in the calculation are as follows:
Grant date
Shares
under option
Share price at
grant date
Vesting
period/option
life (months)
Risk
free rate
Dividend
yield
Fair
value per
option
23.09.20 3 ,247, 874 78p 36 (0.1)% 3.1% 71p
23.09.21 1,489, 510 177p 36 0.4% 2.5% 164p
23.09.22 1,728,911 161p 36 4.0% 5.0% 139p
The expected volatility is based on historical volatility in the movement in the share price of the Company and its comparator group and
the correlations between them over the past three years. The expected life is the average expected period to exercise. The risk free rate is
the yield on zero-coupon UK Government bonds of a term consistent with the assumed option life. A reconciliation of performance-related
share awards over the year to 30 June is shown below:
2023
Number
2022
Number
Outstanding at 1 July 6,986,213 5,496,703
Granted 1,728,911 1,489, 510
Exercised (2,248,829) \u2013
Outstanding at 30 June 6,466,295 6,986,213
Exercisable at 30 June \u2013 \u2013
The weighted average fair value of awards granted during the year was 139p (2022: 164p). There were 2,248,829 options exercised during
the year ended 30 June 2023 (2022: nil). The weighted average remaining contractual life is nil as the shares are exercised on the day that
they vest (2022: nil).
26\u2002Other reserves and retained earnings
Group Notes
Other
reserves
\u00a3m
Retained
earnings
\u00a3m
At 30 June 2021 118.4 (39.8)
Profit for the year \u2013 6.3
Dividends paid 9 \u2013 (6.3)
Share-based payments 25 \u2013 2.3
Movement in fair value of PPP and other investments 16 \u2013 (0.9)
Purchase of own shares \u2013 (3.4)
Reversal of impairment of investment in Galliford Try Limited and associated recycling of retained
earnings to merger reserve 15 13.8 (13.8)
At 30 June 2022 132.2 (55.6)
Profit for the year \u2013 9.1
Dividends paid \u2013 (9.6)
Share-based payments \u2013 3.4
Movement in fair value of PPP and other investments \u2013 (2.4)
Purchase of own shares \u2013 (14.0)
Cancellation of shares 3.1 \u2013
At 30 June 2023 135.3 (69.1)
The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2022: \u00a3132.2m) and a capital redemption
reserve of \u00a33.1m (2022: \u00a3nil).
The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a31.9m (2022: \u00a33.4m) and other
share related transactions of \u00a31.5m (2022: \u00a3nil), in addition to \u00a310.6m (2022: \u00a3nil) purchased by the Company as part of the share buyback
announced in September 2022.
Company Notes
Other
reserves
\u00a3m
Retained
earnings
\u00a3m
At 30 June 2021 118.4 100.7
Profit for the year \u2013 28.8
Dividends paid 9 \u2013 (6.3)
Share-based payments \u2013 0.3
Reversal of impairment of investment in Galliford Try Limited and associated recycling of retained
earnings to merger reserve 15 13.8 (13.8)
At 30 June 2022 132.2 109.7
Profit for the year \u2013 25.0
Dividends paid 9 \u2013 (9.6)
Share-based payments \u2013 0.5
Purchase of shares 15 \u2013 (10.6)
Cancellation of shares 3.1 \u2013
At 30 June 2023 135.3 115.0
The cumulative amount of goodwill arising on acquisition and written off directly against reserves is \u00a39.5m (2022: \u00a39.5m).
At 30 June 2023, the Galliford Try Employee Share Trust (the Trust) held 3,705,343 (2022: 3,541,603) Galliford Try Holdings plc shares. The
nominal value of the shares held is \u00a31.9m (2022: \u00a31.8m). 1,200,000 shares were acquired during the year (2022: 1,820,000) at a net cost
of \u00a31.9m (2022: \u00a33.4m) and a further \u00a31.5m (2022: \u00a3nil) was paid in relation to other share related transactions. 965,194 (2022: nil) shares
were transferred during the year. The cost of funding and administering the Trust is charged to the income statement in the period to which
it relates. The market value of the shares at 30 June 2023 was \u00a37.2m (2022: \u00a36.0m). No shareholders (2022: none) have waived their rights
to dividends.
As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the associated scheme
of arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try Limited (formerly Galliford Try plc) as at
3 January 2020 (221,603) were exchanged for an equivalent number of shares in Galliford Try Holdings plc and 127,189 shares in Vistry
Group plc (at a rate of 0.57406 Vistry Group plc shares for each Galliford Try Limited share). The Group has disposed of the majority of the
shares in Vistry Group plc, with a residual 14,132 shares held by the Group at 30 June 2023 (2022: 14,132). These shares are recorded at
fair value with the movement being reflected in profit or loss.
27\u2002Financial and capital commitments
The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2023 (2022: \u00a3nil), nor any
commitment for other capital expenditure.
28\u2002Guarantees and contingent liabilities
Galliford Try Holdings plc has entered into financial guarantees and counter indemnities in respect of bank and performance bonds issued in
the normal course of business on behalf of Group undertakings, amounting to \u00a3165.5m (2022: \u00a3127.1m).
Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the outcome of disputes
and arbitration is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the
Group\u2019s financial position.
The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for cladding solutions
used on historical contracts, also creates ongoing uncertainty that the Group manages.
Where the Group has received such claims, the directors have made provision in the financial statements when they believe it is probable
a liability exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability is considered only possible or
remote. This is based on the best estimates of future costs to be incurred after assessing all relevant information and taking legal advice
where appropriate. The Group\u2019s assessment of liability and estimates of future costs could change in the future. Although the Group has
appropriate insurance arrangements in place that should mitigate any significant exposure, the recognition thresholds under IAS 37 would
mean a liability could be recognised before a corresponding asset.
As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly.
29\u2002Related party transactions
Transactions between the Group and its related parties are disclosed as follows:
Group
Sales to
related parties
Amounts owed by
related parties
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Trading transactions
Related parties 71.2 97. 3 36.8 38.4
Interest and dividend income
from related parties
2023
\u00a3m
2022
\u00a3m
Non-trading transactions
Related parties 4.1 4.6
Sales to related parties (all of which are to joint ventures and associates) are based on terms that would be available to unrelated third
parties. Amounts owed by related parties consist predominantly of subordinated debt within the PPP and Other Investments portfolio,
that if held to maturity would be due over the next 25 years (2022: 26 years). These receivables are unsecured, with interest rates varying
between a range of 9% and 12%. Payables are due within one year (2022: one year) and are interest free.
Company
Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation, are disclosed as
follows:
Interest and dividend income
from related parties
2023
\u00a3m
2022
\u00a3m
Non-trading transactions
Subsidiary undertakings 25.0 15.0
The Company has provided performance guarantees in respect of certain operational contracts entered into between joint ventures and a
Group undertaking.
30\u2002Business combinations
During the year, the Group acquired (i) 100% of the share capital MCS Control Systems Limited and (ii) certain contracts and assets of Ham
Baker Limited (in administration). The Group has also finalised the acquisition accounting of nmcn having previously reported the balances
as provisional in accordance IFRS 3.
(i) MCS Control Systems Limited
On 8 July 2022, the Group acquired 100% of the share capital of MCS Control Systems Limited (\u201cMCS\u201d), a leading systems integrator
to the industrial and utilities sectors for consideration of \u00a31 settled in cash. The addition of MCS\u2019s capabilities is complementary to the
operations of Galliford Try\u2019s expanding Environment business. In particular, MCS provides additional competencies that complement those
acquired in October 2021 with nmcn\u2019s Water business and Lintott Control Systems Limited and will accelerate the growth of Galliford Try
Environment\u2019s asset optimisation and capital maintenance strategy.
The goodwill of \u00a33.2m arising from the acquisition is significantly attributable to the acquired workforce and their technical expertise and
the opportunity to leverage this expertise across the Group to enhance the asset optimisation and capital maintenance strategy.
The following table summarises the consideration paid and the provisional fair value of the assets acquired and liabilities assumed.
\u00a3m
Recognised amounts of identifiable assets acquired and liabilities assumed
Property plant and equipment 0.1
Intangible assets 0.2
Right-of-use assets 0.6
Trade and other receivables 3.2
Trade and other payables (5.9)
Bank and other borrowings (0.8)
Lease liabilities (0.6)
Total identifiable net liabilities (3.2)
Goodwill 3.2
Total \u2013
Consideration
Cash \u2013
Total \u2013
The acquisition contributed \u00a35.7m of revenue and a \u00a30.7m loss before tax and amortisation in the year to 30 June 2023, which is similar to
the contribution it would have made if acquired at the start of the financial year.
(ii) Ham Baker
On 18 November 2022, the Group acquired certain contracts and assets from Ham Baker Limited (in administration) for \u00a3225,000 settled
in cash. The Group has acquired the asset inspection, maintenance and screens and distributor operations. The acquired business produces
a variety of engineered products for the water industry, which the Group will use as a basis to develop a low carbon engineering offering,
enabling products and raw materials to be as reused if possible, and reducing waste. The acquisition brings complementary capabilities
to the Group\u2019s growing Environment business and will give it a further advantage in preparing for the water industry\u2019s AMP8 cycle, in
particular addressing storm overflow challenges. It also plays into Galliford Try\u2019s role in decarbonising the industry for a greener, more
sustainable future.
Similar to the MCS Control Systems Limited acquisition, the goodwill of \u00a30.5m arising from the acquisition is significantly attributable to
the acquired workforce and their technical expertise and the opportunity to leverage this expertise across the Group to enhance the asset
optimisation and capital maintenance strategy.
The following table summarises the consideration paid and the provisional fair value of the assets acquired and liabilities assumed.
\u00a3m
Recognised amounts of identifiable assets acquired and liabilities assumed
Intangible assets 0.1
Trade and other payables (0.4)
Total identifiable net liabilities (0.3)
Goodwill 0.5
Total 0.2
Consideration
Cash 0.2
Total 0.2
The acquisition contributed \u00a31.5m of revenue and a \u00a31.6m loss before tax and amortisation in the year to 30 June 2023.
The performance of the business preceding the acquisition was impacted by Ham Baker Limited entering administration, and accordingly it
is impracticable to assess the contribution it would have made to the Group if acquired at the start of reporting period.
(iii) nmcn
On 7 October 2021, the Group acquired the water business of nmcn plc (which had been placed into administration) for \u00a31.0m settled in
cash.
This expanded the Group\u2019s geographical presence on key frameworks across the UK, and its capabilities in the water sector, in line with the
Group\u2019s strategy.
In accordance with IFRS 3, the Group has assessed the acquisition accounting during the measurement period and has identified the need
to reflect a final adjustment to the reported acquisition note in the 30 June 2022 annual report. The change reflects an increase to the
onerous contract provisions and net unfavourable contracts acquired by \u00a30.8m with an offsetting increase in goodwill by \u00a30.8m. As this is
not material, the adjustment has been recorded in the current year (with \u00a311.0m goodwill recognised in the previous year). The finalised
acquisition accounting is detailed below.
\u00a3m
Recognised amounts of identifiable assets acquired and liabilities assumed
Net cash and cash equivalents 0.7
Property plant and equipment 0.1
Intangible assets
1
5.8
Right-of-use assets 1.4
Trade and other receivables
2,5
7.8
Trade and other payables
3,5
(10.4)
Provisions and other liabilities
4
(14.5)
Lease liabilities (1.4)
Net deferred tax liabilities
6
(0.3)
Total identifiable net liabilities (10.8)
Goodwill 11.8
Total 1.0
Consideration
Cash 1.0
Total 1.0
1 Intangible assets of \u00a35.8m comprise customer relationships and contracts (\u00a35.2m) and technology (\u00a30.6m) that will be amortised over 3\u201310 years,
2 Trade and other receivables include \u00a34.4m relating to favourable contracts acquired.
3 Trade and other payables include \u00a36.4m relating to unfavourable contracts acquired.
4 Provisions and other liabilities relate to onerous contracts.
5 The favourable and unfavourable contracts have been valued after assessing the margins in the underlying contracts novated.
6 Deferred tax has been recognised where temporary differences arise on the fair value adjustments.
The acquisition contributed \u00a374.1m of revenue and \u00a31.8m of pre-exceptional profit before tax and amortisation (on the acquired
intangibles) in the period to 30 June 2022. The performance of the business preceding the acquisition was impacted by nmcn plc entering
administration, and accordingly it is impracticable to assess the contribution it would have made to the Group if acquired at the start of
reporting period.
Acquisition related costs of \u00a37.7m include legal and professional fees, integration, and staff costs, have been treated as exceptional in the
year of acquisition, being material and non-recurring/irregular items in accordance with our accounting policies and detailed further in
note 4.
31\u2002Events after the reporting date
There were no material post balance sheet events arising after the reporting date.
32\u2002Alternative performance measures
Throughout the Annual Report and Accounts, the Group has presented financial performance measures which are used to manage the
Group\u2019s performance. These financial performance measures are chosen to provide a balanced view of the Group\u2019s operations and are
considered useful to investors as they provide relevant information on the Group\u2019s performance. They are also aligned to measures used
internally to assess business performance in the Group\u2019s budgeting process and when determining compensation. An explanation of the
Group\u2019s financial performance measures and appropriate reconciliations to its statutory measures are provided below.
Providing clarity on the Group\u2019s alternative performance measures
The Group has included this note and the enclosed explanations and reconciliations with the aim of providing transparency and clarity on the
measures adopted internally to assess performance. The APMs adopted by the Group are also commonly used in the sectors it operates in.
The Board believes that disclosing these performance measures enhances investors\u2019 ability to evaluate and assess the underlying financial
performance of the Group\u2019s operations and the related key business drivers.
These financial performance measures are also aligned to measures used internally to assess business performance in the Group\u2019s budgeting
process and when determining compensation.
Measuring the Group\u2019s performance
The following measures are referred to in this report:
Statutory measures
Statutory measures are derived from the Group\u2019s reported financial statements, which are prepared in accordance with UK adopted
International Accounting Standards and in line with the Group\u2019s accounting policies, that can be found in note 1.
The Group\u2019s statutory measures take into account all of the factors, including exceptional items which do not reflect the ongoing underlying
performance of the Group.
Alternative performance measures
In assessing its performance, the Group has adopted certain non-statutory measures that more appropriately reflect the underlying
performance of the Group. These typically cannot be directly extracted from its financial statements but are reconciled to statutory
measures below:
a) Pre-exceptional performance
The Group adjusts for certain material one-off (exceptional) items which the Board believes assist in understanding the performance
achieved by the Group as this better reflects the underlying and ongoing performance of the business. A reconciliation of the statutory
measure to the pre-exceptional measure is provided in the following tables. In the financial year ending 30 June 2023, the Group has also
presented pre-exceptional performance excluding a one off contract settlement as announced on 8 June 2023 (disclosed in the consolidated
income statement as an impairment of financial assets of \u00a32.8m).
b) Operating profit before amortisation
The Group adjusts operating profit to exclude the amortisation of intangible assets as this better reflects the ongoing performance of the
business. Operating margin reflects the ratio of pre-exceptional operating profit before amortisation of intangible assets and revenue. In the
financial year to 30 June 2023, operating margin also excludes the one off contract settlement as announced on 8 June 2023. This differs
from the statutory measure of operating profit which includes the amortisation of intangible assets. Divisional operating margin is the
combined operating margin of Building and Infrastructure.
A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations:
Building
\u00a3m
Infrastructure
\u00a3m
PPP
Investments
\u00a3m
Central
\u00a3m
Total
\u00a3m
Year ended 30 June 2023
Statutory operating profit/(loss) 17. 5 10.8 1.4 (24.1) 5.6
exclude: amortisation of intangible assets (note 11) 1.0 0.9 \u2013 1.1 3.0
exclude: exceptional items (note 4) \u2013 \u2013 \u2013 10.5 10.5
Pre-exceptional operating profit before amortisation 18.5 11.7 1.4 (12.5) 19.1
exclude: impairment of financial assets (note 17) \u2013 2.8 \u2013 \u2013 2.8
Pre-exceptional operating profit before amortisation excluding the
impairment of financial assets 18.5 14.5 1.4 (12.5) 21.9
Revenue 797.1 590.8 5.8 \u2013 1,393.7
Pre-exceptional operating margin excluding the impairment of
financial assets 2.3% 2.5% n/a n/a 1.6%
Year ended 30 June 2022
Statutory operating profit/(loss) 17.9 2.4 (0.9) (17.3) 2.1
exclude: amortisation of intangible assets 1.0 0.7 \u2013 1.0 2.7
exclude: exceptional items (note 4) \u2013 7.7 \u2013 6.0 13.7
Pre-exceptional operating profit before amortisation 18.9 10.8 (0.9) (10.3) 18.5
Revenue 789.1 441.9 6.2 \u2013 1, 237. 2
Pre-exceptional operating margin 2.4% 2.4% n/a n/a 1.5%
c) Pre-exceptional profit before tax
The Group uses a profit before tax measure which excludes exceptional items and other items as noted above. This differs from the
statutory measure of profit before income tax, which includes these items.
A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations:
2023
\u00a3m
2022
\u00a3m
Statutory profit before tax 10.1 5.4
exclude: exceptional items (note 4) 10.5 13.7
Pre-exceptional profit before tax 20.6 19.1
Pre-exceptional profit before tax excluding the impairment of financial assets is \u00a323.4m (2022: \u00a319.1m)
d) Pre-exceptional earnings per share
In line with the Group\u2019s measurement of adjusted performance, the Group also presents its earnings per share on an adjusted basis. This
differs from the statutory measure of earnings per share, which includes these items. A reconciliation of the statutory measure to the
Group\u2019s performance measure (post-tax) is shown below, based on continuing operations:
2023 2022
Earnings
\u00a3m
Ave number
of shares
EPS
pence
Earnings
\u00a3m
Ave number
of shares
EPS
pence
Statutory results 9.1 105,180,316 8.7 6.3 109,016,667 5.8
exclude: exceptional items (note 4) 8.4 n/a n/a 11.1 n/a n/a
Pre-exceptional earnings per share 17. 5 105,180,316 16.6 17. 4 109,016,667 16.0
Pre-exceptional earnings per share excluding the impairment of financial assets is 18.9p (2022: 16.0p) based on post tax profit of \u00a319.9m
(2022: \u00a317.4m).
33\u2002Group undertakings
In accordance with section 409 of the Companies Act, the following is a list of all of the Group\u2019s undertakings as at 30 June 2023.
Galliford Try Limited is the only subsidiary undertaking held directly by the Company.
(i) Subsidiary undertakings
Entity name Registered office or principal place of business
Shareholding
(direct or
indirect)
Chancery Court Business Centre Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Charles Grip Surfacing Limited Miller House, Pontefract Road, Normanton, WF6 1RN 100%
Construction Holdco 1 Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Brick Factors Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Asset Intelligence Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Building 2014 Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
Galliford Try Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Construction & Investments
Holdings Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Corporate Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
Galliford Try Employment Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Estates Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Facilities Management Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try HPS Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Infrastructure Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
Galliford Try Investments Consultancy Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Investments Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Investments NEPS Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Plant Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Properties Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Secretariat Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try Telecommunications Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Galliford Try (Water) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT (Buidheann) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
GT (Leeds) Lift Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT (Leicester) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT (North Hub) Investments Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
GT (North Tyneside) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT Camberwell (Holdings) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT Camberwell Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT Car Parks Leicester (Holdings) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT Car Parks Leicester Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT Guildford Crescent Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
GT Inverness Investments Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
GT Telford (Holdings) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
GT TMGL Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
GTFM (Cavalry) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Ham Baker Engineering Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Kingseat Development 1 Limited Morrison House, Kingseat Business Park, Kingseat,
Newmachar, Aberdeenshire, AB21 0AZ 100%
Leicester GT Education Company Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Entity name Registered office or principal place of business
Shareholding
(direct or
indirect)
Lintott Control Systems Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Lintott Environmental Technologies Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
MCS Control Systems Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Morrison Construction Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100%
Morrison Highway Maintenance Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Oak Specialist Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Regeneco (Services) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Regeneco Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Rock & Alluvium Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
Try Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100%
All subsidiary undertakings are incorporated in the UK unless otherwise specified and are included in the consolidated financial statements
of the Group, as a majority of voting rights are held in each case.
(ii) Joint venture undertakings
Entity name Registered office or principal place of business
Proportion of
capital held
Financial
year-end
Aberdeen Roads (Finance) PLC Maxim 7, Maxim Office Park, Parklands Avenue,
Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec
Aberdeen Roads Holdings Limited Maxim 7, Maxim Office Park, Parklands Avenue,
Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec
Aberdeen Roads Limited Maxim 7, Maxim Office Park, Parklands Avenue,
Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec
ACP: North Hub Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Dec
GBV JV Limited 3 Frayswater Place, Uxbridge, UB8 2AD 50% 30 -Jun
GT Equitix Inverness Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Mar
GT Equitix Inverness Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Mar
Hub South East Scotland Limited 8 Melville Street, Edinburgh, EH3 7NS 50% 31-Mar
Kingseat Development 2 Limited Morrison House, Kingseat Business Park, Kingseat,
Newmachar, Aberdeenshire AB21 0AZ 50% 3 0 -Jun
Space Scotland Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 83%
1
31-Mar
Urban Vision Partnership Limited 65 Gresham St, London, EC2V 7NQ 30% 31-Dec
The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding agreements in place.
1 Treated as a joint venture as indicated by its joint venture agreement.
(iii) Associated and other significant undertakings
Entity name Registered office or principal place of business
Proportion
of capital held
by class
Aberdeen Community Health Care Village Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Alliance Community Partnership Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde
Business Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ 10%
Galliford Try Qatar LLC PO Box 11726 Doha, State of Qatar (incorporated in Qatar) 49%
Hub North Scotland (Alford) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Hub North Scotland (FWT) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Hub North Scotland (O&C) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Hub North Scotland (O&C) Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Hub North Scotland Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
James Gillespie\u2019s Campus Subhub Holdings Limited 8 Melville Street, Edinburgh, EH3 7NS 50%
James Gillespie\u2019s Campus Subhub Limited 8 Melville Street, Edinburgh, EH3 7NS 50%
LBP DBFM Holdco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
LBP DBFMco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
Newbattle DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
Newbattle DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
ELCH DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
ELCH DBFM Holdco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
WCHS DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
WCHS DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
JICC DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
JICC DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
KHS DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
KHS DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
QHS DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
QHS DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
REH Phase 1 Subhub Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
REH Phase 1 Subhub Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
REH Phase 2 DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
REH Phase 2 DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50%
Hub North Scotland (I&F) Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Hub North Scotland (I&F) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30%
Hub South West Scotland Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde
Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6%
Hub SW Cumbernauld DBFMCo Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde
Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6%
Hub SW Cumbernauld Holdco Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde
Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6%
The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar.
Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-317": {
"value": "1\u2002Accounting policies General information Galliford Try Holdings plc (the Company) is a public limited company incorporated, listed and domiciled in the UK, and registered under the laws of England and Wales. The address of the registered office is 3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has its listing on the London Stock Exchange. The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. The amounts stated are denominated in millions (\u00a3m). Basis of accounting For the year to 30 June 2023, the Group consolidated financial statements and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. There was no impact or changes in accounting policies from the transition, which reflects a change in accounting framework. The consolidated and Company financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of PPP and other investments and financial assets and liabilities (including derivative financial instruments) at fair value through other comprehensive income. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Viability Statement (on page 69) and the Strategic Report (from page 1). As at 30 June 2023, the Group had substantial cash balances, no debt, and a strong forward secured order book. The directors regularly review the working capital requirements of the Group while considering downside sensitivities. The Group\u2019s forecasts have been prepared in the context of the current economic conditions and additionally, the directors have considered a range of downside sensitivities (as discussed in detail in the Viability Statement on page 69). Even in the worst-case scenario, the Group is forecast to continue to meet its obligations and remain cash positive for a period of at least 12 months from the date the financial statements are authorised for issue. After making enquiries and considering the factors and sensitivities outlined above for a range of scenarios, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Company has elected to take the exemption under section 408 of the Companies Act 2006 to not present the Parent Company income statement and statement of comprehensive income. New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: + Amendments to IFRS 3 Business Combinations + Amendments to IAS 12 Income Taxes + Amendments to IAS 16 Property, Plant and Equipment + Amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets + Annual improvements 2018 \u2013 2020 (impacting IFRS 1, IFRS 9, IAS 41 and IFRS 16) These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: + Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants + Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8 + IFRS 17 Insurance Contracts as amended in December 2021 + Amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction + Amendment to IAS 12 International tax reform \u2013 pillar two model rules + Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance + Amendment to IFRS 16 Leases: Leases on sale and leaseback + IFRS S1 General requirements for disclosure of sustainability- related financial information + IFRS S2 Climate-related disclosures The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. Basis of consolidation The Group financial statements incorporate the results of Galliford Try Holdings plc, its subsidiary undertakings and the Group\u2019s share of the results of joint arrangements. Subsidiaries are all entities over which the Group has control. The exposure or right to variable returns from its involvement with an investee, and the ability to influence those returns, are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of a business by the Group. The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed to the income statement. The identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date, irrespective of any non-controlling interest. The excess of cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the Group\u2019s share of the identifiable net assets is in excess of the cost of the acquisition, the gain on bargain purchase is recognised as a credit through the income statement. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. In addition to total performance measures, the Group discloses additional information including performance before exceptional items and earnings per share before exceptional items. The Group believes that this additional information provides useful information on underlying trends. This additional information is not defined under international accounting standards and may therefore not be comparable with similarly titled profit measures reported by other companies. It is not intended to be a substitute for, or superior to, international accounting standards measures of profit. Impact of climate change on the financial statements As reported in the TCFD disclosures starting on page 57, and the principal risks starting on page 52, the directors have considered the risks and potential impact of climate change to the Group. It is unlikely that these risks will have a material financial impact in the short and medium term, particularly given the nature of the contractual arrangements in place, however the directors continue to monitor this, particularly regarding any judgements on construction contracts, impairment reviews and going concern. Critical accounting estimates and judgements The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Critical judgements are those management has made when applying its significant accounting policies, whereas critical estimates are assumptions and estimates made at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The estimates, judgements and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making estimates and judgements about the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates and judgements. The estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates and judgements are recognised in the period in which the estimate or judgement is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. Material estimates, judgements and assumptions are made in particular with regards to establishing the following policies: (i) Revenue and profit recognition for long-term contract accounting (judgement and estimate) In order to determine the profit and loss that the Group is able to recognise on its construction contracts in a specific period, the Group has to estimate the outcome of both the total costs to complete the contract as well as the final contract value. The Group has to allocate total costs of the construction contracts between the amount incurred on the contract to the end of the reporting period and the proportion to complete in a future period. The assessment of the total costs to be incurred and final contract value requires a degree of estimation. Contract modifications are recognised when the Group considers they have been approved (which also includes consideration of whether enforceable rights exist in the contract). The estimation of final contract value includes the assessment of the recovery of variations, claims and compensation events (contract modifications). The estimate made is constrained in accordance with IFRS 15 so that it is highly probable not to result in a significant reversal of revenue in the future. Where the change in scope results in an increase to the work to be performed that is distinct and reflects the stand-alone selling price of the distinct good/service, it is treated as a separate contract. This is assessed on a contract specific basis. The Group recognises recoveries of claims from clients as revenue where clear entitlement has been established, such as through dispute-resolution processes. This includes the recovery of costs (such as delays to the contract programme) to the extent it is highly probable not to result in a significant reversal of revenue in the future. The estimation of costs to complete is based on all available relevant information such as procured packages and management experience and includes estimation of final accounts and any potential maintenance and defect liabilities. Recoveries resulting from actual or potential claims against subcontractors are accounted for in accordance with IAS 37 and are recognised only when they meet the virtually certain threshold. Group management has established internal controls to review and ensure the appropriateness of estimates made on an individual contract basis, including any necessary contract provisions. As with most large, complex construction projects, there is an element of estimation uncertainty over costs to complete and final account settlements. This is, however, reduced by the experience of the management team and the controls that we have in place. The settlement of these final accounts may give rise to an over or under- recognition of profit or loss and associated cash flows, which could be material. As at 30 June 2023, the Group\u2019s contract assets, contract liabilities and contract provisions amounted to \u00a3204.9m, \u00a3106.6m and \u00a329.9m respectively as set out in Notes 17, 19 and 20. The Group has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 30 June 2023 and could require a material adjustment to the carrying amounts of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across the Group\u2019s large portfolio of contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. The Group\u2019s five largest unagreed variations and claims positions at the year-end are summarised in aggregate below. \u00a3m Overall contract value (including total estimated end of contract variations and claims after IFRS 15 constraints) 385.5 Revenue in the year 58.6 Total estimated end of contract variations and claims before IFRS 15 constraints 71.9 Total estimated end of contract variations after IFRS 15 constraints 46.5 These five positions represent the most significant estimates of revenue. The aggregate unagreed variations and claims constrained revenue recognised at year-end of the subsequent five largest unagreed variations and claims is \u00a316.1m. These items include estimation uncertainty, with a range of reasonably possible outcome of \u00a3nil to \u00a371.9m. In respect of contract assets of \u00a3204.9m (30 June 2022: \u00a3173.4m) and in assessing receivable provisions calculated on an expected loss basis, the Group has recorded a provision of \u00a3nil (2022: \u00a314.0m), refer to note 17. It is unclear whether the outstanding uncertainties will be resolved within the next 12 months. (ii) Taxation (judgement and estimate) Deferred tax liabilities are generally provided for in full and deferred tax assets are recognised to the extent that it is probable that future taxable profit will arise against which the temporary differences will be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits (note 22). (iii) Exceptional items (judgement) Exceptional items are items of financial performance which the Group believes should be presented separately on the face of the income statement, to assist in understanding the underlying financial performance achieved by the Group. Determining whether an item is part of underlying items or non-underlying items requires judgement. Details of exceptional items included in the financial statements are included in note 4. The exceptional items presented in the income statement meet the Group\u2019s definition of exceptional, being material and irregular costs incurred during the year, that the Group believes assists the users of the accounts by disclosing separately. (iv) PPP and other investments measured at fair value through other comprehensive income (estimate) At 30 June 2023, \u00a344.6m (2022: \u00a347.5m) of PPP and other investments were classified as financial assets measured at fair value through other comprehensive income. In the operational phase, the fair value of these financial assets is measured at each reporting date by discounting the future value of the cash flows allocated to the financial asset. Individual discount rates have been used which equate to an overall blended discount rate of 7.3% (2022: 7.0%), which reflects the rates typically experienced in the marketplace. A 0.5% increase/reduction in the discount rate would result in a corresponding decrease/increase in the value of the investments recorded in the balance sheet of approximately \u00a31.6m (2022: \u00a31.9m) (note 16). (v) Business combinations (judgement and estimate) The acquisition of the nmcn Water Business during the prior year, represented a material business combination. This required the application of both estimates and judgements to be made by management in determining the allocation of the purchase price against the identifiable assets and liabilities and any residual goodwill. During the current year the Group has acquired MCS Control Systems Limited and the business of Ham Baker and has applied a consistent methodology. Exceptional items Exceptional items are material or significant irregular items of income and expense which the Group believes should be disclosed in the income statement, to assist in understanding the underlying financial performance achieved by the Group, by virtue of their nature or size. Examples of items which may give rise to disclosure as exceptional items include gains and losses on the disposal of businesses and property, plant and equipment, significant unanticipated losses on contracts, cost of restructuring and reorganisation of businesses, acquisition costs and asset impairments. Segmental reporting Segmental reporting is presented in the consolidated financial statements in respect of the Group\u2019s business segments, which are the primary basis of segmental reporting. The business segmental reporting reflects the Group\u2019s management and internal reporting structure. Segmental results include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. Revenue and profit Revenue is recognised when the Group transfers control of goods or services to customers. Revenue comprises the fair value of the consideration received or receivable net of rebates, discounts and value-added tax. Where consideration is subject to variability, the Group estimates the amount receivable. Revenue recognised is constrained to the amount which is highly probable not to result in a significant reversal in future periods. The Group also assesses whether the costs incurred on a project depict an appropriate measure of progress, and constrain revenue accordingly. Sales within the Group are eliminated. Revenue also includes the Group\u2019s proportion of work carried out under joint operations. Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied or whether it is a modification to the existing performance obligation. Revenue for the Group\u2019s continuing operations is recognised as follows: Construction services Revenue comprises the value of construction services transferred to a customer during the period. The results for the period include adjustments for the outcome of contracts, including jointly controlled operations, executed in both the current and preceding years. Fixed price contracts \u2013 the amount of revenue recognised is calculated based on total costs incurred as a proportion of total estimated costs to complete and is recognised over time. The estimated final value includes variations, compensation events and certain claims (contract modifications) where it is highly probable that there will not be a significant reversal. Provision will be made against any expected loss as soon as it is identified. Cost-reimbursable contracts \u2013 revenue is recognised based upon costs incurred to date plus any agreed fee and is recognised over time. Where contracts include a target price, consideration is given to the impact on revenue of the mechanism for distributing any savings or additional costs compared to the target price. Any revenue over and above the target price is recognised once it is highly probable that there will not be a significant reversal. Revenue includes any variations and compensation events where it is highly probable that there will not be a significant reversal. Facilities management \u2013 management services and facilities management contracts typically represent a single performance obligation. Revenue is recognised over time as control passes to the customer and is typically measured on a straight-line basis as this is considered to be a reliable estimate of the pattern of transfer to the customer. Recoveries from claims against third parties The recognition of expected reimbursements resulting from certain third-party claims such as against the supply chain or through insurance recoveries is accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. This requires recovery to be \u2018virtually certain\u2019 before an asset can be recognised. Government funding Grants (including research and development expenditure credits) are recognised when there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. The grants are recognised in the income statement over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Contract costs Incremental costs to obtain a contract are capitalised to the extent the contract is expected to be sufficiently profitable for them to be recovered. All other costs to obtain a contract are expensed as incurred. Incremental costs to fulfil a contract are expensed unless they relate directly to an existing contract or specific anticipated contract, generate or enhance resources that will be used to satisfy the obligations under the contract and are expected to be recovered. These costs are amortised over the shorter of the duration of the contract or the period for which revenue and profit can be forecast with reasonable certainty. Where a contract becomes loss making, capitalised costs in relation to that contract are expensed immediately. Interest income and expense Interest income and expense is recognised on a time proportion basis, using the effective interest method. Income tax Current income tax is based on the taxable profit for the year. Taxable profit differs from profit before taxation recorded in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The liability for current tax is calculated using rates that have been enacted, or substantively enacted, by the balance sheet date. Deferred income tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, with the exception of the initial recognition of goodwill arising on an acquisition. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on rates and laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying temporary differences can be deducted. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when there is an intention to settle the balances on a net basis. Deferred income tax is charged or credited through the income statement, except when it relates to items charged or credited through the statement of comprehensive income or to equity, when it is charged or credited there. Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts following impairment tests. Goodwill written off to reserves under UK GAAP prior to 1998 has not been restated. Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Intangible assets Intangible assets can include brands, customer contracts and customer relationships acquired on acquisition of subsidiary companies, and computer software developed by the Group. The intangible assets are reviewed for impairment at least annually or when there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Intangible assets are amortised over the following periods: (a) Customer contracts and relationships \u2013 on a straight-line basis over up to 10 years. (b) Computer software \u2013 once the software is fully operational, amortisation is on a straight-line basis over up to 10 years. Property, plant and equipment All property, plant and equipment is stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items. Land and buildings comprise mainly offices. Depreciation is calculated to write off the cost of each asset to its estimated residual value over its expected useful life. Freehold land is not depreciated. The annual rates of depreciation on cost, applied on a straight-line basis, are as follows: + Freehold buildings 2% + Plant and machinery 15% to 33% + Fixtures and fittings 10% to 33% In addition to systematic depreciation, the book value of property, plant and equipment is written down to estimated recoverable amounts should any impairment in the respective carrying values be identified. The asset residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each balance sheet date. Repairs and maintenance expenditure is expensed as incurred, on an accruals basis. Joint arrangements The Group applies IFRS 11 to all joint arrangements. Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations of each investor. A joint venture is an entity over which the Group has joint control and rights to the net assets of the entity. The Group\u2019s interest in joint ventures is accounted for using the equity method. Under this method the Group\u2019s share of profits less losses after taxation of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses, the carrying amount is reduced to nil and recognition of further losses is discontinued. Future profits are not recognised until unrecognised losses are extinguished. Unrealised gains on transactions with the Group\u2019s joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture. Accounting policies of joint ventures have been changed on consolidation where necessary, to ensure consistency with policies adopted by the Group. Where joint ventures do not adopt accounting periods that are coterminous with the Group\u2019s, results and net assets are based on unaudited accounts drawn up to the Group\u2019s accounting reference date. A joint operation is a joint arrangement that the Group undertakes with third parties, whereby those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of profits and losses in the consolidated income statement. The Group recognises its share of associated assets and liabilities in the consolidated balance sheet. PPP and other investments PPP and other investments are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the assets within 12 months of the balance sheet date. On initial recognition, the asset is recognised at cost. The Group applies equity accounting for its investments in PPP/ PFI entities. These investments are treated as associates as the Group has significant influence over them. On initial recognition, the investments in these entities are recognised at cost, and the carrying amounts are increased or decreased to recognise the Group\u2019s share of the profit or loss of the PPP/PFI entities after the date of acquisition. The Group\u2019s share of the investments\u2019 profits or losses is recognised in the profit or loss net of any impairment losses. Distributions received reduce the carrying amount of the investments. The debt element of the Group\u2019s PPP/PFI entities is accounted for under IFRS 9 \u2018Financial Instruments\u2019 with fair value movements recorded in other comprehensive income and with recycling of gains and losses through the income statement. Tax is recognised on the movements in other comprehensive income, where we expect the recycling to attract a tax charge/credit to the income statement. This reflects the fact that the Group has a demonstrable track record of investing in PFI assets as part of an overall construction procurement strategy, with a view to churning these investments on a regular basis. Management has reviewed the classification of PPP investments and considers that the business model continues to be hold to collect and sell. The investments therefore continue to be held at fair value through other comprehensive income. Leases In accordance with IFRS 16, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term at a constant periodic rate of interest on the remaining balance of the liability. The right-of- use asset is depreciated over the lease term on a straight-line basis, unless the useful life of the asset is shorter than the lease term. Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established based on an expected credit loss model (general or simplified approach, as detailed under impairment of financial assets). The amount of the loss is recognised in the income statement through administrative expenses unless presented separately. When a trade receivable is uncollectible, it is written off against the impairment provision for trade receivables. Subsequent recoveries of amounts previously written off are credited against costs in the income statement. Short-term trade receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. Impairment of financial assets IFRS 9 establishes a model for recognition and measurement of impairment in financial assets. Loans and receivables and contract assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are classified and measured at fair value, with movements going through the income statement or other comprehensive income. Expected credit losses are recognised and measured according to one of three approaches \u2013 a general approach (12 months ECL), a simplified approach (lifetime ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical expedient to apply a simplified \u2018provision matrix\u2019 for calculating expected losses. The provision matrix is based on an entity\u2019s historical default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. For large one-off balances where there is no historic experience, analysis is completed in respect of a number of reasonably possible scenarios. Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at nominal value. For the purposes of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand, including bank deposits with original maturities of three months or less. Bank overdrafts are included for purposes of cash flow movements and the cash flow statement. Bank deposits with an original term of more than three months are classified as short-term deposits where the cash can be withdrawn on demand and the penalty for early withdrawal is not significant. Cash held in escrow accounts is classified as a short-term deposit where the escrow agreement allows the balance to be converted to cash, if replaced by a bond repayable on demand. Trade payables Trade payables on normal terms are not interest bearing and are stated at their nominal value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate and subsequently held at amortised cost. The discount to nominal value is amortised over the period of the credit term and charged to finance costs using the effective interest rate. Provisions for liabilities and charges Provisions for liabilities and charges are recognised when, as a result of past events, the Group has a present legal or constructive obligation, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as an interest expense. Foreign currency Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. Retirement benefit obligations For defined contribution schemes operated by the Group, amounts payable are charged to the income statement as they accrue. Accounting for Employee Share Ownership Plan Own shares held by the Galliford Try Employee Share Trust (the \u2018Trust\u2019) are included in the Group financial statements as a deduction from retained earnings. The charge made to the income statement for employee share awards and options is based on the fair value of the award at the date of grant, spread over the performance period. Where such shares subsequently vest to the employees under the terms of the Group\u2019s share option schemes or are sold, any consideration received is included in equity. Share-based payments The Group operates a number of equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions such as growth in earnings per share. Non- market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution. Dividend Final dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. Equity instruments Equity instruments, such as ordinary share capital, issued by the Company are recorded at the proceeds received net of directly attributable incremental issue costs. Consideration paid for shares in the Company held by the Trust are deducted from total equity. Investments in subsidiaries The Company\u2019s investments in subsidiaries are recorded in the Company\u2019s balance sheet at cost less any impairment. The directors review the investments for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-318": {
"value": "General information Galliford Try Holdings plc (the Company) is a public limited company incorporated, listed and domiciled in the UK, and registered under the laws of England and Wales. The address of the registered office is 3 Frayswater Place, Cowley, Uxbridge, UB8 2AD. The Company has its listing on the London Stock Exchange. The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. The amounts stated are denominated in millions (\u00a3m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-7": {
"value": "Galliford Try Holdings plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-3": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-315": {
"value": "incorporated, listed and domiciled in the UK, and registered under ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-4": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-5": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-6": {
"value": "3 Frayswater Place, Cowley, Uxbridge, UB8 2AD",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-319": {
"value": "Basis of accounting For the year to 30 June 2023, the Group consolidated financial statements and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. There was no impact or changes in accounting policies from the transition, which reflects a change in accounting framework. The consolidated and Company financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of PPP and other investments and financial assets and liabilities (including derivative financial instruments) at fair value through other comprehensive income. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Viability Statement (on page 69) and the Strategic Report (from page 1). As at 30 June 2023, the Group had substantial cash balances, no debt, and a strong forward secured order book. The directors regularly review the working capital requirements of the Group while considering downside sensitivities. The Group\u2019s forecasts have been prepared in the context of the current economic conditions and additionally, the directors have considered a range of downside sensitivities (as discussed in detail in the Viability Statement on page 69). Even in the worst-case scenario, the Group is forecast to continue to meet its obligations and remain cash positive for a period of at least 12 months from the date the financial statements are authorised for issue. After making enquiries and considering the factors and sensitivities outlined above for a range of scenarios, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Company has elected to take the exemption under section 408 of the Companies Act 2006 to not present the Parent Company income statement and statement of comprehensive income. New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: + Amendments to IFRS 3 Business Combinations + Amendments to IAS 12 Income Taxes + Amendments to IAS 16 Property, Plant and Equipment + Amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets + Annual improvements 2018 \u2013 2020 (impacting IFRS 1, IFRS 9, IAS 41 and IFRS 16) These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: + Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants + Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8 + IFRS 17 Insurance Contracts as amended in December 2021 + Amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction + Amendment to IAS 12 International tax reform \u2013 pillar two model rules + Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance + Amendment to IFRS 16 Leases: Leases on sale and leaseback + IFRS S1 General requirements for disclosure of sustainability- related financial information + IFRS S2 Climate-related disclosures The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-376": {
"value": "For the year to 30 June 2023, the Group consolidated financial statements and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. There was no impact or changes in accounting policies from the transition, which reflects a change in accounting framework. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-377": {
"value": "New standards impacting the Group that have been adopted for the first time in this set of financial statements are listed below: + Amendments to IFRS 3 Business Combinations + Amendments to IAS 12 Income Taxes + Amendments to IAS 16 Property, Plant and Equipment + Amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets + Annual improvements 2018 \u2013 2020 (impacting IFRS 1, IFRS 9, IAS 41 and IFRS 16) These standards have been assessed to have no significant impact on the Group as they are either not relevant to the Group\u2019s activities or require accounting which is consistent with the Group\u2019s previous accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-378": {
"value": "The following are new standards, interpretations and amendments, that are not yet effective or have not been endorsed. The Group has chosen not to adopt these early. These may however have an effect on the Group\u2019s future financial statements: + Amendments to IAS 1, Presentation of financial statements on Non-current liabilities with covenants + Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8 + IFRS 17 Insurance Contracts as amended in December 2021 + Amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction + Amendment to IAS 12 International tax reform \u2013 pillar two model rules + Amendment to IAS 7 and IFRS 7 \u2013 Supplier finance + Amendment to IFRS 16 Leases: Leases on sale and leaseback + IFRS S1 General requirements for disclosure of sustainability- related financial information + IFRS S2 Climate-related disclosures The Group has yet to assess the full outcome of these new standards, amendments, and annual improvements. It is not expected that these will significantly impact the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-320": {
"value": "Basis of consolidation The Group financial statements incorporate the results of Galliford Try Holdings plc, its subsidiary undertakings and the Group\u2019s share of the results of joint arrangements. Subsidiaries are all entities over which the Group has control. The exposure or right to variable returns from its involvement with an investee, and the ability to influence those returns, are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group, until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of a business by the Group. The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed to the income statement. The identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date, irrespective of any non-controlling interest. The excess of cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the Group\u2019s share of the identifiable net assets is in excess of the cost of the acquisition, the gain on bargain purchase is recognised as a credit through the income statement. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of acquired subsidiaries are changed where necessary, to ensure consistency with policies adopted by the Group. In addition to total performance measures, the Group discloses additional information including performance before exceptional items and earnings per share before exceptional items. The Group believes that this additional information provides useful information on underlying trends. This additional information is not defined under international accounting standards and may therefore not be comparable with similarly titled profit measures reported by other companies. It is not intended to be a substitute for, or superior to, international accounting standards measures of profit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-321": {
"value": "Impact of climate change on the financial statements As reported in the TCFD disclosures starting on page 57, and the principal risks starting on page 52, the directors have considered the risks and potential impact of climate change to the Group. It is unlikely that these risks will have a material financial impact in the short and medium term, particularly given the nature of the contractual arrangements in place, however the directors continue to monitor this, particularly regarding any judgements on construction contracts, impairment reviews and going concern. ",
"dimensions": {
"concept": "gallifordtry:DescriptionOfAccountingPolicyForImpactOfClimateChangeOnTheFinancialStatements",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-322": {
"value": "Critical accounting estimates and judgements The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Critical judgements are those management has made when applying its significant accounting policies, whereas critical estimates are assumptions and estimates made at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The estimates, judgements and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making estimates and judgements about the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates and judgements. The estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates and judgements are recognised in the period in which the estimate or judgement is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. Material estimates, judgements and assumptions are made in particular with regards to establishing the following policies: (i) Revenue and profit recognition for long-term contract accounting (judgement and estimate) In order to determine the profit and loss that the Group is able to recognise on its construction contracts in a specific period, the Group has to estimate the outcome of both the total costs to complete the contract as well as the final contract value. The Group has to allocate total costs of the construction contracts between the amount incurred on the contract to the end of the reporting period and the proportion to complete in a future period. The assessment of the total costs to be incurred and final contract value requires a degree of estimation. Contract modifications are recognised when the Group considers they have been approved (which also includes consideration of whether enforceable rights exist in the contract). The estimation of final contract value includes the assessment of the recovery of variations, claims and compensation events (contract modifications). The estimate made is constrained in accordance with IFRS 15 so that it is highly probable not to result in a significant reversal of revenue in the future. Where the change in scope results in an increase to the work to be performed that is distinct and reflects the stand-alone selling price of the distinct good/service, it is treated as a separate contract. This is assessed on a contract specific basis. The Group recognises recoveries of claims from clients as revenue where clear entitlement has been established, such as through dispute-resolution processes. This includes the recovery of costs (such as delays to the contract programme) to the extent it is highly probable not to result in a significant reversal of revenue in the future. The estimation of costs to complete is based on all available relevant information such as procured packages and management experience and includes estimation of final accounts and any potential maintenance and defect liabilities. Recoveries resulting from actual or potential claims against subcontractors are accounted for in accordance with IAS 37 and are recognised only when they meet the virtually certain threshold. Group management has established internal controls to review and ensure the appropriateness of estimates made on an individual contract basis, including any necessary contract provisions. As with most large, complex construction projects, there is an element of estimation uncertainty over costs to complete and final account settlements. This is, however, reduced by the experience of the management team and the controls that we have in place. The settlement of these final accounts may give rise to an over or under- recognition of profit or loss and associated cash flows, which could be material. As at 30 June 2023, the Group\u2019s contract assets, contract liabilities and contract provisions amounted to \u00a3204.9m, \u00a3106.6m and \u00a329.9m respectively as set out in Notes 17, 19 and 20. The Group has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 30 June 2023 and could require a material adjustment to the carrying amounts of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across the Group\u2019s large portfolio of contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. The Group\u2019s five largest unagreed variations and claims positions at the year-end are summarised in aggregate below. \u00a3m Overall contract value (including total estimated end of contract variations and claims after IFRS 15 constraints) 385.5 Revenue in the year 58.6 Total estimated end of contract variations and claims before IFRS 15 constraints 71.9 Total estimated end of contract variations after IFRS 15 constraints 46.5 These five positions represent the most significant estimates of revenue. The aggregate unagreed variations and claims constrained revenue recognised at year-end of the subsequent five largest unagreed variations and claims is \u00a316.1m. These items include estimation uncertainty, with a range of reasonably possible outcome of \u00a3nil to \u00a371.9m. In respect of contract assets of \u00a3204.9m (30 June 2022: \u00a3173.4m) and in assessing receivable provisions calculated on an expected loss basis, the Group has recorded a provision of \u00a3nil (2022: \u00a314.0m), refer to note 17. It is unclear whether the outstanding uncertainties will be resolved within the next 12 months. (ii) Taxation (judgement and estimate) Deferred tax liabilities are generally provided for in full and deferred tax assets are recognised to the extent that it is probable that future taxable profit will arise against which the temporary differences will be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits (note 22). (iii) Exceptional items (judgement) Exceptional items are items of financial performance which the Group believes should be presented separately on the face of the income statement, to assist in understanding the underlying financial performance achieved by the Group. Determining whether an item is part of underlying items or non-underlying items requires judgement. Details of exceptional items included in the financial statements are included in note 4. The exceptional items presented in the income statement meet the Group\u2019s definition of exceptional, being material and irregular costs incurred during the year, that the Group believes assists the users of the accounts by disclosing separately. (iv) PPP and other investments measured at fair value through other comprehensive income (estimate) At 30 June 2023, \u00a344.6m (2022: \u00a347.5m) of PPP and other investments were classified as financial assets measured at fair value through other comprehensive income. In the operational phase, the fair value of these financial assets is measured at each reporting date by discounting the future value of the cash flows allocated to the financial asset. Individual discount rates have been used which equate to an overall blended discount rate of 7.3% (2022: 7.0%), which reflects the rates typically experienced in the marketplace. A 0.5% increase/reduction in the discount rate would result in a corresponding decrease/increase in the value of the investments recorded in the balance sheet of approximately \u00a31.6m (2022: \u00a31.9m) (note 16). (v) Business combinations (judgement and estimate) The acquisition of the nmcn Water Business during the prior year, represented a material business combination. This required the application of both estimates and judgements to be made by management in determining the allocation of the purchase price against the identifiable assets and liabilities and any residual goodwill. During the current year the Group has acquired MCS Control Systems Limited and the business of Ham Baker and has applied a consistent methodology. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-323": {
"value": "Exceptional items Exceptional items are material or significant irregular items of income and expense which the Group believes should be disclosed in the income statement, to assist in understanding the underlying financial performance achieved by the Group, by virtue of their nature or size. Examples of items which may give rise to disclosure as exceptional items include gains and losses on the disposal of businesses and property, plant and equipment, significant unanticipated losses on contracts, cost of restructuring and reorganisation of businesses, acquisition costs and asset impairments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-324": {
"value": "Segmental reporting Segmental reporting is presented in the consolidated financial statements in respect of the Group\u2019s business segments, which are the primary basis of segmental reporting. The business segmental reporting reflects the Group\u2019s management and internal reporting structure. Segmental results include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-325": {
"value": "Revenue and profit Revenue is recognised when the Group transfers control of goods or services to customers. Revenue comprises the fair value of the consideration received or receivable net of rebates, discounts and value-added tax. Where consideration is subject to variability, the Group estimates the amount receivable. Revenue recognised is constrained to the amount which is highly probable not to result in a significant reversal in future periods. The Group also assesses whether the costs incurred on a project depict an appropriate measure of progress, and constrain revenue accordingly. Sales within the Group are eliminated. Revenue also includes the Group\u2019s proportion of work carried out under joint operations. Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied or whether it is a modification to the existing performance obligation. Revenue for the Group\u2019s continuing operations is recognised as follows: Construction services Revenue comprises the value of construction services transferred to a customer during the period. The results for the period include adjustments for the outcome of contracts, including jointly controlled operations, executed in both the current and preceding years. Fixed price contracts \u2013 the amount of revenue recognised is calculated based on total costs incurred as a proportion of total estimated costs to complete and is recognised over time. The estimated final value includes variations, compensation events and certain claims (contract modifications) where it is highly probable that there will not be a significant reversal. Provision will be made against any expected loss as soon as it is identified. Cost-reimbursable contracts \u2013 revenue is recognised based upon costs incurred to date plus any agreed fee and is recognised over time. Where contracts include a target price, consideration is given to the impact on revenue of the mechanism for distributing any savings or additional costs compared to the target price. Any revenue over and above the target price is recognised once it is highly probable that there will not be a significant reversal. Revenue includes any variations and compensation events where it is highly probable that there will not be a significant reversal. Facilities management \u2013 management services and facilities management contracts typically represent a single performance obligation. Revenue is recognised over time as control passes to the customer and is typically measured on a straight-line basis as this is considered to be a reliable estimate of the pattern of transfer to the customer. Recoveries from claims against third parties The recognition of expected reimbursements resulting from certain third-party claims such as against the supply chain or through insurance recoveries is accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. This requires recovery to be \u2018virtually certain\u2019 before an asset can be recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-327": {
"value": "Government funding Grants (including research and development expenditure credits) are recognised when there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. The grants are recognised in the income statement over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-328": {
"value": "Contract costs Incremental costs to obtain a contract are capitalised to the extent the contract is expected to be sufficiently profitable for them to be recovered. All other costs to obtain a contract are expensed as incurred. Incremental costs to fulfil a contract are expensed unless they relate directly to an existing contract or specific anticipated contract, generate or enhance resources that will be used to satisfy the obligations under the contract and are expected to be recovered. These costs are amortised over the shorter of the duration of the contract or the period for which revenue and profit can be forecast with reasonable certainty. Where a contract becomes loss making, capitalised costs in relation to that contract are expensed immediately. ",
"dimensions": {
"concept": "gallifordtry:DescriptionOfAccountingPolicyForContractCosts",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-329": {
"value": "Interest income and expense Interest income and expense is recognised on a time proportion basis, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-379": {
"value": "Income tax Current income tax is based on the taxable profit for the year. Taxable profit differs from profit before taxation recorded in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The liability for current tax is calculated using rates that have been enacted, or substantively enacted, by the balance sheet date. Deferred income tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, with the exception of the initial recognition of goodwill arising on an acquisition. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on rates and laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying temporary differences can be deducted. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when there is an intention to settle the balances on a net basis. Deferred income tax is charged or credited through the income statement, except when it relates to items charged or credited through the statement of comprehensive income or to equity, when it is charged or credited there. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-326": {
"value": "Income tax Current income tax is based on the taxable profit for the year. Taxable profit differs from profit before taxation recorded in the income statement because it excludes items of income or expense that are taxable or deductible in other years or that are never taxable or deductible. The liability for current tax is calculated using rates that have been enacted, or substantively enacted, by the balance sheet date. Deferred income tax is provided using the balance sheet liability method, providing for all temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, with the exception of the initial recognition of goodwill arising on an acquisition. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on rates and laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying temporary differences can be deducted. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when there is an intention to settle the balances on a net basis. Deferred income tax is charged or credited through the income statement, except when it relates to items charged or credited through the statement of comprehensive income or to equity, when it is charged or credited there. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-380": {
"value": "Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts following impairment tests. Goodwill written off to reserves under UK GAAP prior to 1998 has not been restated. Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-330": {
"value": "Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. It is recognised as an asset and reviewed for impairment at least annually or when there is a triggering event, by considering the net present value of future cash flows. For purposes of testing for impairment, the carrying value of goodwill is compared to its recoverable amount, which is the higher of the value in use and the fair value less costs to sell. Any impairment is charged immediately to the income statement. Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts following impairment tests. Goodwill written off to reserves under UK GAAP prior to 1998 has not been restated. Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Intangible assets Intangible assets can include brands, customer contracts and customer relationships acquired on acquisition of subsidiary companies, and computer software developed by the Group. The intangible assets are reviewed for impairment at least annually or when there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Intangible assets are amortised over the following periods: (a) Customer contracts and relationships \u2013 on a straight-line basis over up to 10 years. (b) Computer software \u2013 once the software is fully operational, amortisation is on a straight-line basis over up to 10 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-381": {
"value": "Intangible assets Intangible assets can include brands, customer contracts and customer relationships acquired on acquisition of subsidiary companies, and computer software developed by the Group. The intangible assets are reviewed for impairment at least annually or when there is a triggering event. Intangible assets are stated at cost less accumulated amortisation and impairment. Cost is determined at the time of acquisition as being directly attributable costs or, where relevant, by using an appropriate valuation methodology. Intangible assets are amortised over the following periods: (a) Customer contracts and relationships \u2013 on a straight-line basis over up to 10 years. (b) Computer software \u2013 once the software is fully operational, amortisation is on a straight-line basis over up to 10 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-331": {
"value": "Property, plant and equipment All property, plant and equipment is stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items. Land and buildings comprise mainly offices. Depreciation is calculated to write off the cost of each asset to its estimated residual value over its expected useful life. Freehold land is not depreciated. The annual rates of depreciation on cost, applied on a straight-line basis, are as follows: + Freehold buildings 2% + Plant and machinery 15% to 33% + Fixtures and fittings 10% to 33% In addition to systematic depreciation, the book value of property, plant and equipment is written down to estimated recoverable amounts should any impairment in the respective carrying values be identified. The asset residual values, carrying values and useful lives are reviewed on an annual basis and adjusted if appropriate at each balance sheet date. Repairs and maintenance expenditure is expensed as incurred, on an accruals basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-332": {
"value": "Joint arrangements The Group applies IFRS 11 to all joint arrangements. Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations of each investor. A joint venture is an entity over which the Group has joint control and rights to the net assets of the entity. The Group\u2019s interest in joint ventures is accounted for using the equity method. Under this method the Group\u2019s share of profits less losses after taxation of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses, the carrying amount is reduced to nil and recognition of further losses is discontinued. Future profits are not recognised until unrecognised losses are extinguished. Unrealised gains on transactions with the Group\u2019s joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture. Accounting policies of joint ventures have been changed on consolidation where necessary, to ensure consistency with policies adopted by the Group. Where joint ventures do not adopt accounting periods that are coterminous with the Group\u2019s, results and net assets are based on unaudited accounts drawn up to the Group\u2019s accounting reference date. A joint operation is a joint arrangement that the Group undertakes with third parties, whereby those parties have rights to the assets and obligations of the arrangement. The Group accounts for joint operations by recognising its share of profits and losses in the consolidated income statement. The Group recognises its share of associated assets and liabilities in the consolidated balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-333": {
"value": "PPP and other investments PPP and other investments are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the assets within 12 months of the balance sheet date. On initial recognition, the asset is recognised at cost. The Group applies equity accounting for its investments in PPP/ PFI entities. These investments are treated as associates as the Group has significant influence over them. On initial recognition, the investments in these entities are recognised at cost, and the carrying amounts are increased or decreased to recognise the Group\u2019s share of the profit or loss of the PPP/PFI entities after the date of acquisition. The Group\u2019s share of the investments\u2019 profits or losses is recognised in the profit or loss net of any impairment losses. Distributions received reduce the carrying amount of the investments. The debt element of the Group\u2019s PPP/PFI entities is accounted for under IFRS 9 \u2018Financial Instruments\u2019 with fair value movements recorded in other comprehensive income and with recycling of gains and losses through the income statement. Tax is recognised on the movements in other comprehensive income, where we expect the recycling to attract a tax charge/credit to the income statement. This reflects the fact that the Group has a demonstrable track record of investing in PFI assets as part of an overall construction procurement strategy, with a view to churning these investments on a regular basis. Management has reviewed the classification of PPP investments and considers that the business model continues to be hold to collect and sell. The investments therefore continue to be held at fair value through other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-334": {
"value": "Leases In accordance with IFRS 16, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term at a constant periodic rate of interest on the remaining balance of the liability. The right-of- use asset is depreciated over the lease term on a straight-line basis, unless the useful life of the asset is shorter than the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-335": {
"value": "Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established based on an expected credit loss model (general or simplified approach, as detailed under impairment of financial assets). The amount of the loss is recognised in the income statement through administrative expenses unless presented separately. When a trade receivable is uncollectible, it is written off against the impairment provision for trade receivables. Subsequent recoveries of amounts previously written off are credited against costs in the income statement. Short-term trade receivables do not carry any interest and are stated at their amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-336": {
"value": "Impairment of financial assets IFRS 9 establishes a model for recognition and measurement of impairment in financial assets. Loans and receivables and contract assets apply the \u2018Expected Credit Losses\u2019 (ECL) model. All other assets are classified and measured at fair value, with movements going through the income statement or other comprehensive income. Expected credit losses are recognised and measured according to one of three approaches \u2013 a general approach (12 months ECL), a simplified approach (lifetime ECL) or the \u2018credit adjusted approach\u2019. The Group has taken the practical expedient to apply a simplified \u2018provision matrix\u2019 for calculating expected losses. The provision matrix is based on an entity\u2019s historical default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. For large one-off balances where there is no historic experience, analysis is completed in respect of a number of reasonably possible scenarios. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-337": {
"value": "Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at nominal value. For the purposes of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand, including bank deposits with original maturities of three months or less. Bank overdrafts are included for purposes of cash flow movements and the cash flow statement. Bank deposits with an original term of more than three months are classified as short-term deposits where the cash can be withdrawn on demand and the penalty for early withdrawal is not significant. Cash held in escrow accounts is classified as a short-term deposit where the escrow agreement allows the balance to be converted to cash, if replaced by a bond repayable on demand. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-338": {
"value": "Trade payables Trade payables on normal terms are not interest bearing and are stated at their nominal value. Trade payables on extended terms are recorded at their fair value at the date of acquisition of the asset to which they relate and subsequently held at amortised cost. The discount to nominal value is amortised over the period of the credit term and charged to finance costs using the effective interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-339": {
"value": "Provisions for liabilities and charges Provisions for liabilities and charges are recognised when, as a result of past events, the Group has a present legal or constructive obligation, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using the pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as an interest expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-340": {
"value": "Foreign currency Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-346": {
"value": "Retirement benefit obligations For defined contribution schemes operated by the Group, amounts payable are charged to the income statement as they accrue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-341": {
"value": "Accounting for Employee Share Ownership Plan Own shares held by the Galliford Try Employee Share Trust (the \u2018Trust\u2019) are included in the Group financial statements as a deduction from retained earnings. The charge made to the income statement for employee share awards and options is based on the fair value of the award at the date of grant, spread over the performance period. Where such shares subsequently vest to the employees under the terms of the Group\u2019s share option schemes or are sold, any consideration received is included in equity. ",
"dimensions": {
"concept": "gallifordtry:DescriptionOfAccountingPolicyForAccountingForEmployeeShareOwnershipPlan",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-342": {
"value": "Share-based payments The Group operates a number of equity-settled, share-based compensation plans. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions such as growth in earnings per share. Non- market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the Group revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as a capital contribution. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-343": {
"value": "Dividend Final dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-344": {
"value": "Equity instruments Equity instruments, such as ordinary share capital, issued by the Company are recorded at the proceeds received net of directly attributable incremental issue costs. Consideration paid for shares in the Company held by the Trust are deducted from total equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-345": {
"value": "Investments in subsidiaries The Company\u2019s investments in subsidiaries are recorded in the Company\u2019s balance sheet at cost less any impairment. The directors review the investments for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-347": {
"value": "2\u2002Segmental reporting Segmental reporting is presented in the consolidated financial statements in respect of the Group\u2019s business segments, which are the primary basis of segmental reporting. The business segmental reporting reflects the Group\u2019s management and internal reporting structure. Segmental results include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. As the Group has no activities outside the UK, segment reporting is not required by geographical region. The Chief Operating Decision-Makers (CODM) have been identified as the Group\u2019s Chief Executive and Finance Director. The CODM review the Group\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments of the Group to be Building, Infrastructure, PPP Investments and Central (primarily representing central overheads). The CODM assess the performance of the operating segments based on a measure of adjusted earnings before finance costs, amortisation, exceptional items and taxation. This measurement basis excludes the effects of non-recurring expenditure from the operating segments, such as restructuring costs and impairments when the impairment is the result of an isolated, non-recurring event. In the financial year ending 30 June 2023, the Group has also presented pre-exceptional performance excluding a one off contract settlement as announced on 8 June 2023 (disclosed in the consolidated income statement as an impairment of financial assets of \u00a32.8m). Interest income and expenditure are included in the result for each operating segment that is reviewed by the CODM. Other information provided to them is measured in a manner consistent with that in the financial statements. Income statement Year-ended 30 June 2023 Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Revenue 797.1 590.8 5.8 \u2013 1,393.7 Pre-exceptional operating profit/(loss) before amortisation and impairment of financial assets 18.5 14.5 1.4 (12.5) 21.9 Finance income \u2013 0.3 3.9 2.1 6.3 Finance costs (0.7) (0.7) (0.1) (0.3) (1.8) Pre-exceptional profit/(loss) before amortisation and taxation and amortisation of financial assets 17.8 14.1 5.2 (10.7) 26.4 Amortisation of intangible assets (1.0) (0.9) \u2013 (1.1) (3.0) Pre-exceptional profit/(loss) before taxation and impairment of financial assets 16.8 13.2 5.2 (11.8) 23.4 Impairment of financial assets \u2013 (2.8) \u2013 \u2013 (2.8) Exceptional items \u2013 \u2013 \u2013 (10.5) (10.5) Profit before tax 16.8 10.4 5.2 (22.3) 10.1 Income tax charge (1.0) Profit for the year 9.1 Year-ended 30 June 2022 Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Revenue 789.1 441.9 6.2 \u2013 1 ,237. 2 Pre-exceptional operating profit/(loss) before amortisation 18.9 10.8 (0.9) (10.3) 18.5 Share of post-tax profits from joint ventures \u2013 \u2013 0.4 \u2013 0.4 Finance income \u2013 \u2013 3.9 0.4 4.3 Finance costs (0.3) (0.7) \u2013 (0.4) (1.4) Pre-exceptional profit/(loss) before amortisation and taxation 18.6 10.1 3.4 (10.3) 21.8 Amortisation of intangible assets (1.0) (0.7) \u2013 (1.0) (2.7) Pre-exceptional profit/(loss) before taxation 17.6 9.4 3.4 (11.3) 19.1 Exceptional items \u2013 (7.7 ) \u2013 (6.0) (13.7) Profit before tax 17.6 1.7 3.4 (17.3) 5.4 Income tax credit 0.9 Profit for the year 6.3 Inter-segment revenue is eliminated from revenue above. In the year to 30 June 2023, this amounted to \u00a361.0m (2022: \u00a338.8m) for continuing operations, of which \u00a3nil (2022: \u00a3nil) was in Building, \u00a340.1m (2022: \u00a321.7m) was in Infrastructure and \u00a320.9m (2022: \u00a317.1m) was in central costs. Balance sheet 30 June 2023 Notes Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Goodwill and intangible assets 41.0 57.1 \u2013 0.2 98.3 Working capital employed (60.9) (178.2) 43.3 (4.1) (199.9) Net cash 18 139.0 42.7 (8.6) 47.1 220.2 Net assets 119.1 (78.4) 34.7 43.2 118.6 Total Group liabilities (594.1) Total Group assets 712.7 30 June 2022 Notes Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Goodwill and intangible assets 42.0 53.3 \u2013 1.7 97.0 Working capital employed (92.8) (139.5) 41.9 6.6 (183.8) Net cash 18 154.9 (1.4) (9.6) 75.0 218.9 Net assets 104.1 (87. 6) 32.3 83.3 132.1 Total Group liabilities (523.3) Total Group assets 655.4 Other segmental information Year ended 30 June 2023 Notes Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Contracting revenue 797.1 590.8 \u2013 \u2013 1 ,387.9 Capital expenditure \u2013 property, plant and equipment 13 0.8 1.2 0.1 0.1 2.2 Total depreciation 13 & 14 6.4 6.1 0.2 0.9 13.6 Share-based payments 25 0.9 0.5 0.4 1.6 3.4 Acquisition of intangible assets 1 30 \u2013 0.3 \u2013 \u2013 0.3 Amortisation of intangible assets 11 1.0 0.9 \u2013 1.1 3.0 1 Acquired as part of a business combination. See note 30. Year ended 30 June 2022 Notes Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Investment in joint ventures \u2013 \u2013 0.3 \u2013 0.3 Contracting revenue 789.1 441.9 \u2013 \u2013 1,231.0 Capital expenditure \u2013 property, plant and equipment 13 0.9 3.8 \u2013 0.4 5.1 Total depreciation 13 & 14 4.5 5.8 0.1 1.4 11.8 Share-based payments 17 0.6 0.1 0.3 1.3 2.3 Acquisition of intangible assets 1 25 \u2013 5.8 \u2013 \u2013 5.8 Amortisation of intangible assets 11 1.0 0.7 \u2013 1.0 2.7 1 Acquired as part of a business combination. See note 30. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-348": {
"value": "3\u2002Revenue Nature of revenue streams (i) Building and Infrastructure segments Our Construction business operates nationwide, working with clients predominantly in the public and regulated sectors, such as health, education and defence markets within the Building segment and road and water markets within the Infrastructure segment (as well as private commercial clients). Projects include the construction of assets (with services including design and build, construction only and refurbishment) in addition to the maintenance, renewal, upgrading and managing of services across utility and infrastructure assets. Revenue stream Nature, timing of satisfaction of performance obligations and significant payment terms Fixed price A number of projects within these segments are undertaken using fixed-price contracts. Contracts are typically accounted for as a single performance obligation; even when a contract (or multiple combined contracts) includes both design and build elements, they are considered to form a single performance obligation as the two elements are not distinct in the context of the contract, given that each is highly interdependent on the other. The Group typically receives payments from the customer based on a contractual schedule of value that reflects the timing and performance of service delivery. Revenue is therefore recognised over time (the period of construction) based on an input model (reference to costs incurred to date). Un-invoiced amounts are presented as contract assets. No significant financing component typically exists in these contracts. Cost-reimbursable A number of projects are undertaken using cost reimbursable/target price (possibly with a pain/gain share mechanism) contracts. These projects are often delivered under frameworks, however, individual performance obligations under the framework are normally determined at a project level where multiple services are supplied. The Group constrains revenue and calculates any pain/gain mechanism at the framework level where appropriate. The Group typically receives payments from the customer based on actual costs incurred. Revenue is therefore recognised over time (the period of construction) based on an input model (reference to costs incurred to date). Un-invoiced amounts are presented as contract assets. No significant financing component typically exists in these contracts. Facilities management* Contracts undertaken within the Building segment that provide full life-cycle solutions to clients, are accounted for as a single performance obligation, with revenue recognised over time and typically on a straight-line basis. * Facilities management represents around 5% of the total Building segment turnover. (ii) Investments segment Our Investments business specialises in managing construction through to operations for major building projects through public private partnerships and co-development opportunities. The business leads bid consortia and arranges finance, as well as making debt and equity investments (which are recycled). Revenue stream Nature, timing of satisfaction of performance obligations and significant payment terms PPP Investments The Group has investments in a number of PPP Special Purpose Vehicles (SPVs), delivering major building and infrastructure projects. The business additionally provides management services to the SPVs under Management Service Agreements (MSA). Revenue for these services is typically recognised over time as and when the service is delivered to the customer. Disaggregation of revenue The Group considers the split of revenue by operating segment to be the most appropriate disaggregation. All revenue has been derived from performance obligations settled over time. Revenue on existing contracts, where performance obligations are unsatisfied or partially unsatisfied at the balance sheet date, is expected to be recognised as follows: Revenue \u2013 year ended 30 June 2023 2024 \u00a3m 2025 \u00a3m 2026 onwards \u00a3m Total \u00a3m Building 614.4 214.4 32.7 861.5 Infrastructure 453.1 185.0 49.4 687.5 Total Construction 1,067.5 399.4 82.1 1,549.0 PPP Investments 3.2 2.6 26.5 32.3 Total transaction price allocated to performance obligations yet to be satisfied 1,070.7 402.0 108.6 1,581.3 Revenue \u2013 year ended 30 June 2022 2023 \u00a3m 2024 \u00a3m 2025 onwards \u00a3m Total \u00a3m Building 526.4 111.6 33.2 671.2 Infrastructure 295.2 134.5 142.4 572.1 Total Construction 821.6 246.1 175.6 1,243.3 PPP Investments 2.8 2.7 25.7 31.2 Total transaction price allocated to performance obligations yet to be satisfied 824.4 248.8 201.3 1,274.5 Any element of variable consideration is estimated at a value that is highly probable not to result in a significant reversal in the cumulative revenue recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
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"fact-349": {
"value": "4\u2002Exceptional items 2023 \u00a3m 2022 \u00a3m Acquisition and integration related costs1 \u2013 cost of sales \u2013 5.8 Acquisition and integration related costs1 \u2013 administrative expenses \u2013 1.9 Implementation costs of cloud based arrangements 2 \u2013 administrative expenses 10.5 6.0 Total 10.5 13.7 1 The Group acquired the Water business of nmcn plc (in administration) on 7 October 2021 and incurred acquisition and integration related costs of \u00a37.7m. This is predominantly made up of legal and professional fees, integration and restructuring costs recognised in administrative expenses, and specific staff costs incurred during the period of site closures following nmcn plc entering administration that are recognised in cost of sales. Although similar costs have been incurred as a result of the acquisitions in the year, these have not been classified as exceptional as they are not considered to be material or significant in quantum. 2 The Group incurred \u00a310.5m (2022: \u00a36.0m) of customisation and configuration costs associated with the move to Oracle Fusion, a cloud-based computing arrangement, during the period. Taking into account the IFRIC Agenda Decision issued by the IFRS IC in March 2021, the Group has analysed the costs and concluded that these costs should be expensed in the period. In accordance with the Group\u2019s existing accounting policy, management considers that the costs should be separately disclosed as exceptional because they are significant and irregular. The Group expects the project and associated costs to be completed in the first half of the next financial year. An associated tax credit of \u00a32.1m (2022: \u00a32.6m) has been recognised. ",
"dimensions": {
"concept": "gallifordtry:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-350": {
"value": "5\u2002Employees and directors Employee benefit expense during the year Group Company Notes 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Wages and salaries 206.6 171.5 \u2013 \u2013 Social security costs 24.8 21.3 \u2013 \u2013 Other pension costs 21.9 17.7 \u2013 \u2013 Share-based payments 25 3.4 2.3 \u2013 \u2013 Restructure costs \u2013 0.2 \u2013 \u2013 Total 256.7 213.0 \u2013 \u2013 All employees are entitled to join the Galliford Try Pension Scheme, a defined contribution scheme established as a stakeholder plan, with a Company contribution based on a scale dependent on the employee\u2019s age and the amount they choose to contribute. Since 1 July 2013, all non-participating and newly-employed staff have been auto-enrolled into the separate stakeholder plan and are entitled to increase their contribution rates in line with existing members. Since 1 April 2009, the Group has operated a pension salary sacrifice scheme, which means that all employee pension contributions are paid as employer contributions on their behalf. All pension costs in the current and prior years were in respect of the Group\u2019s defined contribution schemes. Of the total charge, \u00a310.4m (2022: \u00a38.3m) and \u00a311.5m (2022: \u00a39.4m) were included, respectively, within cost of sales and administrative expenses. Average monthly number of people (including Executive and non-executive directors) employed Group Company 2023 Number 2022 Number 2023 Number 2022 Number By business: \u2013 Building 1,271 1,265 \u2013 \u2013 \u2013 Infrastructure 2,235 1,751 \u2013 \u2013 Construction 3,506 3,016 \u2013 \u2013 PPP Investments 60 73 \u2013 \u2013 Central 181 165 7 6 Total 3,747 3,254 7 6 Remuneration of key management personnel The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24, Related Party Disclosures. Further information about the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part of the Directors\u2019 remuneration report. 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 3.8 3.4 Retirement benefit costs 0.3 0.3 Share-based payments 2.9 2.0 Total 7.0 5.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-382": {
"value": "Remuneration of key management personnel The key management personnel comprise the Executive Board and non-executive directors. The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24, Related Party Disclosures. Further information about the remuneration of individual directors, including any interests in the Company\u2019s shares, is provided in the audited part of the Directors\u2019 remuneration report. 2023 \u00a3m 2022 \u00a3m Salaries and short-term employee benefits 3.8 3.4 Retirement benefit costs 0.3 0.3 Share-based payments 2.9 2.0 Total 7.0 5.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-351": {
"value": "6\u2002Net finance income Group 2023 \u00a3m 2022 \u00a3m Interest receivable on bank deposits 2.4 0.4 Interest receivable from PPP Investments and joint ventures 3.9 3.9 Finance income 6.3 4.3 Other (including interest on lease liabilities) (1.8) (1.4) Finance costs (1.8) (1.4) Net finance income 4.5 2.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-397": {
"value": "6\u2002Net finance income Group 2023 \u00a3m 2022 \u00a3m Interest receivable on bank deposits 2.4 0.4 Interest receivable from PPP Investments and joint ventures 3.9 3.9 Finance income 6.3 4.3 Other (including interest on lease liabilities) (1.8) (1.4) Finance costs (1.8) (1.4) Net finance income 4.5 2.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-383": {
"value": "6\u2002Net finance income Group 2023 \u00a3m 2022 \u00a3m Interest receivable on bank deposits 2.4 0.4 Interest receivable from PPP Investments and joint ventures 3.9 3.9 Finance income 6.3 4.3 Other (including interest on lease liabilities) (1.8) (1.4) Finance costs (1.8) (1.4) Net finance income 4.5 2.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-352": {
"value": "7\u2002Profit before income tax The following items have been included in arriving at profit before income tax: Notes 2023 \u00a3m 2022 \u00a3m Employee benefit expense 5 256.7 213.0 Total depreciation 13 & 14 13.6 11.8 Amortisation and impairment of intangible assets 11 3.5 2.7 Repairs and maintenance expenditure on property, plant and equipment 1.0 0.7 Impairment of financial assets 17 2.8 \u2013 Exceptional items 4 10.5 13.7 In addition to the above, the Group incurs other costs classified as cost of sales relating to labour, materials and subcontractors\u2019 costs. Services provided by the Group\u2019s auditor and network firms During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below: 2023 \u00a3m 2022 \u00a3m Fees payable to the Company\u2019s auditor for the audit of Parent Company and consolidated financial statements 0.2 0.2 Fees payable to the Company\u2019s auditor for other services: The audit of financial statements of the Company\u2019s subsidiaries 2.1 0.8 Audit-related assurance services 0.1 0.1 Total other services 2.2 0.9 Total 2.4 1.1 The audit fee for 2023 includes an amount in respect of additional costs related to the 2022 audit. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the Governance report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-384": {
"value": "Services provided by the Group\u2019s auditor and network firms During the year, the Group obtained the following services from the Group\u2019s auditor at costs as detailed below: 2023 \u00a3m 2022 \u00a3m Fees payable to the Company\u2019s auditor for the audit of Parent Company and consolidated financial statements 0.2 0.2 Fees payable to the Company\u2019s auditor for other services: The audit of financial statements of the Company\u2019s subsidiaries 2.1 0.8 Audit-related assurance services 0.1 0.1 Total other services 2.2 0.9 Total 2.4 1.1 The audit fee for 2023 includes an amount in respect of additional costs related to the 2022 audit. A description of the work of the Audit Committee in respect of the auditor\u2019s independence is set out in the Governance report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-353": {
"value": "8\u2002Income tax charge/(credit) Group Notes 2023 \u00a3m 2022 \u00a3m Analysis of expense in year Current year\u2019s income tax Current tax \u2013 (1.6) Deferred tax1 22 0.9 0.5 Adjustments in respect of prior years Current tax \u2013 0.8 Deferred tax 22 0.1 (0.6) Income tax expense/(credit) 1.0 (0.9) Tax on items recognised in other comprehensive income Tax recognised in other comprehensive income \u2013 \u2013 Total tax expense/(credit) 1.0 (0.9) 1 Includes impact of change in rate of tax. The total income tax charge for the year of \u00a31.0m (2022: credit of \u00a30.9m) is lower (2022: lower) than the blended standard rate of corporation tax in the UK of 20.5% (2022: 19.0%). The differences are explained below: 2023 \u00a3m 2022 \u00a3m Profit before income tax 10.1 5.4 Profit before income tax multiplied by the blended standard corporation tax rate in the UK of 20.5% (2022: 19.0%) 2.1 1.0 Effects of: Expenses not deductible for tax purposes 0.1 0.4 Non-taxable income (1.0) (0.1) Adjustments in respect of prior years 0.1 0.2 Change in tax rates 0.1 (0.4) Net (recognition and utilisation)/restriction of tax losses 1 \u2013 (2.1) Other (0.4) 0.1 Income tax expense/(credit) 1.0 (0.9) 1 The net recognition and utilisation of tax losses of \u00a3nil (2022: \u00a32.1m) reflects the utilisation of \u00a3nil (2022: \u00a3nil) tax losses in the year and the recognition of \u00a3nil (2022: \u00a32.1m) tax losses in line with the Group\u2019s accounting policy (note 22). In the Spring Budget 2021, the UK Government announced that from 1 April 2023, the corporation tax rate would increase from 19% to 25%. This new law was substantively enacted in the Finance Bill 2021 and received Royal Assent on 10 June 2021. Where appropriate, deferred taxes at the balance sheet date have been measured using the appropriate tax rates (based on when the underlying balance is expected to crystallise) and reflected in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-354": {
"value": "9\u2002Dividends 2023 2022 Group and Company \u00a3m pence per share \u00a3m pence per share Previous year final 6.4 5.8 3.9 3.5 Current year interim 3.2 3.0 2.4 2.2 Dividend recognised in the year 9.6 8.8 6.3 5.7 The following dividends were declared by the Company in respect of each accounting period presented: 2023 2022 \u00a3m pence per share \u00a3m pence per share Interim 3.2 3.0 2.4 2.2 Special 12.6 12.0 \u2013 \u2013 Final 7.9 7.5 6.4 5.8 Dividend relating to the year 23.7 22.5 8.8 8.0 The directors are proposing a final dividend in respect of the financial year ended 30 June 2023 of 7.5 pence per share (2022: 5.8 pence per share), bringing the total dividend in respect of 2023 to 22.5 pence per share (2022: 8.0 pence per share). The final dividend will absorb approximately \u00a37.9m of equity. Subject to shareholders\u2019 approval at the AGM to be held on 10 November 2023, the dividend will be paid on 8 December 2023 to shareholders who are on the register of members at the close of business on 10 November 2023. On 8 June, the directors declared a special dividend of 12.0 pence per share following the settlement of its long-standing dispute concerning three contracts with entities owned by a major infrastructure fund, returning a substantial portion of the proceeds to shareholders. The Special Dividend will be paid on 27 October 2023 to shareholders on the register as at 6 October 2023. The ex-dividend date is 5 October 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-355": {
"value": "10\u2002Earnings per share Basic and diluted earnings per share (EPS) Basic EPS is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, excluding those held by the Trust, which are treated as cancelled. Under normal circumstances, the average number of shares is diluted by reference to the average number of potential ordinary shares held under option in the year. The dilutive effect amounts to the number of ordinary shares which would be purchased using the aggregate difference in value between the market value of shares and the share option price. Only shares that have met their cumulative performance criteria are included in the dilution calculation. The Group has two classes of potentially dilutive ordinary shares: those share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year and the contingently issuable shares under the Group\u2019s long-term incentive plans. A loss per share cannot be reduced through dilution, hence this dilution is only applied where the Group has reported a profit. The earnings and weighted average number of shares used in the calculations are set out below. 2023 2022 Earnings \u00a3m Weighted average number of shares Per share amount pence Earnings \u00a3m Weighted average number of shares Per share amount pence Basic EPS \u2013 pre-exceptional Earnings attributable to ordinary shareholders pre-exceptional items 17.5 105,180,316 16.6 17.4 109,016,667 16.0 Basic EPS Earnings attributable to ordinary shareholders post-exceptional items 9.1 105,180,316 8.7 6.3 109,016,667 5.8 Effect of dilutive securities: Options n/a 7, 286 ,375 n/a n/a 6,627,132 n/a Diluted EPS \u2013 pre-exceptional 17.5 112,466,691 15.6 17.4 115,643,799 15.0 Diluted EPS 9.1 112,466,691 8.1 6.3 115,643,799 5.5 The pre-exceptional EPS (basic) excluding the impact of the one-off contract settlement as announced on 8 June 2023 (note 17) is 18.9p (and diluted EPS is 17.7p). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-385": {
"value": "11\u2002Intangible assets Group Notes Customer contracts and relationships \u00a3m Computer software \u00a3m Total \u00a3m Cost At 1 July 2021 12.2 10.9 23.1 Additions 30 5.2 0.6 5.8 At 30 June 2022 17.4 11.5 28.9 Additions 30 0.3 \u2013 0.3 At 30 June 2023 17.7 11.5 29.2 Accumulated amortisation and impairment loss At 1 July 2021 (9.2) (8.2) (17.4) Amortisation in year (1.5) (1.2) (2.7) At 1 July 2022 (10.7) (9.4) (20.1) Amortisation in year (1.8) (1.2) (3.0) Impairment loss \u2013 (0.5) (0.5) At 30 June 2023 (12.5) (11.1) (23.6) Net book amount At 30 June 2023 5.2 0.4 5.6 At 30 June 2022 6.7 2.1 8.8 At 30 June 2021 3.0 2.7 5.7 All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting systems. The remaining period of amortisation on computer software ranges from one year and six months to two years and three months. The remaining period of amortisation on customer contracts and relationships ranges between two and nine years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-356": {
"value": "11\u2002Intangible assets Group Notes Customer contracts and relationships \u00a3m Computer software \u00a3m Total \u00a3m Cost At 1 July 2021 12.2 10.9 23.1 Additions 30 5.2 0.6 5.8 At 30 June 2022 17.4 11.5 28.9 Additions 30 0.3 \u2013 0.3 At 30 June 2023 17.7 11.5 29.2 Accumulated amortisation and impairment loss At 1 July 2021 (9.2) (8.2) (17.4) Amortisation in year (1.5) (1.2) (2.7) At 1 July 2022 (10.7) (9.4) (20.1) Amortisation in year (1.8) (1.2) (3.0) Impairment loss \u2013 (0.5) (0.5) At 30 June 2023 (12.5) (11.1) (23.6) Net book amount At 30 June 2023 5.2 0.4 5.6 At 30 June 2022 6.7 2.1 8.8 At 30 June 2021 3.0 2.7 5.7 All amortisation charges in the year have been included in administrative expenses. Computer software relates to the Group\u2019s reporting systems. The remaining period of amortisation on computer software ranges from one year and six months to two years and three months. The remaining period of amortisation on customer contracts and relationships ranges between two and nine years. 12\u2002Goodwill Group Notes \u00a3m Cost At 30 June 2021 77. 2 Additions 30 11.0 At 30 June 2022 88.2 Additions 30 4.5 At 30 June 2023 92.7 Aggregate impairment at 30 June 2021, 2022 and 2023 \u2013 At 30 June 2021, 2022 and 30 June 2023 \u2013 Net book amount At 30 June 2023 92.7 At 30 June 2022 88.2 At 30 June 2021 77. 2 Goodwill is allocated to the Group\u2019s CGUs identified according to business segment. The goodwill is attributable to the following business segments: 2023 \u00a3m 2022 \u00a3m Building 40.0 40.0 Infrastructure 52.7 48.2 92.7 88.2 Impairment review of goodwill and key assumptions Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations. These calculations use pre-tax cash flow projections based on future financial budgets approved by the Board, based on past performance and its expectation of market developments. The key assumptions within these budgets relate to revenue and the future profit margin achievable, in line with our strategy and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and latest forecasts for the current year, along with the existing secured works and management\u2019s expectation of the future level of work available within the market sector. In establishing future profit margins, the margins currently being achieved are considered in conjunction with expected inflation rates in each revenue and cost category. In Building and Infrastructure, the margins currently being achieved are expected to increase in line with the strategy set out in the Strategic report. Cash is monitored very closely on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a whole. Details of the Group\u2019s treasury management are included within the Financial review in the Strategic report of the Annual Report. The assumptions used are reviewed regularly and differences between forecast and actual results are closely monitored, with variances being investigated fully. The knowledge gained from this past experience is used to ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate of the future cash flows of each business unit. Cash flows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth rate used is the Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore, sensitivity analysis has been undertaken on each goodwill impairment review, by changing the discount rates, profit margins, growth rates and other variables applicable to each CGU, and the results are noted below. The pre-tax discount rates for each CGU are noted below. Building CGU A pre-tax discount rate of 15.0% (2022: 13.1%) in Building has been applied to the future cash flows, based on an estimate of the weighted average cost of capital (WACC) of that division. A long-term growth rate of 2.0% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating margins and working capital cash flows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly in excess of the carrying value of the CGU assets. The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any single assumption would give rise to an impairment of the carrying value of goodwill and intangibles. Infrastructure CGU A pre-tax discount rate of 14.6% (2022: 12.7%) in Infrastructure has been applied to the future cash flows, based on an estimate of the weighted average cost of capital of that division. A long-term growth rate of 2.0% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating margins and working capital cashflows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly in excess of the carrying value of the CGU assets. The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any single assumption would give rise to an impairment of the carrying value of goodwill and intangibles. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-386": {
"value": "12\u2002Goodwill Group Notes \u00a3m Cost At 30 June 2021 77. 2 Additions 30 11.0 At 30 June 2022 88.2 Additions 30 4.5 At 30 June 2023 92.7 Aggregate impairment at 30 June 2021, 2022 and 2023 \u2013 At 30 June 2021, 2022 and 30 June 2023 \u2013 Net book amount At 30 June 2023 92.7 At 30 June 2022 88.2 At 30 June 2021 77. 2 Goodwill is allocated to the Group\u2019s CGUs identified according to business segment. The goodwill is attributable to the following business segments: 2023 \u00a3m 2022 \u00a3m Building 40.0 40.0 Infrastructure 52.7 48.2 92.7 88.2 Impairment review of goodwill and key assumptions Goodwill is tested for impairment at least annually. The recoverable amount of a CGU is determined based on value in use calculations. These calculations use pre-tax cash flow projections based on future financial budgets approved by the Board, based on past performance and its expectation of market developments. The key assumptions within these budgets relate to revenue and the future profit margin achievable, in line with our strategy and targets as set out in the Strategic report. Future budgeted revenue is based on management\u2019s knowledge of actual results from prior years and latest forecasts for the current year, along with the existing secured works and management\u2019s expectation of the future level of work available within the market sector. In establishing future profit margins, the margins currently being achieved are considered in conjunction with expected inflation rates in each revenue and cost category. In Building and Infrastructure, the margins currently being achieved are expected to increase in line with the strategy set out in the Strategic report. Cash is monitored very closely on a daily, weekly and monthly basis for the purposes of managing both treasury and the business as a whole. Details of the Group\u2019s treasury management are included within the Financial review in the Strategic report of the Annual Report. The assumptions used are reviewed regularly and differences between forecast and actual results are closely monitored, with variances being investigated fully. The knowledge gained from this past experience is used to ensure that the future assumptions used are consistent with past actual outcomes and are management\u2019s best estimate of the future cash flows of each business unit. Cash flows beyond the budgeted three-year period are extrapolated using an estimated growth rate within each segment. The growth rate used is the Group\u2019s estimate of the average long-term growth rate for the market sectors in which the CGU operates. Furthermore, sensitivity analysis has been undertaken on each goodwill impairment review, by changing the discount rates, profit margins, growth rates and other variables applicable to each CGU, and the results are noted below. The pre-tax discount rates for each CGU are noted below. Building CGU A pre-tax discount rate of 15.0% (2022: 13.1%) in Building has been applied to the future cash flows, based on an estimate of the weighted average cost of capital (WACC) of that division. A long-term growth rate of 2.0% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating margins and working capital cash flows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly in excess of the carrying value of the CGU assets. The Building CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any single assumption would give rise to an impairment of the carrying value of goodwill and intangibles. Infrastructure CGU A pre-tax discount rate of 14.6% (2022: 12.7%) in Infrastructure has been applied to the future cash flows, based on an estimate of the weighted average cost of capital of that division. A long-term growth rate of 2.0% per annum has been applied to the budgeted cash flows (reflecting the Board-approved budget operating margins and working capital cashflows) into perpetuity and these assumptions result in the recoverable value of this CGU being significantly in excess of the carrying value of the CGU assets. The Infrastructure CGU is not sensitive to changes in key assumptions and management does not consider that any reasonable possible change in any single assumption would give rise to an impairment of the carrying value of goodwill and intangibles. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-357": {
"value": "13\u2002Property, plant and equipment Group Land and buildings \u00a3m Plant and machinery \u00a3m Fixtures and fittings \u00a3m Total \u00a3m Cost At 1 July 2021 1.1 3.1 9.4 13.6 Additions 1.7 1.9 1.5 5.1 Disposals \u2013 (1.8) (0.4) (2.2) At 1 July 2022 2.8 3.2 10.5 16.5 Additions 0.9 1.0 0.3 2.2 Disposals (0.4) \u2013 (6.5) (6.9) At 30 June 2023 3.3 4.2 4.3 11.8 Accumulated depreciation At 1 July 2021 (0.4) (1.1) (7.7 ) (9.2) Charge for the year (0.1) (0.2) (1.1) (1.4) Disposals \u2013 0.8 0.4 1.2 At 1 July 2022 (0.5) (0.5) (8.4) (9.4) Charge for the year (0.5) (0.4) (0.7) (1.6) Disposals 0.1 \u2013 6.3 6.4 At 30 June 2023 (0.9) (0.9) (2.8) (4.6) Net book amount At 30 June 2023 2.4 3.3 1.5 7.2 At 30 June 2022 2.3 2.7 2.1 7.1 At 30 June 2021 0.7 2.0 1.7 4.4 There has been no impairment of property, plant and equipment during the year (2022: \u00a3nil). The Company has no property, plant or equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-358": {
"value": "14\u2002Leases This note provides information for leases where the Group is a lessee. The Company holds no leases. Right-of-use assets Cost Land and buildings \u00a3m Plant and machinery \u00a3m Motor vehicles \u00a3m Total \u00a3m At 1 July 2021 10.0 7.1 16.4 33.5 Additions 5.3 2.7 7.4 15.4 Disposals (2.7) (1.1) (2.2) (6.0) At 1 July 2022 12.6 8.7 21.6 42.9 Additions 5.2 6.4 14.5 26.1 Disposals (0.4) (6.4) (2.7) (9.5) At 30 June 2023 17.4 8.7 33.4 59.5 Accumulated depreciation At 1 July 2021 (4.2) (2.7) (7.1) (14.0) Charge for the year (2.2) (2.8) (5.4) (10.4) Disposals 2.7 1.1 2.2 6.0 At 1 July 2022 (3.7) (4.4) (10.3) (18.4) Charge for the year (2.5) (2.6) (6.9) (12.0) Disposals 1.4 4.5 3.6 9.5 At 30 June 2023 (4.8) (2.5) (13.6) (20.9) Net book amount At 30 June 2023 12.6 6.2 19.8 38.6 At 30 June 2022 8.9 4.3 11.3 24.5 At 30 June 2021 5.8 4.4 9.3 19.5 Lease liabilities 2023 \u00a3m 2022 \u00a3m Current 14.9 9.9 Non-current 24.2 14.9 Total lease liabilities 39.1 24.8 The consolidated income statement shows the following amounts relating to leases for continuing operations: 2023 \u00a3m 2022 \u00a3m Depreciation of right-of-use assets 12.0 10.4 Interest expense (included in finance cost) 1.6 1.0 Expense relating to short-term leases (included in cost of sales and administrative expenses) 10.7 9.6 Expense relating to leases of low-value assets that are not shown above as short-term leases (included in administrative expenses) 0.8 0.1 Total expenses 25.1 21.1 The total cash outflow for leases in the year to 30 June 2023 was \u00a313.6m, of which \u00a31.6m was included in net interest expense \u2013 note 6 (2022: \u00a311.2m and \u00a31.0m respectively). Maturity of contractual undiscounted future lease payments: As at 30 June 2023 Land and buildings \u00a3m Plant and machinery \u00a3m Motor vehicles \u00a3m Total \u00a3m Less than 1 year 3.1 3.6 8.3 15.0 Between 1 and 5 years 8.3 2.5 14.1 24.9 More than 5 years 8.4 \u2013 \u2013 8.4 Total 19.8 6.1 22.4 48.3 As at 30 June 2022 Land and buildings \u00a3m Plant and machinery \u00a3m Motor vehicles \u00a3m Total \u00a3m Less than 1 year 2.3 2.5 5.2 10.0 Between 1 and 5 years 6.4 1.3 7. 0 14.7 More than 5 years 7. 8 \u2013 \u2013 7. 8 Total 16.5 3.8 12.2 32.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-387": {
"value": "Right-of-use assets Cost Land and buildings \u00a3m Plant and machinery \u00a3m Motor vehicles \u00a3m Total \u00a3m At 1 July 2021 10.0 7.1 16.4 33.5 Additions 5.3 2.7 7.4 15.4 Disposals (2.7) (1.1) (2.2) (6.0) At 1 July 2022 12.6 8.7 21.6 42.9 Additions 5.2 6.4 14.5 26.1 Disposals (0.4) (6.4) (2.7) (9.5) At 30 June 2023 17.4 8.7 33.4 59.5 Accumulated depreciation At 1 July 2021 (4.2) (2.7) (7.1) (14.0) Charge for the year (2.2) (2.8) (5.4) (10.4) Disposals 2.7 1.1 2.2 6.0 At 1 July 2022 (3.7) (4.4) (10.3) (18.4) Charge for the year (2.5) (2.6) (6.9) (12.0) Disposals 1.4 4.5 3.6 9.5 At 30 June 2023 (4.8) (2.5) (13.6) (20.9) Net book amount At 30 June 2023 12.6 6.2 19.8 38.6 At 30 June 2022 8.9 4.3 11.3 24.5 At 30 June 2021 5.8 4.4 9.3 19.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-359": {
"value": "15\u2002Investments in subsidiaries Company 2023 \u00a3m 2022 \u00a3m Cost As at 1 July 2022 and 2021 188.0 187.7 Additions 0.5 0.3 At 30 June 188.5 188.0 Aggregate impairment As at 1 July 2022 and 2021 \u2013 (13.8) Reversal of impairment \u2013 13.8 At 30 June \u2013 \u2013 Net book value At 30 June 188.5 188.0 Following the disposal of the housebuilding divisions to Vistry Group plc on 3 January 2020, Galliford Try Limited paid a cash-backed distribution to the Company of \u00a3100.0m, which resulted in an equivalent reduction in the fair value of the investment at the time of initial recognition. Previously this reduction in value was reflected as an impairment however management have re-assessed this presentation and consider it would provide more relevant information to reflect it as an adjustment to the gross cost of the investment. As such, the 2022 comparatives have been restated to reflect a reduced gross cost and a nil accumulated impairment. There is no effect on the net carrying value of investments. The carrying value of investments was reviewed. In the prior year a partial impairment reversal of \u00a313.8m was recorded, determined from value in use calculations based on the same assumptions as those disclosed in note 12. The subsidiary undertakings that principally affected profits and net assets of the Group were: Galliford Try Construction Limited Galliford Try Infrastructure Limited 1 Galliford Try Investments Limited Galliford Try Facilities Management Limited Galliford Try Services Limited Galliford Try Limited 2 1 Incorporated in Scotland. 2 Shares owned directly by the Company. Unless otherwise stated, each subsidiary has a 30 June year-end, operates as a construction company, is incorporated in England & Wales and 100% of ordinary shares and voting rights are held by the Group. Galliford Try Services Limited operates as central administration company to the Group. A full list of the Group\u2019s undertakings is set out in note 33. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-360": {
"value": "16\u2002PPP and other investments Group 2023 \u00a3m 2022 \u00a3m At 1 July 47.5 49.1 Disposals and subordinated loan repayments (0.5) (0.7) Movement in fair value (2.4) (0.9) At 30 June 44.6 47. 5 These comprise PPP/PFI investments and investments in other listed securities. Debt investments at fair value through OCI None of the financial assets are past their due dates (2022: \u00a3nil), and the directors expect an average maturity profile of around 10 years. Further disclosures relating to financial assets are set out in note 23. The expected credit loss (ECL) was assessed to be minimal and accordingly no ECL recognised. During the year, there were no additions (2022: \u00a3nil) to the Group\u2019s PPP/PFI investments and subordinated loans of \u00a30.5m (2022: \u00a30.5m) were repaid. Of the total fair value movement in the year of \u00a32.4m, all of it relates to the movement in the fair value of the PPP investments (2022: \u00a30.9m) and has been recorded through other comprehensive income. The Group has commitments of \u00a3nil (2022: \u00a3nil) to provide further subordinated debt to its investments. The fair value of the portfolio reflects a blended discount rate of 7.3% (2022: 7.0%). A 0.5% increase/reduction in the discount rate would result in a corresponding decrease/increase in the value of the investments recorded in the balance sheet of approximately \u00a31.6m (2022: \u00a31.9m). Equity accounted investments Our share of PPP and other investments\u2019 external bank funding was \u00a3245.3m at 30 June 2023 (2022: \u00a3257.2m). Our share of these entities\u2019 other external funding consists of \u00a364.1m (2022: \u00a364.1m) of listed bonds. These balances are non-recourse to the Group. The information disclosed reflects the amounts presented in the financial statements or management accounts of the relevant joint ventures and associates and not the Group\u2019s share of those amounts. The Group holds investments in both debt and equity within a number of entities over which it has significant influence. Predominantly all of the value that the Group recognises relates to the debt instruments (representing over 99% of the PPP and other investments portfolio) which have been fair valued within the PPP and other investments portfolio. Consequently, the material (due to their holdings and/or issuing listed debt) joint ventures (in which the Group also holds debt investments either directly or indirectly) are disclosed within this note (\u00a3nil value (2022: \u00a3nil) has been recognised through equity accounting for these joint ventures). The net assets disclosed in the balance sheet extracts are not recognised as part of the investment in joint ventures. The joint ventures have non-profit distribution agreements in place. During the year the Group disposed of equity accounted interests in joint ventures held at \u00a3nil (2022: \u00a30.2m), generating a profit on disposal of \u00a33.6m (2022: \u00a3nil). Aberdeen Roads (Finance) Plc Aberdeen Roads Limited1 Income statement \u2013 extracts 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Revenue 2 \u2013 \u2013 (1.1) 9.4 Depreciation and amortisation \u2013 \u2013 \u2013 \u2013 Finance income 24.1 24.7 29.7 29.6 Finance expense (24.1) (24.7) (29.6) (24.7) Income tax expense \u2013 \u2013 \u2013 \u2013 Profit (100%) \u2013 \u2013 \u2013 \u2013 Other comprehensive income 2.9 4.6 \u2013 \u2013 Total comprehensive income (100%) 2.9 4.6 \u2013 \u2013 Group\u2019s share of profit and total comprehensive income 1.0 1.5 \u2013 \u2013 Dividends received by the Group during the year \u2013 \u2013 \u2013 \u2013 Balance sheet \u2013 extracts Cash and cash equivalents 0.2 0.2 29.3 29.9 Other current assets \u2013 \u2013 4.9 3.8 Current assets 0.2 0.2 34.2 33.7 Non-current assets 536.3 548.4 532.6 544.5 Current external borrowings \u2013 bank/listed bonds (19.5) (19.1) \u2013 \u2013 Other current liabilities (3.6) (6.5) (34.8) (30.6) Current liabilities (23.1) (25.6) (34.8) (30.6) Non-current external borrowings \u2013 bank/listed bonds (460.1) (474.8) \u2013 \u2013 Other non-current liabilities (48.7) (47. 2) (532.0) (547.6) Non-current liabilities (508.8) (522.0) (532.0) (547.6) Net assets (100%) 4.6 1.0 \u2013 \u2013 1 Material due to their holdings and/or issuing listed debt. 2 Revenue includes a deduction for the non-profit distribution model (NPD) surplus. Details of related party transactions with joint ventures and associates are given in note 29. The Group\u2019s shareholding in each joint venture and associate can be seen in note 33. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-361": {
"value": "17\u2002Trade and other receivables Group Notes 2023 \u00a3m 2022 \u00a3m Amounts falling due within one year: Trade receivables 52.0 46.0 Less: provision for impairment of receivables (0.1) (0.1) Trade receivables \u2013 net 51.9 45.9 Contract assets1 21 204.9 173.4 Amounts due from joint ventures 0.9 1.1 Research and development expenditure credits 5.8 4.5 Other receivables 7.6 4.7 Prepayments 15.4 13.4 286.5 243.0 1 Contract assets of \u00a3204.9 at 30 June 2023 (2022: \u00a3173.4m) are stated net of a life-time expected credit loss allowance of \u00a3nil (2022: \u00a314.0m). The Company has no trade and other receivables. Retentions will be collected in the normal operating cycle of the Group and are therefore shown as a current asset. It is expected that \u00a333.2m (2022: \u00a333.6m) will be collected within 12 months from the balance sheet date. The Group has no significant capitalised contract costs. The Group announced on 8 June 2023 that it had agreed settlement terms in respect of its long-standing dispute concerning three contracts with entities owned by a major infrastructure fund. The settlement brought to a conclusion a complex and challenging multi- contract dispute. Taking into account the requirements of IFRS 15, the Group had constrained the revenue recognised in prior periods to the extent that it was highly probable not to result in a significant reversal in the future and had also previously assessed any expected credit loss provision in accordance with IFRS 9. As a result of the settlement a further one-off expected credit loss of \u00a32.8m has been recognised in the current financial year. There have been no movements in the Group\u2019s provision for impairment of trade receivables. Provisions for impaired receivables have been included in administrative expenses in the income statement. Amounts charged to the impairment provision are generally written off when there is no expectation of recovering additional cash. The other classes within trade and other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the book value of each class of receivable mentioned above, along with the Group\u2019s cash and cash equivalents. The Group does not hold any collateral as security. Management believes that the concentration of credit risk with respect to trade receivables is limited, due to the Group\u2019s customer base being large, unrelated and predominantly within the public and regulated sectors. As of 30 June 2023, trade receivables of \u00a315.8m (2022: \u00a313.7m) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default and there are no indications that they will not meet their payment obligations in respect of the trade receivables recognised in the balance sheet that are past due and unprovided. The ageing analysis of these trade receivables is as follows: 2023 \u00a3m 2022 \u00a3m Number of days past due date Less than 30 days 5.7 4.4 Between 30 and 60 days 2.3 1.3 Between 60 and 90 days 2.2 0.9 Between 90 and 120 days 0.5 1.3 Greater than 120 days 5.1 5.8 15.8 13.7 As of 30 June 2023, trade receivables were considered for impairment based on management\u2019s judgement and review of the trade receivables listings. The amount provided for these balances was \u00a30.1m (2022: \u00a30.1m). The allocation of the provision is as follows: 2023 \u00a3m 2022 \u00a3m Number of days past due date: Greater than 120 days 0.1 0.1 0.1 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-362": {
"value": "18\u2002Cash and cash equivalents Group Company 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand and per the statement of cash flows 220.2 218.9 114.2 109.4 Cash at bank above includes \u00a311.0m (2022: \u00a322.7m), being the Group\u2019s share of cash held by jointly controlled operations. The effective interest rate received on cash balances is 2.6% (2022: 0.3%). The Group has no bank borrowings or loans. Net cash excludes IFRS 16 lease liabilities (note 14). Cash and cash equivalents and bank overdrafts are presented on a net (offset) basis. In 2016, the IFRS Interpretations Committee released an update in respect of IAS 32 \u2018Financial instruments: presentation\u2019 specifically in relation to offsetting and cash pooling. This clarified that in order to offset bank account balances, an entity must have both a legally enforceable right and an intention to do so. The Group\u2019s bank arrangements and facilities with both HSBC Bank plc and Barclays Bank plc provide the legally enforceable right to offset and the Group demonstrated its intention to offset by formally sweeping the balances within each bank. Consequently, the balances have been offset in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-363": {
"value": "19\u2002Trade and other payables Group Notes 2023 \u00a3m 2022 \u00a3m Trade payables 136.6 102.3 Contract liabilities 21 106.6 104.4 Other taxation and social security payable 53.4 29.9 Other payables 1.9 1.6 Accruals 226.6 232.9 525.1 471.1 The Company has no trade and other payables. All payables are unsecured. Retentions will be paid in the normal operating cycle of the Group and are therefore shown as a current liability. The undiscounted future cash flows of non-derivative financial liabilities are \u00a3365.1m (2022: \u00a3336.8m) and these are expected to be settled within one year of the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-364": {
"value": "20\u2002Provisions for other liabilities and charges Group Onerous contracts Rectification Total \u00a3m At 1 July 2021 (0.8) (24.2) (25.0) Utilised 10.2 3.7 13.9 Additions1 (14.0) (2.3) (16.3) At 30 June 2022 (4.6) (22.8) (27.4) Utilised 6.8 3.5 10.3 Additions1 (4.2) (8.6) (12.8) At 30 June 2023 (2.0) (27.9) (29.9) 1 Additions include \u00a30.1m (2022: \u00a313.7m) acquired as part of business combinations (note 30). Onerous contract provisions are made on loss-making contracts the Group is obliged to complete. Rectification provisions are made for potential claims and defects for remedial works against work completed by the Group, and includes provisions for dilapidations on premises the Group occupies. As at 30 June 2023 \u00a322.3m of provision related to three contracts. Management\u2019s best estimate of the range of outcomes on these three contracts is between \u00a314.6m and \u00a322.7m. The remaining \u00a37.6m of the provision relates to a number of immaterial balances. Due to the level of uncertainty, combination of cost and income variables and timing across the remaining portfolio of contracts, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level and therefore management has not given a range of expected outcomes. Due to the nature of the provisions, the timing of any potential future outflows is uncertain, however they are expected to be utilised within the Group\u2019s normal operating cycle, and accordingly are classified as current liabilities. Of the total provisions, \u00a317.0m (2022: \u00a318.8m) is likely to be utilised by the end of 2031 with the remainder utilised within 12 months. The Company does not hold any provisions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-365": {
"value": "21\u2002Contract balances Contract assets and liabilities are included within \u2018trade and other receivables\u2019 and \u2018trade and other payables\u2019 respectively on the face of the balance sheet. Where there is a corresponding contract asset and liability in relation to the same contract, the balance shown is the net position. The timing of work performed (and thus revenue recognised), billing profiles and cash collection results in trade receivables (amounts billed to date and unpaid), contract assets (unbilled amounts where revenue has been recognised) and contract liabilities (customer advances and deposits where no corresponding work has yet to be performed), being recognised on the Group\u2019s balance sheet. The reconciliation of the Group opening to closing contract balances is shown below: 2023 2022 Contract asset \u00a3m Contract liability \u00a3m Contract asset \u00a3m Contract liability \u00a3m At 1 July 173.4 (104.4) 156.0 (92.7) Revenue recognised in the year 1,334.9 58.8 1,183.2 54.0 Net cash received in advance of performance obligations being fully satisfied \u2013 (61.0) \u2013 (65.7) Transfers in the year from contract assets to trade receivables (1,303.4) \u2013 (1,165.8) \u2013 30 June 204.9 (106.6) 173.4 (104.4) Revenue allocated to performance obligations that are unsatisfied at 30 June, is expected to be recognised as disclosed in note 3. The Company has no contract balances. The amount of revenue recognised in the year from performance obligations satisfied in previous periods amounts to \u00a34.8m (2022: \u00a33.0m). ",
"dimensions": {
"concept": "gallifordtry:DisclosureOfContractBalances",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-366": {
"value": "22\u2002Deferred income tax Deferred income tax is calculated in full on temporary differences under the liability method and is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities. The net deferred tax position at 30 June was: Group 2023 \u00a3m 2022 \u00a3m Deferred income tax assets 16.6 15.6 Deferred income tax liabilities (1.1) (1.6) Net deferred income tax 15.5 14.0 The movement for the year in the net deferred income tax account is as shown below: Group 2023 \u00a3m 2022 \u00a3m At 1 July 14.0 14.3 Current year\u2019s deferred income tax (0.9) (0.9) Adjustment in respect of prior years (0.1) 0.6 Transfer from current tax assets and change in rates of deferred income tax 2.5 0.3 Acquisition of subsidiaries \u2013 (0.3) At 30 June 15.5 14.0 All remaining unutilised tax losses have now been recognised and the Group has approximately \u00a353m (2022: \u00a353m) of unrecognised trading losses that arose from a historical contract. The availability of the losses is subject to agreement with HMRC and therefore no deferred tax asset has been recognised. Movements in deferred income tax assets and liabilities during the year are shown below: The Company has no deferred tax balances. Deferred income tax assets Group Accelerated tax depreciation \u00a3m Share-based payments \u00a3m Tax losses \u00a3m Other 1 \u00a3m Total \u00a3m At 30 June 2021 \u2013 \u2013 9.6 5.4 15.0 (Expense)/credit taken to income statement (0.4) 0.2 \u2013 (0.4) (0.6) Adjustment in respect of prior years 2 (0.2) \u2013 2.4 (1.6) 0.6 Transfer to deferred income tax liabilities 0.6 \u2013 \u2013 \u2013 0.6 At 30 June 2022 \u2013 0.2 12.0 3.4 15.6 Credit/(expense) taken to income statement \u2013 0.1 (1.1) (0.3) (1.3) Adjustment in respect of prior years \u2013 \u2013 (0.2) \u2013 (0.2) Transfer to deferred income tax3 \u2013 \u2013 2.5 \u2013 2.5 At 30 June 2023 \u2013 0.3 13.2 3.1 16.6 1 Deferred tax assets included in the \u2018Other\u2019 category relate to future income tax deductions available from IFRS transitions adjustments in respect of IFRS 15, IFRS 9 and IFRS 16 which will be utilised over the next 3\u20136 years in line with the requirements of tax legislation. 2 The adjustment in respect of prior years arose predominantly due to the recognition of previously restricted tax interest expense deductions due to the corporate interest restriction provisions. This deferred tax asset will be utilised over the next three financial years in the form of reactivated tax interest expense deductions against tax interest income from Group investment assets. This is offset by other adjustments that reflect changes to the estimates made in the previous years\u2019 Annual Report and Accounts and the finalised tax computations submitted to HMRC. 3 The transfer to deferred income tax represents a transfer of tax losses that were previously recorded as a current tax asset. The Company has no deferred tax balances. Deferred income tax liabilities Group Accelerated tax depreciation \u00a3m Intangible assets acquired \u00a3m Total \u00a3m At 30 June 2021 \u2013 (0.7) (0.7) Transfer from deferred income tax assets (0.6) \u2013 (0.6) Acquisition of subsidiaries \u2013 (0.3) (0.3) At 30 June 2022 (0.6) (1.0) (1.6) Credit taken to the income statement 0.2 0.2 0.4 Adjustment in respect of prior years \u2013 0.1 0.1 At 30 June 2023 (0.4) (0.7) (1.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-367": {
"value": "23\u2002Financial instruments The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Financial assets and liabilities are offset and the net amount reported when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Group and Company operate within financial risk policies and procedures approved by the Board. It is, and has been throughout the year, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The Board provides written principles for overall risk management, as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. The Group\u2019s financial instruments principally comprise cash and cash equivalents, receivables, payables and PPP and other investments that arise directly from its operations and its acquisitions. The Company\u2019s financial instruments comprise of cash and cash equivalents. Capital risk management The Group is funded by ordinary shares, retained profits and its strong net cash position. The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. The Group has no borrowing or debt facilities and hence no gearing targets. Financial risk factors (a) Market risk (i) Foreign exchange risk All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2023 (2022: nil). (ii) Price risk Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk. (iii) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with no debt or net overdraft facilities. (b) Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities. Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period, and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of financial asset set out on the following page. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its operations through its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s liquidity reserve on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group, in accordance with practices and limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s operating companies are aggregated into a total cash figure, in order that the Group can obtain the most advantageous interest rate. In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identified. Fair value of other financial assets and financial liabilities Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected future cash flows at the prevailing interest rate. Primary financial instruments held or issued to finance the Group\u2019s operations: 2023 2022 Notes Book value \u00a3m Fair value \u00a3m Book value \u00a3m Fair value \u00a3m Financial liabilities: Current financial liabilities measured at amortised cost 19 365.1 365.1 336.8 336.8 Financial assets: PPP and other investments 16 44.6 44.6 47. 5 47. 5 Current assets measured at amortised cost 17 271.1 271.1 229.6 229.6 Cash and cash equivalents 18 220.2 220.2 218.9 218.9 Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract liabilities are excluded from financial liabilities measured at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities is given in note 19. Borrowing facilities The Group had no committed borrowing facilities available at 30 June 2023 or 2022. Fair value estimation Specific valuation techniques used to value financial instruments are defined as: + Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments. + Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, based on observable yield curves. + Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. The fair value of other investments is set out in note 16. The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June: 2023 2022 Level 3 \u00a3m Total \u00a3m Level 3 \u00a3m Total \u00a3m Assets Fair value through other comprehensive income \u2013 PPP and other investments 44.6 44.6 47. 5 47.5 Total 44.6 44.6 47. 5 47.5 There were no transfers between levels during the year. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Fair value measurements using significant unobservable inputs (Level 3) 2023 \u00a3m 2022 \u00a3m At 1 July 47. 5 49.1 Movement in fair value (2.4) (0.9) Disposals and subordinated loan repayments (0.5) (0.7) Closing balance 44.6 47. 5 The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio reflects a blended discount rate of 7.3% (2022: 7.0%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16. If receipts were to occur earlier than expected, the fair value would increase. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-388": {
"value": "The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Financial assets and liabilities are offset and the net amount reported when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Group and Company operate within financial risk policies and procedures approved by the Board. It is, and has been throughout the year, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The Board provides written principles for overall risk management, as well as written policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. The Group\u2019s financial instruments principally comprise cash and cash equivalents, receivables, payables and PPP and other investments that arise directly from its operations and its acquisitions. The Company\u2019s financial instruments comprise of cash and cash equivalents. Capital risk management The Group is funded by ordinary shares, retained profits and its strong net cash position. The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. The Group has no borrowing or debt facilities and hence no gearing targets. Financial risk factors (a) Market risk (i) Foreign exchange risk All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2023 (2022: nil). (ii) Price risk Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk. (iii) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with no debt or net overdraft facilities. (b) Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities. Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period, and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of financial asset set out on the following page. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its operations through its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s liquidity reserve on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group, in accordance with practices and limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s operating companies are aggregated into a total cash figure, in order that the Group can obtain the most advantageous interest rate. In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identified. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-398": {
"value": "Capital risk management The Group is funded by ordinary shares, retained profits and its strong net cash position. The Group\u2019s and Company\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. The Group has no borrowing or debt facilities and hence no gearing targets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-399": {
"value": "(a) Market risk (i) Foreign exchange risk All material activities of the Group take place within the UK and consequently there is little direct exchange risk, other than payments to overseas suppliers who require settlement in their currency. If there is any material foreign exchange exposure, the Group\u2019s policy is to enter into forward foreign currency contracts. The Group and Company have no material currency exposure at 30 June 2023 (2022: nil). (ii) Price risk Other than a residual interest in equity securities, the Group and Company are not exposed to equity or commodity price risk. (iii) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises from movement in cash and cash equivalents given that it is well capitalised with no debt or net overdraft facilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-400": {
"value": "(b) Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, deposits and borrowings with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Group does not hold any debt facilities. Further details of credit risk relating to trade and other receivables are disclosed in note 17. No credit limits were exceeded during the reporting period, and management does not expect any material losses from non-performance of any counterparties, including in respect of receivables not yet due. The Group\u2019s maximum exposure to credit risk at the end of the reporting period is the carrying amount (book value) of each class of financial asset set out on the following page. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-401": {
"value": "(c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities. The Group finances its operations through its cash reserves and ongoing retained profits. Management monitors rolling forecasts of the Group\u2019s liquidity reserve on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group, in accordance with practices and limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. On a daily basis throughout the year, the bank balances or gross overdrafts in all the Group\u2019s operating companies are aggregated into a total cash figure, in order that the Group can obtain the most advantageous interest rate. In accordance with IFRS 9 \u2018Financial Instruments\u2019, the Group has reviewed all contracts for embedded derivatives that are required to be separately accounted for if they do not meet certain requirements set out in the standard. No such embedded derivatives have been identified. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-402": {
"value": "Fair value of other financial assets and financial liabilities Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected future cash flows at the prevailing interest rate. Primary financial instruments held or issued to finance the Group\u2019s operations: 2023 2022 Notes Book value \u00a3m Fair value \u00a3m Book value \u00a3m Fair value \u00a3m Financial liabilities: Current financial liabilities measured at amortised cost 19 365.1 365.1 336.8 336.8 Financial assets: PPP and other investments 16 44.6 44.6 47. 5 47. 5 Current assets measured at amortised cost 17 271.1 271.1 229.6 229.6 Cash and cash equivalents 18 220.2 220.2 218.9 218.9 Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract liabilities are excluded from financial liabilities measured at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities is given in note 19. Borrowing facilities The Group had no committed borrowing facilities available at 30 June 2023 or 2022. Fair value estimation Specific valuation techniques used to value financial instruments are defined as: + Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments. + Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, based on observable yield curves. + Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. The fair value of other investments is set out in note 16. The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June: 2023 2022 Level 3 \u00a3m Total \u00a3m Level 3 \u00a3m Total \u00a3m Assets Fair value through other comprehensive income \u2013 PPP and other investments 44.6 44.6 47. 5 47.5 Total 44.6 44.6 47. 5 47.5 There were no transfers between levels during the year. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Fair value measurements using significant unobservable inputs (Level 3) 2023 \u00a3m 2022 \u00a3m At 1 July 47. 5 49.1 Movement in fair value (2.4) (0.9) Disposals and subordinated loan repayments (0.5) (0.7) Closing balance 44.6 47. 5 The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio reflects a blended discount rate of 7.3% (2022: 7.0%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16. If receipts were to occur earlier than expected, the fair value would increase. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-389": {
"value": "Fair value of other financial assets and financial liabilities Where market values are not available, fair values of financial assets and financial liabilities have been calculated by discounting expected future cash flows at the prevailing interest rate. Primary financial instruments held or issued to finance the Group\u2019s operations: 2023 2022 Notes Book value \u00a3m Fair value \u00a3m Book value \u00a3m Fair value \u00a3m Financial liabilities: Current financial liabilities measured at amortised cost 19 365.1 365.1 336.8 336.8 Financial assets: PPP and other investments 16 44.6 44.6 47. 5 47. 5 Current assets measured at amortised cost 17 271.1 271.1 229.6 229.6 Cash and cash equivalents 18 220.2 220.2 218.9 218.9 Prepayments are excluded from the financial assets measured at amortised cost; and statutory liabilities and contract liabilities are excluded from financial liabilities measured at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities is given in note 19. Borrowing facilities The Group had no committed borrowing facilities available at 30 June 2023 or 2022. Fair value estimation Specific valuation techniques used to value financial instruments are defined as: + Level 1 \u2013 Quoted market prices or dealer quotes in active markets for similar instruments. + Level 2 \u2013 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows, based on observable yield curves. + Level 3 \u2013 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. The fair value of other investments is set out in note 16. The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 30 June: 2023 2022 Level 3 \u00a3m Total \u00a3m Level 3 \u00a3m Total \u00a3m Assets Fair value through other comprehensive income \u2013 PPP and other investments 44.6 44.6 47. 5 47.5 Total 44.6 44.6 47. 5 47.5 There were no transfers between levels during the year. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Fair value measurements using significant unobservable inputs (Level 3) 2023 \u00a3m 2022 \u00a3m At 1 July 47. 5 49.1 Movement in fair value (2.4) (0.9) Disposals and subordinated loan repayments (0.5) (0.7) Closing balance 44.6 47. 5 The key assumptions used in Level 3 valuations include the expected timing of receipts, credit risk and discount rates. The typical repayment period is 10\u201315 years and the timing of receipts is based on historical data. The fair value of the portfolio reflects a blended discount rate of 7.3% (2022: 7.0%) and is based on current market conditions. The sensitivity to discount rates is set out in note 16. If receipts were to occur earlier than expected, the fair value would increase. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-390": {
"value": "24\u2002Ordinary shares and share premium Group Number of shares Ordinary shares \u00a3m Share premium \u00a3m Total \u00a3m At 30 June 2021 111,053,489 55.5 \u2013 55.5 Allotted under share option schemes 739 \u2013 \u2013 \u2013 At 30 June 2022 111,054,228 55.5 \u2013 55.5 Allotted under share option schemes 2,114 \u2013 \u2013 \u2013 Cancellation of shares (6,187,148) (3.1) \u2013 (3.1) At 30 June 2023 104,869,194 52.4 \u2013 52.4 Company Number of shares Ordinary shares \u00a3m Share premium \u00a3m Total \u00a3m At 30 June 2021 111,053,489 55.5 \u2013 55.5 Allotted under share option schemes 739 \u2013 \u2013 \u2013 At 30 June 2022 111,054,228 55.5 \u2013 55.5 Allotted under share option schemes 2,114 \u2013 \u2013 \u2013 Cancellation of shares (6,187,148) (3.1) \u2013 (3.1) At 30 June 2023 104,869,194 52.4 \u2013 52.4 Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised and issued but not fully paid. During the year the Company purchased and cancelled 6,187,148 shares as part of the share buy back announced in September 2022 for total consideration of \u00a310.6m. At 30 June 2023, the total number of shares outstanding under the sharesave scheme was 3,481,546 (2022: 2,776,374) and under the long term incentive plan was 6,466,295 (2022: 6,986,213) as detailed in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-368": {
"value": "24\u2002Ordinary shares and share premium Group Number of shares Ordinary shares \u00a3m Share premium \u00a3m Total \u00a3m At 30 June 2021 111,053,489 55.5 \u2013 55.5 Allotted under share option schemes 739 \u2013 \u2013 \u2013 At 30 June 2022 111,054,228 55.5 \u2013 55.5 Allotted under share option schemes 2,114 \u2013 \u2013 \u2013 Cancellation of shares (6,187,148) (3.1) \u2013 (3.1) At 30 June 2023 104,869,194 52.4 \u2013 52.4 Company Number of shares Ordinary shares \u00a3m Share premium \u00a3m Total \u00a3m At 30 June 2021 111,053,489 55.5 \u2013 55.5 Allotted under share option schemes 739 \u2013 \u2013 \u2013 At 30 June 2022 111,054,228 55.5 \u2013 55.5 Allotted under share option schemes 2,114 \u2013 \u2013 \u2013 Cancellation of shares (6,187,148) (3.1) \u2013 (3.1) At 30 June 2023 104,869,194 52.4 \u2013 52.4 Number of shares refers to 50p ordinary shares, which are authorised, issued and fully paid. There are no shares authorised and issued but not fully paid. During the year the Company purchased and cancelled 6,187,148 shares as part of the share buy back announced in September 2022 for total consideration of \u00a310.6m. At 30 June 2023, the total number of shares outstanding under the sharesave scheme was 3,481,546 (2022: 2,776,374) and under the long term incentive plan was 6,466,295 (2022: 6,986,213) as detailed in note 25. 26\u2002Other reserves and retained earnings Group Notes Other reserves \u00a3m Retained earnings \u00a3m At 30 June 2021 118.4 (39.8) Profit for the year \u2013 6.3 Dividends paid 9 \u2013 (6.3) Share-based payments 25 \u2013 2.3 Movement in fair value of PPP and other investments 16 \u2013 (0.9) Purchase of own shares \u2013 (3.4) Reversal of impairment of investment in Galliford Try Limited and associated recycling of retained earnings to merger reserve 15 13.8 (13.8) At 30 June 2022 132.2 (55.6) Profit for the year \u2013 9.1 Dividends paid \u2013 (9.6) Share-based payments \u2013 3.4 Movement in fair value of PPP and other investments \u2013 (2.4) Purchase of own shares \u2013 (14.0) Cancellation of shares 3.1 \u2013 At 30 June 2023 135.3 (69.1) The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2022: \u00a3132.2m) and a capital redemption reserve of \u00a33.1m (2022: \u00a3nil). The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a31.9m (2022: \u00a33.4m) and other share related transactions of \u00a31.5m (2022: \u00a3nil), in addition to \u00a310.6m (2022: \u00a3nil) purchased by the Company as part of the share buyback announced in September 2022. Company Notes Other reserves \u00a3m Retained earnings \u00a3m At 30 June 2021 118.4 100.7 Profit for the year \u2013 28.8 Dividends paid 9 \u2013 (6.3) Share-based payments \u2013 0.3 Reversal of impairment of investment in Galliford Try Limited and associated recycling of retained earnings to merger reserve 15 13.8 (13.8) At 30 June 2022 132.2 109.7 Profit for the year \u2013 25.0 Dividends paid 9 \u2013 (9.6) Share-based payments \u2013 0.5 Purchase of shares 15 \u2013 (10.6) Cancellation of shares 3.1 \u2013 At 30 June 2023 135.3 115.0 The cumulative amount of goodwill arising on acquisition and written off directly against reserves is \u00a39.5m (2022: \u00a39.5m). At 30 June 2023, the Galliford Try Employee Share Trust (the Trust) held 3,705,343 (2022: 3,541,603) Galliford Try Holdings plc shares. The nominal value of the shares held is \u00a31.9m (2022: \u00a31.8m). 1,200,000 shares were acquired during the year (2022: 1,820,000) at a net cost of \u00a31.9m (2022: \u00a33.4m) and a further \u00a31.5m (2022: \u00a3nil) was paid in relation to other share related transactions. 965,194 (2022: nil) shares were transferred during the year. The cost of funding and administering the Trust is charged to the income statement in the period to which it relates. The market value of the shares at 30 June 2023 was \u00a37.2m (2022: \u00a36.0m). No shareholders (2022: none) have waived their rights to dividends. As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the associated scheme of arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try Limited (formerly Galliford Try plc) as at 3 January 2020 (221,603) were exchanged for an equivalent number of shares in Galliford Try Holdings plc and 127,189 shares in Vistry Group plc (at a rate of 0.57406 Vistry Group plc shares for each Galliford Try Limited share). The Group has disposed of the majority of the shares in Vistry Group plc, with a residual 14,132 shares held by the Group at 30 June 2023 (2022: 14,132). These shares are recorded at fair value with the movement being reflected in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-369": {
"value": "25\u2002Share-based payments The Group operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019 Remuneration report. The Group also operates sharesave schemes. The total charge for the year relating to employee share-based payment plans was \u00a33.4m (2022: \u00a32.3m), all of which related to equity-settled share-based payment transactions. After deferred tax, the total charge was \u00a33.3m (2022: \u00a32.1m). Savings related share options The Company operates an HMRC approved sharesave scheme, under which employees are granted an option to purchase ordinary shares in the Company at up to 20% less than the market price at grant, in three years\u2019 time, dependent on their entering into a contract to make monthly contributions into a savings account over the relevant period. These funds are used to fund the option exercise. This scheme is open to all employees meeting the minimum employment period. No performance criteria are applied to the exercise of sharesave options. The options were valued using the binomial option-pricing model. The fair value per option granted and the assumptions used in the calculation are as follows: Grant date Shares under option Share price at grant date Exercise price Contract date Expected volatility Option life (years) Risk free rate Dividend yield Employee turnover before vesting Fair value per option 07. 0 4. 21 1,989,993 130p 112p 01.06.21 60% 3 0.2% 3.1% 10% 50p 13.04.22 999,819 174p 143p 01.06.22 58% 3 1.5% 3.3% 10% 70p 14.04.23 947,033 174p 137p 01.06.23 54% 3 3.6% 4.5% 10% 67p The expected volatility is based on historical volatility in the movement in the share price over the past three years up to the date of grant (or since incorporation of the Company in January 2020). The expected life is the average expected period to exercise. The risk free-rate is the yield on zero-coupon UK Government bonds of a term consistent with the assumed option life. A reconciliation of savings related share awards over the year to 30 June 2023 is shown below: 2023 2022 Number Weighted average exercise price Number Weighted average exercise price Outstanding at 1 July 2,776,374 123p 1,989,993 112p Awards 947,033 137p 999,819 143p Forfeited (109,335) 124p (120,096) 112p Cancelled (127,458) 124p (79,454) 113p Expired1 (2,954) 119p (13,149) 113p Exercised (2,114) 112p (739) 112p Outstanding at 30 June 3,481,546 127p 2,776,374 123p Exercisable at 30 June \u2013 \u2013 \u2013 \u2013 1 The number of options that expired in 2022 has been restated from 199,950 to 13,149, with the total outstanding balance at 30 June 2022 of 2,776,374 (previously reported as 2,589,973). The weighted average fair value of awards granted during the year was 67p (2022: 70p). There were 2,114 share options exercised during the year ended 30 June 2023 (2022: 739) and the weighted average share price at the date of exercise was 164p (2022: 171p). The weighted average remaining contractual life is 1 years and 9 months (2022: 2 years and 3 months). The charge to the income statement relating to the sharesave scheme was \u00a30.5m (2022: \u00a30.3m). Performance-related long-term incentive plans The Company operates performance-related share incentive plans for Executives, details of which are set out in the Directors\u2019 Remuneration report. The awards that vest are satisfied by the transfer of shares for no consideration. The outstanding options were valued using a Black-Scholes model. The fair value per option granted and the assumptions used in the calculation are as follows: Grant date Shares under option Share price at grant date Vesting period/option life (months) Risk free rate Dividend yield Fair value per option 23.09.20 3 ,247, 874 78p 36 (0.1)% 3.1% 71p 23.09.21 1,489, 510 177p 36 0.4% 2.5% 164p 23.09.22 1,728,911 161p 36 4.0% 5.0% 139p The expected volatility is based on historical volatility in the movement in the share price of the Company and its comparator group and the correlations between them over the past three years. The expected life is the average expected period to exercise. The risk free rate is the yield on zero-coupon UK Government bonds of a term consistent with the assumed option life. A reconciliation of performance-related share awards over the year to 30 June is shown below: 2023 Number 2022 Number Outstanding at 1 July 6,986,213 5,496,703 Granted 1,728,911 1,489, 510 Exercised (2,248,829) \u2013 Outstanding at 30 June 6,466,295 6,986,213 Exercisable at 30 June \u2013 \u2013 The weighted average fair value of awards granted during the year was 139p (2022: 164p). There were 2,248,829 options exercised during the year ended 30 June 2023 (2022: nil). The weighted average remaining contractual life is nil as the shares are exercised on the day that they vest (2022: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-391": {
"value": "26\u2002Other reserves and retained earnings Group Notes Other reserves \u00a3m Retained earnings \u00a3m At 30 June 2021 118.4 (39.8) Profit for the year \u2013 6.3 Dividends paid 9 \u2013 (6.3) Share-based payments 25 \u2013 2.3 Movement in fair value of PPP and other investments 16 \u2013 (0.9) Purchase of own shares \u2013 (3.4) Reversal of impairment of investment in Galliford Try Limited and associated recycling of retained earnings to merger reserve 15 13.8 (13.8) At 30 June 2022 132.2 (55.6) Profit for the year \u2013 9.1 Dividends paid \u2013 (9.6) Share-based payments \u2013 3.4 Movement in fair value of PPP and other investments \u2013 (2.4) Purchase of own shares \u2013 (14.0) Cancellation of shares 3.1 \u2013 At 30 June 2023 135.3 (69.1) The Company and Group\u2019s other reserves relate to a merger reserve amounting to \u00a3132.2m (2022: \u00a3132.2m) and a capital redemption reserve of \u00a33.1m (2022: \u00a3nil). The purchase of own shares represents shares purchased by the Galliford Try Employee Share Trust of \u00a31.9m (2022: \u00a33.4m) and other share related transactions of \u00a31.5m (2022: \u00a3nil), in addition to \u00a310.6m (2022: \u00a3nil) purchased by the Company as part of the share buyback announced in September 2022. Company Notes Other reserves \u00a3m Retained earnings \u00a3m At 30 June 2021 118.4 100.7 Profit for the year \u2013 28.8 Dividends paid 9 \u2013 (6.3) Share-based payments \u2013 0.3 Reversal of impairment of investment in Galliford Try Limited and associated recycling of retained earnings to merger reserve 15 13.8 (13.8) At 30 June 2022 132.2 109.7 Profit for the year \u2013 25.0 Dividends paid 9 \u2013 (9.6) Share-based payments \u2013 0.5 Purchase of shares 15 \u2013 (10.6) Cancellation of shares 3.1 \u2013 At 30 June 2023 135.3 115.0 The cumulative amount of goodwill arising on acquisition and written off directly against reserves is \u00a39.5m (2022: \u00a39.5m). At 30 June 2023, the Galliford Try Employee Share Trust (the Trust) held 3,705,343 (2022: 3,541,603) Galliford Try Holdings plc shares. The nominal value of the shares held is \u00a31.9m (2022: \u00a31.8m). 1,200,000 shares were acquired during the year (2022: 1,820,000) at a net cost of \u00a31.9m (2022: \u00a33.4m) and a further \u00a31.5m (2022: \u00a3nil) was paid in relation to other share related transactions. 965,194 (2022: nil) shares were transferred during the year. The cost of funding and administering the Trust is charged to the income statement in the period to which it relates. The market value of the shares at 30 June 2023 was \u00a37.2m (2022: \u00a36.0m). No shareholders (2022: none) have waived their rights to dividends. As part of and as a result of the disposal of the housebuilding operations to Vistry Group plc on 3 January 2020 and the associated scheme of arrangement completed under Part 26 of the Companies Act 2006, shares held in Galliford Try Limited (formerly Galliford Try plc) as at 3 January 2020 (221,603) were exchanged for an equivalent number of shares in Galliford Try Holdings plc and 127,189 shares in Vistry Group plc (at a rate of 0.57406 Vistry Group plc shares for each Galliford Try Limited share). The Group has disposed of the majority of the shares in Vistry Group plc, with a residual 14,132 shares held by the Group at 30 June 2023 (2022: 14,132). These shares are recorded at fair value with the movement being reflected in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-392": {
"value": "27\u2002Financial and capital commitments The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2023 (2022: \u00a3nil), nor any commitment for other capital expenditure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-370": {
"value": "27\u2002Financial and capital commitments The Group had no commitments for subordinated debt to joint ventures or other investments at 30 June 2023 (2022: \u00a3nil), nor any commitment for other capital expenditure. 28\u2002Guarantees and contingent liabilities Galliford Try Holdings plc has entered into financial guarantees and counter indemnities in respect of bank and performance bonds issued in the normal course of business on behalf of Group undertakings, amounting to \u00a3165.5m (2022: \u00a3127.1m). Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the outcome of disputes and arbitration is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the Group\u2019s financial position. The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for cladding solutions used on historical contracts, also creates ongoing uncertainty that the Group manages. Where the Group has received such claims, the directors have made provision in the financial statements when they believe it is probable a liability exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability is considered only possible or remote. This is based on the best estimates of future costs to be incurred after assessing all relevant information and taking legal advice where appropriate. The Group\u2019s assessment of liability and estimates of future costs could change in the future. Although the Group has appropriate insurance arrangements in place that should mitigate any significant exposure, the recognition thresholds under IAS 37 would mean a liability could be recognised before a corresponding asset. As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-393": {
"value": "28\u2002Guarantees and contingent liabilities Galliford Try Holdings plc has entered into financial guarantees and counter indemnities in respect of bank and performance bonds issued in the normal course of business on behalf of Group undertakings, amounting to \u00a3165.5m (2022: \u00a3127.1m). Disputes arise in the normal course of business, some of which lead to litigation or arbitration procedures. While the outcome of disputes and arbitration is never certain, the directors believe that the resolution of all existing actions will not have a material adverse effect on the Group\u2019s financial position. The continuing evolution of Government legislation and guidance, such as the Building Safety Act and its implications for cladding solutions used on historical contracts, also creates ongoing uncertainty that the Group manages. Where the Group has received such claims, the directors have made provision in the financial statements when they believe it is probable a liability exists and it can be reliably estimated, but no provision has been made where the Group\u2019s liability is considered only possible or remote. This is based on the best estimates of future costs to be incurred after assessing all relevant information and taking legal advice where appropriate. The Group\u2019s assessment of liability and estimates of future costs could change in the future. Although the Group has appropriate insurance arrangements in place that should mitigate any significant exposure, the recognition thresholds under IAS 37 would mean a liability could be recognised before a corresponding asset. As Government legislation and guidance changes in the future, the Group will reassess the estimates made accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-371": {
"value": "29\u2002Related party transactions Transactions between the Group and its related parties are disclosed as follows: Group Sales to related parties Amounts owed by related parties 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Trading transactions Related parties 71.2 97. 3 36.8 38.4 Interest and dividend income from related parties 2023 \u00a3m 2022 \u00a3m Non-trading transactions Related parties 4.1 4.6 Sales to related parties (all of which are to joint ventures and associates) are based on terms that would be available to unrelated third parties. Amounts owed by related parties consist predominantly of subordinated debt within the PPP and Other Investments portfolio, that if held to maturity would be due over the next 25 years (2022: 26 years). These receivables are unsecured, with interest rates varying between a range of 9% and 12%. Payables are due within one year (2022: one year) and are interest free. Company Transactions between the Company and its subsidiaries which are related parties, which are eliminated on consolidation, are disclosed as follows: Interest and dividend income from related parties 2023 \u00a3m 2022 \u00a3m Non-trading transactions Subsidiary undertakings 25.0 15.0 The Company has provided performance guarantees in respect of certain operational contracts entered into between joint ventures and a Group undertaking. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-372": {
"value": "30\u2002Business combinations During the year, the Group acquired (i) 100% of the share capital MCS Control Systems Limited and (ii) certain contracts and assets of Ham Baker Limited (in administration). The Group has also finalised the acquisition accounting of nmcn having previously reported the balances as provisional in accordance IFRS 3. (i) MCS Control Systems Limited On 8 July 2022, the Group acquired 100% of the share capital of MCS Control Systems Limited (\u201cMCS\u201d), a leading systems integrator to the industrial and utilities sectors for consideration of \u00a31 settled in cash. The addition of MCS\u2019s capabilities is complementary to the operations of Galliford Try\u2019s expanding Environment business. In particular, MCS provides additional competencies that complement those acquired in October 2021 with nmcn\u2019s Water business and Lintott Control Systems Limited and will accelerate the growth of Galliford Try Environment\u2019s asset optimisation and capital maintenance strategy. The goodwill of \u00a33.2m arising from the acquisition is significantly attributable to the acquired workforce and their technical expertise and the opportunity to leverage this expertise across the Group to enhance the asset optimisation and capital maintenance strategy. The following table summarises the consideration paid and the provisional fair value of the assets acquired and liabilities assumed. \u00a3m Recognised amounts of identifiable assets acquired and liabilities assumed Property plant and equipment 0.1 Intangible assets 0.2 Right-of-use assets 0.6 Trade and other receivables 3.2 Trade and other payables (5.9) Bank and other borrowings (0.8) Lease liabilities (0.6) Total identifiable net liabilities (3.2) Goodwill 3.2 Total \u2013 Consideration Cash \u2013 Total \u2013 The acquisition contributed \u00a35.7m of revenue and a \u00a30.7m loss before tax and amortisation in the year to 30 June 2023, which is similar to the contribution it would have made if acquired at the start of the financial year. (ii) Ham Baker On 18 November 2022, the Group acquired certain contracts and assets from Ham Baker Limited (in administration) for \u00a3225,000 settled in cash. The Group has acquired the asset inspection, maintenance and screens and distributor operations. The acquired business produces a variety of engineered products for the water industry, which the Group will use as a basis to develop a low carbon engineering offering, enabling products and raw materials to be as reused if possible, and reducing waste. The acquisition brings complementary capabilities to the Group\u2019s growing Environment business and will give it a further advantage in preparing for the water industry\u2019s AMP8 cycle, in particular addressing storm overflow challenges. It also plays into Galliford Try\u2019s role in decarbonising the industry for a greener, more sustainable future. Similar to the MCS Control Systems Limited acquisition, the goodwill of \u00a30.5m arising from the acquisition is significantly attributable to the acquired workforce and their technical expertise and the opportunity to leverage this expertise across the Group to enhance the asset optimisation and capital maintenance strategy. The following table summarises the consideration paid and the provisional fair value of the assets acquired and liabilities assumed. \u00a3m Recognised amounts of identifiable assets acquired and liabilities assumed Intangible assets 0.1 Trade and other payables (0.4) Total identifiable net liabilities (0.3) Goodwill 0.5 Total 0.2 Consideration Cash 0.2 Total 0.2 The acquisition contributed \u00a31.5m of revenue and a \u00a31.6m loss before tax and amortisation in the year to 30 June 2023. The performance of the business preceding the acquisition was impacted by Ham Baker Limited entering administration, and accordingly it is impracticable to assess the contribution it would have made to the Group if acquired at the start of reporting period. (iii) nmcn On 7 October 2021, the Group acquired the water business of nmcn plc (which had been placed into administration) for \u00a31.0m settled in cash. This expanded the Group\u2019s geographical presence on key frameworks across the UK, and its capabilities in the water sector, in line with the Group\u2019s strategy. In accordance with IFRS 3, the Group has assessed the acquisition accounting during the measurement period and has identified the need to reflect a final adjustment to the reported acquisition note in the 30 June 2022 annual report. The change reflects an increase to the onerous contract provisions and net unfavourable contracts acquired by \u00a30.8m with an offsetting increase in goodwill by \u00a30.8m. As this is not material, the adjustment has been recorded in the current year (with \u00a311.0m goodwill recognised in the previous year). The finalised acquisition accounting is detailed below. \u00a3m Recognised amounts of identifiable assets acquired and liabilities assumed Net cash and cash equivalents 0.7 Property plant and equipment 0.1 Intangible assets 1 5.8 Right-of-use assets 1.4 Trade and other receivables 2,5 7.8 Trade and other payables 3,5 (10.4) Provisions and other liabilities 4 (14.5) Lease liabilities (1.4) Net deferred tax liabilities6 (0.3) Total identifiable net liabilities (10.8) Goodwill 11.8 Total 1.0 Consideration Cash 1.0 Total 1.0 1 Intangible assets of \u00a35.8m comprise customer relationships and contracts (\u00a35.2m) and technology (\u00a30.6m) that will be amortised over 3\u201310 years, 2 Trade and other receivables include \u00a34.4m relating to favourable contracts acquired. 3 Trade and other payables include \u00a36.4m relating to unfavourable contracts acquired. 4 Provisions and other liabilities relate to onerous contracts. 5 The favourable and unfavourable contracts have been valued after assessing the margins in the underlying contracts novated. 6 Deferred tax has been recognised where temporary differences arise on the fair value adjustments. The acquisition contributed \u00a374.1m of revenue and \u00a31.8m of pre-exceptional profit before tax and amortisation (on the acquired intangibles) in the period to 30 June 2022. The performance of the business preceding the acquisition was impacted by nmcn plc entering administration, and accordingly it is impracticable to assess the contribution it would have made to the Group if acquired at the start of reporting period. Acquisition related costs of \u00a37.7m include legal and professional fees, integration, and staff costs, have been treated as exceptional in the year of acquisition, being material and non-recurring/irregular items in accordance with our accounting policies and detailed further in note 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-373": {
"value": "31\u2002Events after the reporting date There were no material post balance sheet events arising after the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-374": {
"value": "32\u2002Alternative performance measures Throughout the Annual Report and Accounts, the Group has presented financial performance measures which are used to manage the Group\u2019s performance. These financial performance measures are chosen to provide a balanced view of the Group\u2019s operations and are considered useful to investors as they provide relevant information on the Group\u2019s performance. They are also aligned to measures used internally to assess business performance in the Group\u2019s budgeting process and when determining compensation. An explanation of the Group\u2019s financial performance measures and appropriate reconciliations to its statutory measures are provided below. Providing clarity on the Group\u2019s alternative performance measures The Group has included this note and the enclosed explanations and reconciliations with the aim of providing transparency and clarity on the measures adopted internally to assess performance. The APMs adopted by the Group are also commonly used in the sectors it operates in.The Board believes that disclosing these performance measures enhances investors\u2019 ability to evaluate and assess the underlying financial performance of the Group\u2019s operations and the related key business drivers. These financial performance measures are also aligned to measures used internally to assess business performance in the Group\u2019s budgeting process and when determining compensation. Measuring the Group\u2019s performance The following measures are referred to in this report: Statutory measures Statutory measures are derived from the Group\u2019s reported financial statements, which are prepared in accordance with UK adopted International Accounting Standards and in line with the Group\u2019s accounting policies, that can be found in note 1. The Group\u2019s statutory measures take into account all of the factors, including exceptional items which do not reflect the ongoing underlying performance of the Group. Alternative performance measures In assessing its performance, the Group has adopted certain non-statutory measures that more appropriately reflect the underlying performance of the Group. These typically cannot be directly extracted from its financial statements but are reconciled to statutory measures below: a) Pre-exceptional performance The Group adjusts for certain material one-off (exceptional) items which the Board believes assist in understanding the performance achieved by the Group as this better reflects the underlying and ongoing performance of the business. A reconciliation of the statutory measure to the pre-exceptional measure is provided in the following tables. In the financial year ending 30 June 2023, the Group has also presented pre-exceptional performance excluding a one off contract settlement as announced on 8 June 2023 (disclosed in the consolidated income statement as an impairment of financial assets of \u00a32.8m). b) Operating profit before amortisation The Group adjusts operating profit to exclude the amortisation of intangible assets as this better reflects the ongoing performance of the business. Operating margin reflects the ratio of pre-exceptional operating profit before amortisation of intangible assets and revenue. In the financial year to 30 June 2023, operating margin also excludes the one off contract settlement as announced on 8 June 2023. This differs from the statutory measure of operating profit which includes the amortisation of intangible assets. Divisional operating margin is the combined operating margin of Building and Infrastructure. A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations: Building \u00a3m Infrastructure \u00a3m PPP Investments \u00a3m Central \u00a3m Total \u00a3m Year ended 30 June 2023 Statutory operating profit/(loss) 17. 5 10.8 1.4 (24.1) 5.6 exclude: amortisation of intangible assets (note 11) 1.0 0.9 \u2013 1.1 3.0 exclude: exceptional items (note 4) \u2013 \u2013 \u2013 10.5 10.5 Pre-exceptional operating profit before amortisation 18.5 11.7 1.4 (12.5) 19.1 exclude: impairment of financial assets (note 17) \u2013 2.8 \u2013 \u2013 2.8 Pre-exceptional operating profit before amortisation excluding the impairment of financial assets 18.5 14.5 1.4 (12.5) 21.9 Revenue 797.1 590.8 5.8 \u2013 1,393.7 Pre-exceptional operating margin excluding the impairment of financial assets 2.3% 2.5% n/a n/a 1.6% Year ended 30 June 2022 Statutory operating profit/(loss) 17.9 2.4 (0.9) (17.3) 2.1 exclude: amortisation of intangible assets 1.0 0.7 \u2013 1.0 2.7 exclude: exceptional items (note 4) \u2013 7.7 \u2013 6.0 13.7 Pre-exceptional operating profit before amortisation 18.9 10.8 (0.9) (10.3) 18.5 Revenue 789.1 441.9 6.2 \u2013 1, 237. 2 Pre-exceptional operating margin 2.4% 2.4% n/a n/a 1.5% c) Pre-exceptional profit before tax The Group uses a profit before tax measure which excludes exceptional items and other items as noted above. This differs from the statutory measure of profit before income tax, which includes these items. A reconciliation of the statutory measure to the Group\u2019s performance measure is shown below, based on continuing operations: 2023 \u00a3m 2022 \u00a3m Statutory profit before tax 10.1 5.4 exclude: exceptional items (note 4) 10.5 13.7 Pre-exceptional profit before tax 20.6 19.1 Pre-exceptional profit before tax excluding the impairment of financial assets is \u00a323.4m (2022: \u00a319.1m) d) Pre-exceptional earnings per share In line with the Group\u2019s measurement of adjusted performance, the Group also presents its earnings per share on an adjusted basis. This differs from the statutory measure of earnings per share, which includes these items. A reconciliation of the statutory measure to the Group\u2019s performance measure (post-tax) is shown below, based on continuing operations: 2023 2022 Earnings \u00a3m Ave number of shares EPS pence Earnings \u00a3m Ave number of shares EPS pence Statutory results 9.1 105,180,316 8.7 6.3 109,016,667 5.8 exclude: exceptional items (note 4) 8.4 n/a n/a 11.1 n/a n/a Pre-exceptional earnings per share 17. 5 105,180,316 16.6 17. 4 109,016,667 16.0 Pre-exceptional earnings per share excluding the impairment of financial assets is 18.9p (2022: 16.0p) based on post tax profit of \u00a319.9m (2022: \u00a317.4m). ",
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"fact-375": {
"value": "33\u2002Group undertakings In accordance with section 409 of the Companies Act, the following is a list of all of the Group\u2019s undertakings as at 30 June 2023. Galliford Try Limited is the only subsidiary undertaking held directly by the Company. (i) Subsidiary undertakings Entity name Registered office or principal place of business Shareholding (direct or indirect) Chancery Court Business Centre Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Charles Grip Surfacing Limited Miller House, Pontefract Road, Normanton, WF6 1RN 100% Construction Holdco 1 Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Brick Factors Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Asset Intelligence Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Building 2014 Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Galliford Try Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Construction & Investments Holdings Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Corporate Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Galliford Try Employment Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Estates Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Facilities Management Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try HPS Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Infrastructure Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Galliford Try Investments Consultancy Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Investments Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Investments NEPS Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Plant Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Properties Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Secretariat Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Telecommunications Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try (Water) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT (Buidheann) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT (Leeds) Lift Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT (Leicester) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT (North Hub) Investments Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT (North Tyneside) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Camberwell (Holdings) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Camberwell Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Car Parks Leicester (Holdings) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Car Parks Leicester Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Guildford Crescent Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Inverness Investments Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT Telford (Holdings) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT TMGL Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GTFM (Cavalry) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Ham Baker Engineering Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Kingseat Development 1 Limited Morrison House, Kingseat Business Park, Kingseat, Newmachar, Aberdeenshire, AB21 0AZ 100% Leicester GT Education Company Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Entity name Registered office or principal place of business Shareholding (direct or indirect) Lintott Control Systems Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Lintott Environmental Technologies Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% MCS Control Systems Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Morrison Construction Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Morrison Highway Maintenance Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Oak Specialist Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Regeneco (Services) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Regeneco Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Rock & Alluvium Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Try Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% All subsidiary undertakings are incorporated in the UK unless otherwise specified and are included in the consolidated financial statements of the Group, as a majority of voting rights are held in each case. (ii) Joint venture undertakings Entity name Registered office or principal place of business Proportion of capital held Financial year-end Aberdeen Roads (Finance) PLC Maxim 7, Maxim Office Park, Parklands Avenue, Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec Aberdeen Roads Holdings Limited Maxim 7, Maxim Office Park, Parklands Avenue, Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec Aberdeen Roads Limited Maxim 7, Maxim Office Park, Parklands Avenue, Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec ACP: North Hub Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Dec GBV JV Limited 3 Frayswater Place, Uxbridge, UB8 2AD 50% 30 -Jun GT Equitix Inverness Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Mar GT Equitix Inverness Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Mar Hub South East Scotland Limited 8 Melville Street, Edinburgh, EH3 7NS 50% 31-Mar Kingseat Development 2 Limited Morrison House, Kingseat Business Park, Kingseat, Newmachar, Aberdeenshire AB21 0AZ 50% 3 0 -Jun Space Scotland Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 83% 1 31-Mar Urban Vision Partnership Limited 65 Gresham St, London, EC2V 7NQ 30% 31-Dec The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding agreements in place. 1 Treated as a joint venture as indicated by its joint venture agreement. (iii) Associated and other significant undertakings Entity name Registered office or principal place of business Proportion of capital held by class Aberdeen Community Health Care Village Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Alliance Community Partnership Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ 10% Galliford Try Qatar LLC PO Box 11726 Doha, State of Qatar (incorporated in Qatar) 49% Hub North Scotland (Alford) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (FWT) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (O&C) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (O&C) Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% James Gillespie\u2019s Campus Subhub Holdings Limited 8 Melville Street, Edinburgh, EH3 7NS 50% James Gillespie\u2019s Campus Subhub Limited 8 Melville Street, Edinburgh, EH3 7NS 50% LBP DBFM Holdco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% LBP DBFMco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% Newbattle DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% Newbattle DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% ELCH DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% ELCH DBFM Holdco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% WCHS DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% WCHS DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% JICC DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% JICC DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% KHS DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% KHS DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% QHS DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% QHS DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 1 Subhub Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 1 Subhub Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 2 DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 2 DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% Hub North Scotland (I&F) Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (I&F) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub South West Scotland Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6% Hub SW Cumbernauld DBFMCo Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6% Hub SW Cumbernauld Holdco Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6% The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar. Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements.",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
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"fact-394": {
"value": "(i) Subsidiary undertakings Entity name Registered office or principal place of business Shareholding (direct or indirect) Chancery Court Business Centre Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Charles Grip Surfacing Limited Miller House, Pontefract Road, Normanton, WF6 1RN 100% Construction Holdco 1 Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Brick Factors Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Asset Intelligence Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Building 2014 Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Galliford Try Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Construction & Investments Holdings Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Corporate Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Galliford Try Employment Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Estates Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Facilities Management Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try HPS Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Infrastructure Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Galliford Try Investments Consultancy Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Investments Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Investments NEPS Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Plant Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Properties Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Secretariat Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try Telecommunications Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Galliford Try (Water) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT (Buidheann) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT (Leeds) Lift Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT (Leicester) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT (North Hub) Investments Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT (North Tyneside) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Camberwell (Holdings) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Camberwell Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Car Parks Leicester (Holdings) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Car Parks Leicester Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Guildford Crescent Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% GT Inverness Investments Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT Telford (Holdings) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GT TMGL Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% GTFM (Cavalry) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Ham Baker Engineering Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Kingseat Development 1 Limited Morrison House, Kingseat Business Park, Kingseat, Newmachar, Aberdeenshire, AB21 0AZ 100% Leicester GT Education Company Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Entity name Registered office or principal place of business Shareholding (direct or indirect) Lintott Control Systems Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Lintott Environmental Technologies Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% MCS Control Systems Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Morrison Construction Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 100% Morrison Highway Maintenance Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Oak Specialist Services Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Regeneco (Services) Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Regeneco Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Rock & Alluvium Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% Try Construction Limited 3 Frayswater Place, Uxbridge, UB8 2AD 100% All subsidiary undertakings are incorporated in the UK unless otherwise specified and are included in the consolidated financial statements of the Group, as a majority of voting rights are held in each case. ",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-395": {
"value": "(ii) Joint venture undertakings Entity name Registered office or principal place of business Proportion of capital held Financial year-end Aberdeen Roads (Finance) PLC Maxim 7, Maxim Office Park, Parklands Avenue, Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec Aberdeen Roads Holdings Limited Maxim 7, Maxim Office Park, Parklands Avenue, Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec Aberdeen Roads Limited Maxim 7, Maxim Office Park, Parklands Avenue, Eurocentral, Holytown, Scotland, ML1 4WQ 33% 31-Dec ACP: North Hub Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Dec GBV JV Limited 3 Frayswater Place, Uxbridge, UB8 2AD 50% 30 -Jun GT Equitix Inverness Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Mar GT Equitix Inverness Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% 31-Mar Hub South East Scotland Limited 8 Melville Street, Edinburgh, EH3 7NS 50% 31-Mar Kingseat Development 2 Limited Morrison House, Kingseat Business Park, Kingseat, Newmachar, Aberdeenshire AB21 0AZ 50% 3 0 -Jun Space Scotland Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 83% 1 31-Mar Urban Vision Partnership Limited 65 Gresham St, London, EC2V 7NQ 30% 31-Dec The above entities are all incorporated in the UK and considered to be joint ventures, based on the shareholding agreements in place. 1 Treated as a joint venture as indicated by its joint venture agreement. ",
"dimensions": {
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-396": {
"value": "(iii) Associated and other significant undertakings Entity name Registered office or principal place of business Proportion of capital held by class Aberdeen Community Health Care Village Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Alliance Community Partnership Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, Scotland, ML4 3NJ 10% Galliford Try Qatar LLC PO Box 11726 Doha, State of Qatar (incorporated in Qatar) 49% Hub North Scotland (Alford) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (FWT) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (O&C) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (O&C) Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% James Gillespie\u2019s Campus Subhub Holdings Limited 8 Melville Street, Edinburgh, EH3 7NS 50% James Gillespie\u2019s Campus Subhub Limited 8 Melville Street, Edinburgh, EH3 7NS 50% LBP DBFM Holdco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% LBP DBFMco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% Newbattle DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% Newbattle DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% ELCH DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% ELCH DBFM Holdco Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% WCHS DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% WCHS DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% JICC DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% JICC DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% KHS DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% KHS DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% QHS DBFMCo Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% QHS DBFM Holdco Ltd PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 1 Subhub Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 1 Subhub Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 2 DBFM HoldCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% REH Phase 2 DBFMCo Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 50% Hub North Scotland (I&F) Holdings Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub North Scotland (I&F) Limited PO Box 17452, 2 Lochside View, Edinburgh, EH12 1LB 30% Hub South West Scotland Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6% Hub SW Cumbernauld DBFMCo Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6% Hub SW Cumbernauld Holdco Limited Avondale House, Suites 1l \u2013 1o Phoenix Crescent Strathclyde Business Park, Bellshill, North Lanarkshire, ML4 3NJ 6% The above entities are all incorporated in the UK except Galliford Try Qatar LLC, which is incorporated in Qatar. Entities listed above with 50% ownership percentage are treated as associates, as indicated by their ownership agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800MR6DRHCJIV8113",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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}
}