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Interim Results

Keller unveils record first first half revenues

31 July 2017 07:25

Keller Group revenues rose to a record £991.1m for the six months to the end of June - up from £849.7m last time.

The group said that this was largely due to the weakening of sterling over the last year.

Constant currency revenue was up 4%, reflecting strong growth in EMEA and APAC, partly offset by a decrease in North America.

Underlying operating profit was £44.0m, an increase of 24% on the £35.6m generated in the first half of 2016.

On a constant currency basis underlying operating profit was up 14% and the underlying operating margin increased from 4.2% to 4.4%.

Keller said the increase in profitability was attributable to a strong performance in EMEA and a significant reduction in the loss recorded by APAC in the period.

The first half profit in North America however was down on the comparable period last year, largely as a result of a significant slowdown in construction activity in two large metropolitan areas where Keller had strong market positions. After taking account of a £21.0m credit (2016: £1.1m credit) on the exceptional contract dispute and other non-underlying items, totalling a £4.6m charge (2016: £5.8m charge), the statutory operating profit was £60.4m (2016: £30.9m).

On an underlying basis, after net finance costs of £4.7m (2016: £5.4m), the profit before tax was £39.3m, which compares with £30.2m in the first half of 2016.

The statutory profit before tax was £55.2m (2016: £25.0m). Statutory earnings per share were 57.0p, compared with 21.9p in the first half of 2016.

Chief executive Alain Michaelis 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."

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