Keller record half-year financial result

Keller Group has published a trading update – reporting a record first half performance in revenue. 

The geotechnical engineer saw revenue rise 10% in the six months to June, with pre-tax profit soaring 70% for the same period.  

Highlights 

• Revenue: £1.46 billion (FY2022: £1.3 billion) 
• Underlying operating profit (UOP): £67 million (FY2022: £42 million) 
• UOP margin: 4.6% (FY2022: 3.2%) 
• Operating profit: £56.6 million (FY2022: £30.4 million) 
• Pre-tax profit: £43 million (FY2022: £25.4 million) 
• Net cash: £35 million (FY2022: £12.7 million) 

Keller reported a strong order book of £1.5 billion, which it said will underpin the Group’s performance in the second half. 

The Group is increasing its interim dividend 5% to 13.9 pence per share (FY2022: 13.2 PPS). 

Its interim performance was driven by its foundations business in North America, and strong margins at Suncoast. 

It reported net debt of £244.6 million (FY2022: £194 million).  

Group turnover last year was £3 billion. 

“Keller delivered a record performance in the first half, largely driven by management actions to drive performance in our North American Foundations business and strong profitability at Suncoast, together with a number of large projects,” said CEO, Michael Speakman. “Accordingly, performance will be more evenly weighted between the first and second half of the year.  

“The continued momentum in the business, together with our strong order book underpins the Board’s confidence in the full year expectations which remain unchanged. The underlying strength of the Group’s performance provides confidence in our longer-term prospects and is reflected in the Board’s decision to increase the interim dividend by 5% for the first half, continuing our 29-year track record of maintained or improved dividend payments.” 

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