Keller Group plc (“Keller” or “the Group”), the international ground engineering specialist, announces its interim results for the six months ended 30 June 2011.
Highlights include:
- Results in line with expectations at the time of the IMS in May
- Revenue up by 10%
- Revenue from Australia and developing markets up by 23% to £216.0m, continuing the success of our strategy of geographic diversification
- Profitability impacted by floods in Australia and geopolitical issues in the Middle East and North Africa
- Net debt of £127.8m (2010: £121.5m); gearing of 39% (2010: 40%)
- Interim dividend maintained at 7.6p per share
- Order book 14% ahead of this time last year
Justin Atkinson, Keller Chief Executive said:
“While we continue to make progress in our developing markets, a recovery in our more mature construction markets is taking longer than expected and over-capacity remains an issue, particularly in the US, maintaining pressure on margins in the near term.
“In addition to the usual seasonal improvement, our recent mobilisation on several large jobs will help to support a much stronger second half. Overall, the expected results for the full year remain within the current range of market expectations.”
A presentation for analysts will be held at 9.15 for 9.30am at The London Stock Exchange,
10 Paternoster Square, London, EC4M 7LS
A live audio webcast will be available from 9.30am and, on demand, from 2.00 pm at http://www.keller.co.uk/investors/results-centre/latest-results.aspx
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 2010 revenue of £1,069m, Keller is a member of the FTSE-250. It has over 6,000 staff world-wide, with offices in around 40 countries on five continents.
Keller is the market leader in the US and Australia; it has prime positions in most established European markets; and a strong profile in many developing markets.