Keller profits up 70%

In the six months to 30^th June 2023 Keller grow revenue by 10% to £1,466m (2022 H1: £1,333m).

Pre-tax profit was up 70% to £43.1m (2022 H1: £25.4m).

Growth was attributed to a strong showing from North America Foundations, as well as from Keller Australia and the NEOM project in Saudi Arabia.

In Europe, despite an increase in revenue, profitability was impacted by softer demand and a more competitive pricing environment.

Chief executive Michael Speakman said: “Keller delivered a record performance in the first half, largely driven by management actions to drive performance in our North American Foundations business and strong profitability at Suncoast, together with a number of large projects. Accordingly, performance will be more evenly weighted between the first and second half of the year. The continued momentum in the business, together with our strong order book underpins the Board’s confidence in the full year expectations which remain unchanged. The underlying strength of the Group’s performance provides confidence in our longer-term prospects and is reflected in the Board’s decision to increase the interim dividend by 5% for the first half, continuing our 29-year track record of maintained or improved dividend payments.”

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