North American operation accounts for two-thirds of ground engineer鈥檚 business
Keller has turned in another set of record results as the ground engineer reaped the benefits of booming workloads in North America.
The firm said group revenue edged up 1% to 拢2.98bn with pre-tax profit up 46% to 拢184m. Operating profit was up 34% to 拢205m.
Revenue from its biggest business, North America, was up 5% to 拢1.9bn with underlying operating profit up 16% to 拢190m.
Chief executive Michael Speakman said there was no sign of a slowdown in the region despite the recent presidential election. 鈥淚t鈥檚 going from strength to strength,鈥� he said. 鈥淭here鈥檚 no change in the bid rate.鈥�
He said Keller was largely unaffected by President Trump鈥檚 imposition of tariffs, which has seen several countries hit with the tax, including Canada, although he said parts of its Suncoast business, which uses steel foundations, might be impacted.
The firm鈥檚 Europe and Middle East business saw income grow 5% to 拢835m but underlying operating profit fell 18% to 拢8m.
Keller carries out less than 3% of its work in the UK with its major job here being its work on the HS2 line in the Chilterns and further north which is expected to finish in the next 12 months.
Speakman said the new government鈥檚 planned changes to make it easier to build in the UK were a good idea but added: 鈥淪peed is not the biggest issue. The bigger issue is consistency of demand. It doesn鈥檛 do the supply chain any good having peaks and troughs.鈥�
Keller is paying its 31st consecutive dividend since being listed in 1994 with a payment of 49.7p, a rise of 10% on last year. The firm鈥檚 order book was a record 拢1.6bn, up 拢100m, at the year-end.
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