- Construction company Galliford Try pulled its dividend to conserve cash and reported narrower losses that were in line with its expectations.

For the 12 months ended 30 June, pre-tax losses widened to £34.6m from £34.5m, while revenue decreased to £1.1bn from £1.4bn.

The company canceled its interim diviend announced in March, and said it was not proposing a final dividend for the year, given the significant impact of Covid-19 and the importance of conserving cash.

It added that it would resume its dividend when it returned to profit.

Looking ahead, Galliford Try said it expected to return to profitability in the financial year to 30 June 2021 with operating margins, pre-central costs of circa £10m, expected to be 1.4% to 1.6% on revenues of £1.1bn to £1.3bn. Average month end cash was expected to be in the range £125m to £145m.

'The group has continued to trade well... and entered the new financial year with a high-quality, carefully risk managed order book of £3.2bn, and with 90% of the new financial year's planned revenue secured,' it added.

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