Galliford Try Appointed to Oxford Inspire Framework Worth Up to £1.6bn

Galliford Try (LON: GFRD) has been appointed to Lot 2 of the University of Oxford’s Oxford Inspire construction framework, worth up to £1.6bn over eight years. The builder announced the appointment in a statement at 7am today.

The shares closed yesterday at 694p, up 0.14% on the previous close of 693p. The 52-week high of 726.8p came intraday on Thursday, and the shares have risen from 572p on the 15th of September, before full-year results. No trading reaction to today’s announcement is available yet.

Lot 2 covers projects worth more than £15m, spanning large-scale new build and refurbishment schemes. A framework agreement is a route to bid: the work is competed for later, so the appointment gives Galliford Try the right to compete, not a guarantee of any contract.

The statement gives no value attributable to Galliford Try and no start date. It does not say whether other contractors share the lot, or whether any work would count in the order book.

Chief Executive Bill Hocking said in the statement:

Our business has a strong track record in delivering high-quality facilities to all parts of the education sector. We are delighted to be appointed to the Oxford Inspire framework and we look forward to delivering for staff and students across the University’s estate.

Bill Hocking, Chief Executive, Galliford Try

The £1.6bn is therefore a ceiling for the framework as a whole, not a booked order. The order book stood at £4.3bn at 30 June, against £4.1bn a year earlier, according to the company’s full-year results of the 17th of September.

Of that order book, 95% came from public and regulated sectors.