Market report: Investors cheer as Galliford Try says its overhaul is on track

Investors in Galliford Try breathed a sigh of relief after the building firm said it was on track to meet full-year profit forecasts following an overhaul of its contract construction business.

Graham Prothero, chief executive at the FTSE 250 construction firm which has worked on projects including the Queensferry Crossing in Scotland and the roof on Wimbledon’s Centre Court, said: “The business is now firmly focused on its core strengths of regional building operations, together with profitable operations in highways and water, all of which are now performing effectively.”

Analysts at Peel Hunt said the update should “reassure the market” but noted that the company did not provide new details on two contract settlement negotiations, including one relating to an outstanding £38m claim against a client.

Shares rose as high as 657.5p before closing at 630.5p, up 19.5p.