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Galliford Try acquires Miller Construction

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Government Opportunities (GO)Galliford Try PLC has acquired the Miller Construction business from Miller Group Holdings (UK) Limited for a total price of £16.57m.

Miller Construction is a UK only construction business which delivers building and infrastructure projects to both the public and private sectors. In the year to 31 December 2013, Miller Construction reported revenue of £409 m.

The tactical acquisition of Miller Construction is consistent with Galliford Try’s stated strategy of disciplined and selective growth in its construction business, with a particular focus on developing our positions on regional and national frameworks. The transaction accelerates the growth in construction turnover towards £1.25bn, and increases the 2018 target to circa £1.5bn. The acquired order book of £1.4bn doubles the Group’s order book to £2.8bn.

The Directors believe that the Acquisition price of £16.57m represents a very attractive valuation for Galliford Try.

Commenting on the Acquisition, Greg Fitzgerald, Chief Executive of Galliford Try, said: “We are delighted to announce the acquisition of Miller Construction, achieved at a very good price and with no net cash consideration. The acquisition brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace.”

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