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Keller reports strong revenue and profit growth

Both revenue and profit are ahead of the same period last year, reported Keller, despite a slow US market and after effects of hurricanes Harvey and Irma.

The company reported that tendering activity and contract awards remain healthy and the order book, of work to be undertaken in the next 12 months, is around 10% higher than at the same time last year.

However, they warned that there had been no major changes in the markets since the group reported their 2017 interim results in July this year.

In North America, the US construction market as a whole remains solid but with regional and sectoral variations. This was not helped by hurricanes Harvey and Irma which resulted in lost production in Florida and Texas for periods of up to two weeks in the last quarter.

Keller estimate this will have a negative one-off profit impact of £3M, but forecast that a heightened focus on hurricane and flood defences will lead to increased investment in the future.

In Europe, Middle East and Africa regions, Keller saw strong revenue and profit growth, helped by a US$180m (£136.5M) contract in the Caspian region, planned for completion at the end of this year.

In Asia Pacific, Keller reported that pricing remains challenging in certain markets and there was work to reduce financial losses in the region with an organisational restructure and larger workload. In India and Australia the business was growing strongly.

“We are confident that our technical leadership” said a statement. “Wide product portfolio, broad branch network and operational strength will continue to drive our business forward. We are on track for 2017 and expect the group as a whole to make further progress in 2018.”

The group remains on course to meet expectations for the full year and Keller will announce its 2017 results in February 2018.

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