Keller Group plc (“Keller” or “the Group”), the international ground engineering specialist, is pleased to announce its preliminary results for the year ended 31 December 2009.
Highlights include:
Good contract performance and firm cost control keep operating margin high by historic standards
Further geographical diversification, with 26% of 2009 revenue coming from Australia and developing markets
October acquisition of Resource Holdings Limited in Singapore for an initial cash and debt-free consideration of £27.1m, bringing critical mass to the Group’s operations in South East Asia
Cash generated from operations represents 109% of EBITDA, reflecting strong focus on cash collection and working capital
Year-end net debt of £78.8m (0.7x EBITDA); committed facilities of over £200m with substantial covenant headroom
Total dividend of 21.75p (2008: 20.7p), a 5% increase, maintaining our track record of increasing the dividend every year since flotation
Justin Atkinson, Keller Chief Executive said:
“The Group’s 2009 results held up well, given that most of our markets were severely depressed throughout the year. Despite a general shortage of contract awards, resulting in intense competition and tighter pricing, good overall contract performance and our firm cost control mitigated the impact on the Group’s operating margin.
“The Group is in a very sound financial position, which we will safeguard through our constant focus on cash generation and costs. From this position of strength, we expect to continue to grow in those markets which offer good opportunities. In more mature markets, the actions taken to protect our profitability mean that we will emerge from the downturn even stronger and ready to seize the advantage, as these regions recover.
“By focusing on what we do best, we are confident that we will maintain our track record of out-performing our markets over the medium to long term.”
For further information, please contact:
Keller Group plc
Justin Atkinson, Chief Executive
James Hind, Finance Director
020 7616 7575
www.keller.co.uk
Smithfield
Rupert Trefgarne/Will Henderson
020 7360 4900