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Keller sees few signs of European improvement

Cost controls, business improvements and risk management continue to be the focus for Keller’s European business, according to a trading statement from the company.

We are seeing few signs of improvement in Europe, but conditions in all our larger markets remain stable,” said the company ahead of its AGM today.

Keller CEO Justin Atkinson, who steps down today to hand over the role to Alain Michaelis, said: “Although we have seen a slow start to 2015, the order book is strong and we anticipate a good second half of the year, underpinned by our US business. Accordingly, we believe that the group’s results for the full year will be in line with current market expectations, albeit more second half weighted than normal.”

Commenting on the rest of its EMEA business region, Keller said that the businesses in both the Middle East and Africa have had a good start to the year and work on the Koralm Tunnels in Austria is now underway. The company is seeing improvements in the US market but reported a lull in major projects in Canada. Good opportunities are reported in Asia but Keller said that its Australian market is subdued following completion of the Wheatstone project, however, it sees good opportunities in 2016 and beyond.

In its statement, Keller said: “ Year-to-date contract awards, however, have exceeded revenue, as a result of which the order book has increased since we last reported. At the end of April, the value of the group’s like-for-like order book was slightly ahead of last year, despite a substantial reduction in Australia.”

Keller will announce its preliminary half year results on 3 August.

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