Corporate

Keller Group plc (“Keller”), the world’s largest geotechnical contractor, announces its results for the six months ended 30 June 2017.

keller group logo blue and yellow
Interim Results Announcement

2017 H1 summary:

  • Record first half revenue of £991.1m (2016: £849.7m)
  • Underlying operating profit up 24% or 14% on a constant currency basis
  • Divisional performance
    • EMEA: continued strong growth in both revenue and profit
    • APAC: good progress towards profitability
    • North America: lower revenue and profit reflecting a slowdown in commercial construction in two large metropolitan areas where Keller has strong positions
  • Exceptional profit of £21.0m from profit on sale of the Avonmouth property and further insurance proceeds received
  • Net debt decreased to £297.3m (31 December 2016: £305.6m), with £62.0m sale of the Avonmouth property offset by seasonal first half cash outflow. Net debt represents 1.7x annualised EBITDA
  • Year-end order book over £1.1bn; an all-time high and 20% above last year on a constant currency basis
  • Interim dividend per share of 9.7p (2016: 9.25p), an increase of 5%

1Before non-underlying items, details of which are set out in note 5 of the consolidated financial information.

Alain Michaelis, Keller Chief Executive, said:

“We have all been immensely saddened by the recent road traffic accident in South Africa, in which 18 Keller employees lost their lives and a further 15 were injured. Our deepest sympathies go out to the victims and their families, friends and colleagues. Our priority is providing support to them during this difficult time.

From a financial perspective, our results show significant overall profit growth and we have ended the half year with a record order book. As a result, the Board is confident that the group’s full year 2017 results will be in line with its expectations.”

Notes to Editors:

Keller is the world’s largest geotechnical contractor, providing technically advanced geotechnical solutions to the construction industry. With annual revenue of around £2.0bn, Keller has approximately 10,000 staff world-wide.

Keller is the clear market leader in the US, Canada, Australia and South Africa; it has prime positions in most established European markets and a strong profile in many developing markets.