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Keller’s first half revenues top £1bn

keller malaysia

Keller has announced that its worldwide revenues for the first half of 2018 were £1.075bn, up 8% from £991M for the same period last year.

The company also reported that underlying EBITDA was up 7% on the first six months of 2017 at £83.5M as a result of a strong performance in its North America and Europe, Middle East and Africa (EMEA) regions despite poor weather.

Losses in the Asia Pacific (APAC) region were also reported to be substantially reduced with a profitable second quarter recorded and encouraging orderbook.

“We remain encouraged by the group’s progress,” said Keller chief executive Alain Michaelis. “Despite a harsh northern hemisphere winter, we are reporting a strong financial performance for the first half of the year. Broadly healthy markets, consistent operational delivery and business improvement projects have all contributed to this performance.

“We remain well positioned to benefit from the global trends of urbanisation and infrastructure growth and we continue to advance our strategic objectives. We are confident of making further progress in the second half.”

According to Keller’s statement, the UK – which represents 3% of the company’s overall revenue – is “having a quiet year in a more difficult market”. Despite delays to HS2, on which Keller is targeting significant work, the firm believes that the UK market for geotechnical work should increase notably in 2019 and 2020.

The company also said that its core businesses in continental Europe continue to perform well, reflecting the favourable construction market in the region. The Middle East was also reported to be relatively quiet but Keller said that it is close to securing some major projects in the region which will result in a busier second half.

Keller’s interim results statement also included a look at the prospects for the next six months and said that the “majority of markets remain robust”. The report said: “Bidding activity is at a healthy level and Keller is well positioned to address the continuing global market trends of urbanisation and infrastructure growth.

“There is good momentum in most of our business units and we continue to expect APAC to record a full year profit in 2018. EMEA’s underlying business performance remains healthy, and our North America business has returned to growth. As a result, the Board expects further progress during the second half, and remains confident that the group’s full year results will be in line with its expectations.”

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