Record revenues for Keller
Keller Group, which bills itself as the world's largest geotechnical contractor, has reported record first-half revenue but a 12% fall in operating profits.
For the six months to 30th June 2016, it generated revenue of £849.7m (2015 H1: £755.8m). Operating profit, after exceptional items, was £30.9m (2015 H1: £35.0m).
Profits and revenue increased for Keller in all regions except for Asia Pacific (specifically Australia, Singapore and Malaysia) where it made a loss of £9.6m.
Chief executive Alain Michaelis said: "We have seen an encouraging start to the year in North America and EMEA, our two largest divisions. APAC made a loss in the period, due to market conditions and project delays, but we expect a return to profitability in the second half of the year. Overall, the group continues to make good progress against our medium-term objectives, building on our strong market positions and favourable market trends."
Keller made two small acquisitions in the first half of the year. In February, it acquired the Brazilian foundation contractor Tecnogeo for an initial £11.8m and in April it bought the assets and certain liabilities of Smithbridge, a marine construction business based in Brisbane, Australia, for £1.8m.
Roy Franklin retired as chairman and from the board on 26th July 2016 and has been succeeded by Peter Hill, a mining engineer and former Costain director.
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This article was published on 1 Aug 2016 (last updated on 1 Aug 2016).