Company Announcements

3 OCTOBER 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

Galliford Try Holdings plc

LAUNCH OF SHARE BUYBACK PROGRAMME

Galliford Try Holdings plc (the "Company") today announces that it intends to commence a share buyback programme, subject to market conditions, to purchase ordinary shares of 50 pence each in the Company ("Ordinary Shares") for up to a maximum consideration of £10 million from the date of this announcement (the "Buyback").

As highlighted in its results for the year ended 30 June 2024, published this morning (which disclosed the Buyback), the Galliford Try group (the "Group") delivered another year of profitable growth, delivering strong performances across all business segments, resulting in profit before tax 40% higher than the prior year. The operating performance, strong balance sheet and an order book of £3.8bn provide the Company's directors (the "Board") with confidence in the Group's future performance.

The Group's capital allocation priorities, which remain unchanged, are designed to maintain a strong balance sheet provide confidence to the Group's clients and supply chain, support disciplined approach to project selection and mitigate against adverse market conditions.  In order of priority, the Group will reinvest in the business, operate a sustainable dividend policy and any excess cash will be returned to shareholders.  The Buyback reflects both the receipt of a corporation tax refund, of £9.6m, and our confidence in the ongoing future cash generation of the Group, whilst maintaining flexibility for growth related investments, including acquisitions.

The Group has continued to assess the cash requirements of the business to ensure the Group remains well positioned to deliver on its Strategy to 2030 and has sufficient funds to invest in the business. Consistent with this framework, the Company intends to commence a modest share buyback.  The quantum represents a prudent return leaving the Group with sufficient capital to be flexible and act quickly on other investment opportunities.

This represents the second share buyback programme that Galliford Try has undertaken in recent years, with the previous share buyback programme of £15m, first announced on 21 September 2022, completing in November 2023.

The Company has entered into an agreement with Peel Hunt LLP ("Peel Hunt") to initially conduct the Buyback, acting as "riskless" or "matched" principal in accordance with certain contractually agreed parameters. Under this agreement, the Company has instructed Peel Hunt to purchase Ordinary Shares up to a maximum consideration of £10 million pursuant to the Buyback. The agreement provides Peel Hunt with authority to carry out market purchases under the Buyback independently of the Company within the agreed parameters.

The purpose of the Buyback is to reduce the share capital of the Company and return funds to shareholders who wish to sell their Ordinary Shares. The Ordinary Shares purchased under the Buyback will be cancelled.

The directors of the Company consider the Buyback to be in the best interests of the Company and of its shareholders generally, with the implementation of the Buyback expected to enhance earnings per share.

Any purchase of Ordinary Shares under the Buyback will be carried out on the London Stock Exchange and/or other trading venues. The Buyback will be conducted in accordance with the general authority to repurchase Ordinary Shares granted by the Company's shareholders at the 2023 annual general meeting and to be sought at the 2024 annual general meeting, as well as UKLR 9.6 of the Financial Conduct Authority's UK Listing Rules. All Ordinary Shares purchased under the Buyback will be purchased within the parameters as to price and volume as specified in the relevant shareholder authorities.

[Due to the limited liquidity in the Ordinary Shares, a buy-back of ordinary shares on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares and may exceed the 25% of the average daily trading volume specified in the provisions of the UK Market Abuse Regulation dealing with buyback programmes and accordingly the Company may not benefit from the exemption contained in Article 5(1) of that regulation.]

The Company will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares under the Buyback no later than 7.30 a.m. on the business day following the calendar day on which the purchase occurred.

The person responsible for making this announcement on behalf of the Company is Kevin Corbett, General Counsel and Company Secretary.

Enquiries:

Galliford Try

Bill Hocking, Chief Executive                                                 01895 855001

Kris Hampson, Chief Financial Officer

Kevin Corbett, General Counsel & Company Secretary

About Galliford Try Holdings plc:

Galliford Try is a trading name of Galliford Try Holdings plc, a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.