Keller Group plc (“Keller” or “the Group”), the international ground engineering specialist, is pleased to announce its full year results for the year ended 31 December 2011.
Highlights include:
- 2011 results in line with previous guidance, in a challenging year
- Year-end net debt better than expected at £102.5m (1.4x EBITDA)
- Recent major project awards, including:
- £120m Wheatstone contract awarded in Australia, starting late 2012
- £30m Vale contract awarded in Malaysia, starting March 2012
- All-time high order book up 40% on last year
- up 10% excluding 2013/14 work
- Business improvement initiatives in progress
Justin Atkinson, Keller Chief Executive said:
"These results reflect tough market conditions which remained very challenging throughout 2011, with the uncertain macro-economic outlook impeding any significant recovery in our mature construction markets - principally the US and Western Europe - and overcapacity maintaining pressure on margins.
"Overall, whilst the business is expected to show steady improvement in 2012, the year will not be without further challenges, particularly given the economic uncertainty and a slow start to the year in Europe.
"However, with signs of strengthening demand in certain of our key markets, an increased number of larger projects in the order book and with the benefits of our Group-wide business improvement initiatives starting to come through, we are confident that 2012 will be a year of progress."
A presentation for analysts will be held at 9.30am at The London Stock Exchange,
10 Paternoster Square, London, EC4M 7LS
A live audio webcast will be available from 9.30 am and, on demand, from 2.00 pm at http://www.keller.co.uk/investors/results-centre/results-archive.aspx
Print resolution images are available for the media to download from www.vismedia.co.uk
Notes to Editors:
Keller is the world’s largest independent ground engineering specialist, providing technically advanced and cost-effective foundation solutions to the construction industry. With 2011 revenue of nearly £1.2 billion, Keller has around 6,000 staff world-wide.
Keller is the market leader in the North America and Australia; it has prime positions in most established European markets; and a strong and growing profile in many developing markets.