Keller Profits up 21 percent on US Construction Growth
Keller Group’s first-half pre-tax profits rose 21 percent on continuing underlying growth in the US construction market, which accounts for 49 percent of its revenues.
The US engineering specialist’s pre-tax profits jumped to $32.5m, up from $26.8m for the same period last year. Earnings per share were up five percent from 28.1p to 25.5p. The company’s net debt stands at £161.9m.
A £30m charge relating to a dispute from a UK project completed in 2008 was taken.
Commenting on the results, Keller Chief Executive Justin Atkinson said: “We have seen an improved first-half performance, with all four of the Group’s divisions achieving strong revenue growth compared to the same period last year, despite the adverse currency translation impact.
“We expect the Group’s results for the full year to be in line with current market expectations and, looking further ahead, we remain optimistic about our long-term prospects. Keller continues to make positive progress against its strategy and is well positioned to take full advantage of future opportunities."