Keltbray returns to profit in 2022 annual results


Keltbray has recorded a strong financial and operational performance in its 2022 Annual Report. 

Credit: Keltbray.

The company saw robust order book growth and increased revenue for the year ended 31 October 2022, despite prevailing social and economic challenges. 


  • Annual turnover increased 35% to £527.8 million. 
  • Operating profit increased 388% to £5.2 million (a YoY £7 million uplift on FY2021 loss of £1.78 million).   
  • Gross margin decreased to 10.6%. 
  • Cash position: £38.1 million (of cash balances, unused bank facilities). 
  • 70% growth in order book to £526.4 million. 
  • Sales opportunity pipeline of £4.3 billion. 

“Keltbray has delivered a strong operational performance, resulting in underlying year-on-year increases to revenue, operating profit post exceptional items and the order book,” said the company. 

Adding: “The Group continues to de-risk the order book across its portfolio by focusing on robust selection governance, targeting projects with acceptable terms, conditions and financial margins, which benefit from our integrated, self-delivery approach.” 

Keltbray said its operating profit was due to lower exposure to exceptional costs, which have impacted previous years. 

Whereas gross margin performance in 2022 was due to new highways business, supply chain price inflation and front-loading of costs as new contracts moved into the delivery phase. 

Customer satisfaction levels saw a Net Promoter Score of 54 for Keltbray, equivalent to an 85% customer satisfaction rate. 

The company also saw strong employee engagement with a leading indicator of 4.35/5 good days at work recorded across its workforce. 

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Despite macroeconomic pressures, Kelbray said it is confident of sustainable, managed growth owing to its de-risked, diversified sales order pipeline and operational focus on “efficiency, effectiveness and control”. 

“During the financial full year 2022, Keltbray delivered a resilient financial performance, posting strong growth in the order book, with some exceptionally high-quality contract wins, and growth in revenues, operating profit and group cash headroom, achieved against the backdrop of continued trading challenges,” said Darren James, Group chief executive. 

“Our reputation for complex engineering excellence, supply chain operations and our delivery culture, combined with the attractive fundamentals of our core markets, gives us a strong platform to ‘unleash our potential’ and realise our ambitions for the future growth of Keltbray, even in the face of continued headwinds.” 

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