The results from Keller Group, the ground engineering specialist which prepares the ground for major construction projects, suggested that it was pretty resilient to the economic slowdown that began in the latter half of last year. The outloook looks less certain, although Keller said that it is well placed to weather the storm and expects to continue to out-perform general construction markets over the medium to long term.
- Revenue of £1,196.6m (2007: £955.1m), up 25% with like-for-like organic revenue growth of 12%, with particularly strong growth in Eastern Europe, Middle East and Australia
- Operating margin of 10.0% (2007: 11.2%)
- Proposed final dividend of 13.8p (2007: 12.0p), taking the total dividend for the year to 20.7p (2007: 18.0p), a 15% increase
- Net debt of £84.6m (2007: £54.5m) after £20.7m of adverse currency movements; committed facilities of £225m with substantial covenant headroom
- Current order book down around 10% from last year in constant currency terms - slightly up in sterling terms from continuing operations
- Justin Atkinson, Keller Chief Executive said:
I am pleased to report that 2008 was another excellent year. However, as we move into 2009, we are encountering tougher conditions in almost all our markets and we expect this to continue for some time. With our strong balance sheet, our broad geographic spread and our reputation for safe, reliable and profitable work, we are well placed to weather the current global economic uncertainty.
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