- Part 2: For the preceding part double click ID:nRSZ8279Fa
Receivables 4.2 (0.7) 3.5
Other assets 0.3 - 0.3
Loans and borrowings (1.8) - (1.8)
Deferred tax - (0.3) (0.3)
Other liabilities (1.5) (2.2) (3.7)
9.2 (2.4) 6.8
Goodwill 6.6
Total consideration 13.4
Satisfied by
Initial cash consideration 12.8
Contingent consideration 0.6
13.4
On 29 February 2016, the group acquired 100% of the share capital of the
Tecnogeo group of companies, a business based in Sao Paulo, Brazil, for an
initial cash consideration of £12.8m (BRL 60.8m). The fair value of the
intangible assets acquired represents the fair value of customer contracts at
the date of acquisition and the trade name. Goodwill arising on acquisition is
attributable to the knowledge and expertise of the assembled workforce, the
expectation of future contracts and customer relationships and the operating
synergies that arise from the group's strengthened market position.
On 4 April 2016, the group acquired assets and certain liabilities of
Smithbridge Group Pty Limited, a business based in Brisbane, Australia, for an
initial cash consideration of £1.8m (A$3.4m). The purchase price reflects the
fair value of the assets and liabilities acquired.
5. Non-underlying items
Non-underlying items include items which are exceptional by their size or are
non-trading in nature and comprise the following:
Amortisation of acquired intangible assets (9.0) (9.7)
Exceptional restructuring costs - (14.3)
Contingent consideration: additional amounts provided (1.6) (3.9)
Acquisition costs - (0.7)
Non-underlying items in operating costs (1.6) (18.9)
Exceptional contract dispute 21.0 14.3
Contingent consideration: provision released 2.2 4.2
Non-underlying items in other operating income 23.2 18.5
Total non-underlying items in operating profit 12.6 (10.1)
Non-underlying finance costs (0.7) (1.1)
Total non-underlying items before taxation 11.9 (11.2)
Total non-underlying items before taxation
11.9
(11.2)
Amortisation of acquired intangible assets primarily relate to Keller Canada,
Austral, Bencor and Franki Africa.
Additional contingent consideration provided relates to the Geo-Foundations
and Ellington Cross acquisitions.
The £21.0m exceptional profit relating to the contract dispute represents the
gain on disposal of the freehold of the processing and warehousing facility at
Avonmouth, near Bristol, acquired in 2016 (note 9), rental income less
operating costs to the date of disposal and insurance recoveries in the
period. The £14.3m exceptional profit in 2016 relating to the contract dispute
is attributable to insurance proceeds received after an initial settlement
with insurers, rental income less operating costs from the acquired processing
and warehousing facility and the reversal of impairment of the valuation of
the property following an external valuation at 31 December 2016.
Contingent consideration released relates to adjustments to estimated amounts
payable for the Austral and Ansah acquisitions.
The £14.3m exceptional restructuring charge in 2016 relates to asset write
downs, redundancy costs and other reorganisation charges in markets
experiencing significantly depressed trading conditions (Singapore, Australia,
Canada and South Africa). This includes the write-down of surplus equipment to
current market values where it is not being relocated to more active parts of
the group.
6. Dividends payable to equity holders of the parent
Ordinary dividends on equity shares:
2017 2016
£m £m
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2016 of 19.25p (2015: 18.3p) per share 13.8 13.1
Interim dividend for the year ended 31 December 2017 of 9.7p (2016: 9.25p) per share 7.0 6.7
20.8 19.8
The Board has recommended a final dividend for the year ended 31 December 2017
of £17.6m, representing 24.5p (2016: 19.25p) per share. The proposed dividend
is subject to approval by shareholders at the AGM on 23 May 2018 and has not
been included as a liability in these financial statements.
7. Earnings per share
Basic and diluted earnings per share are calculated as follows:
Earnings attributable to equity holders of the parent before non-underlying items Earnings attributable to equity holders of the parent
2017 2016 2017 2016
Basic and diluted earnings (£m) 73.6 54.5 87.1 47.2
Weighted average number of shares (million)
Basic number of ordinary shares outstanding 72.0 71.8 72.0 71.8
Effect of dilutive potential ordinary shares:
Share options and awards 0.3 1.1 0.3 1.1
Diluted number of ordinary shares outstanding 72.3 72.9 72.3 72.9
Earnings per share
Basic earnings per share (pence) 102.2 75.9 121.0 65.7
Diluted earnings per share (pence) 101.8 74.8 120.5 64.7
8. Share capital and reserves
2017 2016
£m £m
Allotted, called up and fully paid
Equity share capital:73,099,735 ordinary shares of 10p each (2016: 73,099,735) 7.3 7.3
The Company has one class of ordinary shares, which carries no rights to fixed
income. There are no restrictions on the transfer of these shares.
The capital redemption reserve is a non-distributable reserve created when the
Company's shares were redeemed or purchased other than from the proceeds of a
fresh issue of shares.
The other reserve is a non-distributable reserve created when merger relief
was applied to an issue of shares under section 612 of the Companies Act 2006
to part fund the acquisition of Keller Canada. The reserve becomes
distributable should Keller Canada be disposed of.
The total number of shares held in Treasury was 1.1m (2016: 1.1m).
9. Non-current assets held for sale
On 12 May 2016, the group acquired the freehold of a processing and
warehousing facility at Avonmouth, near Bristol, for a consideration of £62m.
As set out in the 2015 Annual Report and Accounts, the group's final liability
with regards to the historic contract dispute involving the property was in
part dependent on the value of the property. In order to maximise this value,
the group decided to acquire the property with a view to marketing it to third
parties.
In accordance with IFRS 5, the property was being held at the lower of
carrying amount and fair value less costs to sell. At 30 June 2016, the fair
value of the property was £48m, based on an external valuation. The property
was impaired by £14m at 30 June 2016, however the group previously held a £14m
provision for the diminution in value of the property as part of the overall
contract dispute provision, and therefore no additional impairment charge was
recognised. At 31 December 2016, the fair value of the property based on an
external valuation was £54m. The £6m reversal of impairment was recognised in
2016 as exceptional other operating income (note 5).
On 11 May 2017, the group disposed of the property for a consideration of
£62m. The £8m gain on disposal has been recognised as an exceptional item
within other operating income in the period (note 5).
10. Related party transactions
Transactions between the parent, its subsidiaries and joint operations, which
are related parties, have been eliminated on consolidation.
11. Post balance sheet events
There were no material post balance sheet events between the balance sheet
date and the date of this report.
Adjusted performance measures
The group's results as reported under International Financial Reporting
Standards (IFRS) and presented in the financial statements (the "statutory
results") are significantly impacted by movements in exchange rates relative
to sterling, as well as by exceptional items and non-trading amounts relating
to acquisitions.
As a result, adjusted performance measures have been used throughout this
report to describe the group's underlying performance. The Board and Executive
Committee use these adjusted measures to assess the performance of the
business because they consider them more representative of the underlying
ongoing trading result and allow more meaningful comparison to prior year.
Underlying measures
The term "underlying" excludes the impact of items which are exceptional by
their size or are non-trading in nature, including amortisation of acquired
intangible assets and other non-trading amounts relating to acquisitions
(collectively "non-underlying items"), net of any associated tax. Underlying
measures allow management and investors to compare performance without the
potentially distorting effects of one-off items or non-trading items.
Non-underlying items are disclosed separately in the financial statements
where it is necessary to do so to provide further understanding of the
financial performance of the group.
Constant currency measures
The constant currency basis ("constant currency") adjusts the comparative to
exclude the impact of movements in exchange rates relative to sterling. This
is achieved by retranslating the 2016 results of overseas operations into
sterling at the 2017 average exchange rates.
A reconciliation between the underlying results and the reported statutory
results is shown on the face of the consolidated income statement, with
non-underlying items detailed in note 5. A reconciliation between the 2016
underlying result to the 2016 constant currency result is shown below and
compared to the underlying 2017 performance:
Revenue by segment
Statutory2017 Statutory2016 Impact of exchange movements2016 Constant currency 2016 Statutory change Constant currencychange
£m £m £m £m % %
North America 968.7 952.9 53.7 1,006.6 +2% -4%
EMEA 737.2 552.6 34.2 586.8 +33% +26%
APAC 364.7 274.5 18.1 292.6 +33% +25%
Group 2,070.6 1,780.0 106.0 1,886.0 +16% +10%
Underlying operating profit by segment
Underlying2017 Underlying2016 Impact of exchange movements2016 Constant currency 2016 Underlying change Constant currencychange
£m £m £m £m % %
North America 78.7 86.9 4.3 91.2 -9% -14%
EMEA 53.3 30.2 0.5 30.7 +76% +74%
APAC (16.5) (18.0) (1.3) (19.3) +8% +15%
Central items and eliminations (6.8) (3.8) - (3.8) -79% -79%
Group 108.7 95.3 3.5 98.8 +14% +10%
Underlying operating margin
Underlying operating margin is underlying operating profit as a percentage of
revenue.
Other adjusted measures
Where not presented and reconciled on the face of the consolidated income
statement, consolidated balance sheet or consolidated cash flow statement, the
adjusted measures are reconciled to the IFRS statutory numbers below:
EBITDA
2017 2016
£m £m
Operating profit before non-underlying items 108.7 95.3
Depreciation of property, plant and equipment 67.3 62.0
Amortisation of intangible assets 1.2 1.3
Underlying EBITDA 177.2 158.6
Non-underlying items in operating costs (1.6) (18.9)
Non-underlying items in other operating income 23.2 18.5
EBITDA 198.8 158.2
Net finance costs
2017 2016
£m £m
Finance income (3.8) (1.6)
Finance costs before non-underlying items 13.8 11.8
Underlying net finance costs 10.0 10.2
Non-underlying finance costs 0.7 1.1
Net finance costs 10.7 11.3
Net capital expenditure
2017 2016
£m £m
Acquisition of property, plant and equipment 84.2 78.2
Acquisition of intangible assets 0.8 0.6
Proceeds from sale of property, plant and equipment (10.5) (5.8)
Net capital expenditure 74.5 73- Part 2: For the preceding part double click ID:nRSZ8279Fa
Tecnogeo
Carrying Fair value Fair value
amount adjustment
£m £m £m
Net assets acquired
Intangible assets - 0.8 0.8
Property, plant and equipment 6.8 - 6.8
Cash and cash equivalents 1.2 - 1.2
Receivables 4.2 (0.7) 3.5
Other assets 0.3 - 0.3
Loans and borrowings (1.8) - (1.8)
Deferred tax - (0.3) (0.3)
Other liabilities (1.5) (2.2) (3.7)
9.2 (2.4) 6.8
Goodwill 6.6
Total consideration 13.4
Satisfied by
Initial cash consideration 12.8
Contingent consideration 0.6
13.4
On 29 February 2016, the group acquired 100% of the share capital of the
Tecnogeo group of companies, a business based in Sao Paulo, Brazil, for an
initial cash consideration of £12.8m (BRL 60.8m). The fair value of the
intangible assets acquired represents the fair value of customer contracts at
the date of acquisition and the trade name. Goodwill arising on acquisition is
attributable to the knowledge and expertise of the assembled workforce, the
expectation of future contracts and customer relationships and the operating
synergies that arise from the group's strengthened market position.
On 4 April 2016, the group acquired assets and certain liabilities of
Smithbridge Group Pty Limited, a business based in Brisbane, Australia, for an
initial cash consideration of £1.8m (A$3.4m). The purchase price reflects the
fair value of the assets and liabilities acquired.
5. Non-underlying items
Non-underlying items include items which are exceptional by their size or are
non-trading in nature and comprise the following:
2017 2016
£m £m
Amortisation of acquired intangible assets (9.0) (9.7)
Exceptional restructuring costs - (14.3)
Contingent consideration: additional amounts provided (1.6) (3.9)
Acquisition costs - (0.7)
Non-underlying items in operating costs (1.6) (18.9)
Exceptional contract dispute 21.0 14.3
Contingent consideration: provision released 2.2 4.2
Non-underlying items in other operating income 23.2 18.5
Total non-underlying items in operating profit 12.6 (10.1)
Non-underlying finance costs (0.7) (1.1)
Total non-underlying items before taxation 11.9 (11.2)
Amortisation of acquired intangible assets primarily relate to Keller Canada,
Austral, Bencor and Franki Africa.
Additional contingent consideration provided relates to the Geo-Foundations
and Ellington Cross acquisitions.
The £21.0m exceptional profit relating to the contract dispute represents the
gain on disposal of the freehold of the processing and warehousing facility at
Avonmouth, near Bristol, acquired in 2016 (note 9), rental income less
operating costs to the date of disposal and insurance recoveries in the
period. The £14.3m exceptional profit in 2016 relating to the contract
dispute is attributable to insurance proceeds received after an initial
settlement with insurers, rental income less operating costs from the acquired
processing and warehousing facility and the reversal of impairment of the
valuation of the property following an external valuation at 31 December 2016.
Contingent consideration released relates to adjustments to estimated amounts
payable for the Austral and Ansah acquisitions.
The £14.3m exceptional restructuring charge in 2016 relates to asset write
downs, redundancy costs and other reorganisation charges in markets
experiencing significantly depressed trading conditions (Singapore, Australia,
Canada and South Africa). This includes the write-down of surplus equipment to
current market values where it is not being relocated to more active parts of
the group.
6. Dividends payable to equity holders of the parent
Ordinary dividends on equity shares:
2017 2016
£m £m
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2016 of 19.25p (2015: 18.3p) per 13.8 13.1
share
Interim dividend for the year ended 31 December 2017 of 9.7p (2016: 9.25p) per 7.0 6.7
share
20.8 19.8
The Board has recommended a final dividend for the year ended 31 December 2017
of £17.6m, representing 24.5p (2016: 19.25p) per share. The proposed dividend
is subject to approval by shareholders at the AGM on 23 May 2018 and has not
been included as a liability in these financial statements.
7. Earnings per share
Basic and diluted earnings per share are calculated as follows:
Earnings attributable to equity holders of the parent before non-underlying Earnings attributable to equity holders of the parent
items
2017 2016 2017 2016
Basic and diluted earnings (£m) 73.6 54.5 87.1 47.2
Weighted average number of shares (million)
Basic number of ordinary shares outstanding 72.0 71.8 72.0 71.8
Effect of dilutive potential ordinary shares:
Share options and awards 0.3 1.1 0.3 1.1
Diluted number of ordinary shares outstanding 72.3 72.9 72.3 72.9
Earnings per share
Basic earnings per share (pence) 102.2 75.9 121.0 65.7
Diluted earnings per share (pence) 101.8 74.8 120.5 64.7
8. Share capital and reserves
2017 2016
£m £m
Allotted, called up and fully paid
Equity share capital:
73,099,735 ordinary shares of 10p each (2016: 73,099,735) 7.3 7.3
The Company has one class of ordinary shares, which carries no rights to fixed
income. There are no restrictions on the transfer of these shares.
The capital redemption reserve is a non-distributable reserve created when the
Company's shares were redeemed or purchased other than from the proceeds of a
fresh issue of shares.
The other reserve is a non-distributable reserve created when merger relief
was applied to an issue of shares under section 612 of the Companies Act 2006
to part fund the acquisition of Keller Canada. The reserve becomes
distributable should Keller Canada be disposed of.
The total number of shares held in Treasury was 1.1m (2016: 1.1m).
9. Non-current assets held for sale
On 12 May 2016, the group acquired the freehold of a processing and
warehousing facility at Avonmouth, near Bristol, for a consideration of £62m.
As set out in the 2015 Annual Report and Accounts, the group's final liability
with regards to the historic contract dispute involving the property was in
part dependent on the value of the property. In order to maximise this value,
the group decided to acquire the property with a view to marketing it to third
parties.
In accordance with IFRS 5, the property was being held at the lower of
carrying amount and fair value less costs to sell. At 30 June 2016, the fair
value of the property was £48m, based on an external valuation. The property
was impaired by £14m at 30 June 2016, however the group previously held a
£14m provision for the diminution in value of the property as part of the
overall contract dispute provision, and therefore no additional impairment
charge was recognised. At 31 December 2016, the fair value of the property
based on an external valuation was £54m. The £6m reversal of impairment was
recognised in 2016 as exceptional other operating income (note 5).
On 11 May 2017, the group disposed of the property for a consideration of
£62m. The £8m gain on disposal has been recognised as an exceptional item
within other operating income in the period (note 5).
10. Related party transactions
Transactions between the parent, its subsidiaries and joint operations, which
are related parties, have been eliminated on consolidation.
11. Post balance sheet events
There were no material post balance sheet events between the balance sheet
date and the date of this report.
Adjusted performance measures
The group's results as reported under International Financial Reporting
Standards (IFRS) and presented in the financial statements (the "statutory
results") are significantly impacted by movements in exchange rates relative
to sterling, as well as by exceptional items and non-trading amounts relating
to acquisitions.
As a result, adjusted performance measures have been used throughout this
report to describe the group's underlying performance. The Board and Executive
Committee use these adjusted measures to assess the performance of the
business because they consider them more representative of the underlying
ongoing trading result and allow more meaningful comparison to prior year.
Underlying measures
The term "underlying" excludes the impact of items which are exceptional by
their size or are non-trading in nature, including amortisation of acquired
intangible assets and other non-trading amounts relating to acquisitions
(collectively "non-underlying items"), net of any associated tax. Underlying
measures allow management and investors to compare performance without the
potentially distorting effects of one-off items or non-trading items.
Non-underlying items are disclosed separately in the financial statements
where it is necessary to do so to provide further understanding of the
financial performance of the group.
Constant currency measures
The constant currency basis ("constant currency") adjusts the comparative to
exclude the impact of movements in exchange rates relative to sterling. This
is achieved by retranslating the 2016 results of overseas operations into
sterling at the 2017 average exchange rates.
A reconciliation between the underlying results and the reported statutory
results is shown on the face of the consolidated income statement, with
non-underlying items detailed in note 5. A reconciliation between the 2016
underlying result to the 2016 constant currency result is shown below and
compared to the underlying 2017 performance:
Revenue by segment
Statutory Statutory Impact of exchange movements Constant Statutory Constant
2017 2016 2016 currency change currency
2016 change
£m £m £m £m % %
North America 968.7 952.9 53.7 1,006.6 +2% -4%
EMEA 737.2 552.6 34.2 586.8 +33% +26%
APAC 364.7 274.5 18.1 292.6 +33% +25%
Group 2,070.6 1,780.0 106.0 1,886.0 +16% +10%
Underlying operating profit by segment
Underlying Underlying Impact of exchange movements Constant Underlying Constant
2017 2016 2016 currency change currency
2016 change
£m £m £m £m % %
North America 78.7 86.9 4.3 91.2 -9% -14%
EMEA 53.3 30.2 0.5 30.7 +76% +74%
APAC (16.5) (18.0) (1.3) (19.3) +8% +15%
Central items and eliminations (6.8) (3.8) - (3.8) -79% -79%
Group 108.7 95.3 3.5 98.8 +14% +10%
Underlying operating margin
Underlying operating margin is underlying operating profit as a percentage of
revenue.
Other adjusted measures
Where not presented and reconciled on the face of the consolidated income
statement, consolidated balance sheet or consolidated cash flow statement, the
adjusted measures are reconciled to the IFRS statutory numbers below:
EBITDA
2017 2016
£m £m
Operating profit before non-underlying items 108.7 95.3
Depreciation of property, plant and equipment 67.3 62.0
Amortisation of intangible assets 1.2 1.3
Underlying EBITDA 177.2 158.6
Non-underlying items in operating costs (1.6) (18.9)
Non-underlying items in other operating income 23.2 18.5
EBITDA 198.8 158.2
Net finance costs
2017 2016
£m £m
Finance income (3.8) (1.6)
Finance costs before non-underlying items 13.8 11.8
Underlying net finance costs 10.0 10.2
Non-underlying finance costs 0.7 1.1
Net finance costs 10.7 11.3
Net capital expenditure
2017 2016
£m £m
Acquisition of property, plant and equipment 84.2 78.2
Acquisition of intangible assets 0.8 0.6
Proceeds from sale of property, plant and equipment (10.5) (5.8)
Net capital expenditure 74.5 73.0
Net debt
2017 2016
£m £m
Current loans and borrowings 48.3 54.0
Non-current loans and borrowings 248.9 336.0
Cash and cash equivalents (67.7) (84.4)
Net debt 229.5 305.6
Order book
The group's disclosure of its order book is aimed to provide insight into its
backlog of work and future performance. The group's order book is not a
measure of past performance and therefore cannot be derived from its financial
statements. The group's order book comprises the unexecuted elements of orders
on contracts that have been awarded. Where a contract is subject to
variations, only secured variations are included in the reported order book.
For further information, please contact:
Keller Group plc www.keller.com (http://www.keller.com/)
James Hind, Finance Director 020 7616 7575
Victoria Huxster, Head of Investor Relations
Finsbury
Gordon Simpson 020 7251 3801
James Kavanagh
A presentation for analysts will be held at 9.30am at
The Great Hall, One Moorgate Place - Chartered Accountants Hall,
1 Moorgate Place, London EC2R 6EA
A live webcast will be available from 9.30am and, on demand, from 2.00pm at
http://www.investis-live.com/keller/5a61ec8f4799cb1300a0a374/yrhy
(http://www.investis-live.com/keller/5a61ec8f4799cb1300a0a374/yrhy)
Notes to editors:
Keller is the world's largest geotechnical contractor, providing technically
advanced geotechnical solutions to the construction industry. With annual
revenue of around £2.0bn, Keller has approximately 10,000 staff world-wide.
Keller is the clear market leader in the US, Canada, Australia and South
Africa; it has prime positions in most established European markets and a
strong profile in many developing markets.
Cautionary statements:
This document contains certain 'forward looking statements' with respect to
Keller's financial condition, results of operations and business and certain
of Keller's plans and objectives with respect to these items.
Forward looking statements are sometimes, but not always, identified by their
use of a date in the future or such words as 'anticipates', 'aims', 'due',
'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans',
'potential', 'reasonably possible', 'targets', 'goal' or 'estimates'. By their
very nature forward-looking statements are inherently unpredictable,
speculative and involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future.
There are a number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to, changes in the
economies and markets in which the group operates; changes in the regulatory
and competition frameworks in which the group operates; the impact of legal or
other proceedings against or which affect the group; and changes in interest
and exchange rates.
All written or verbal forward looking statements, made in this document or
made subsequently, which are attributable to Keller or any other member of the
group or persons acting on their behalf are expressly qualified in their
entirety by the factors referred to above. Keller does not intend to update
these forward looking statements.
Nothing in this document should be regarded as a profits forecast.
This document is not an offer to sell, exchange or transfer any securities of
Keller Group plc or any of its subsidiaries and is not soliciting an offer to
purchase, exchange or transfer such securities in any jurisdiction. Securities
may not be offered, sold or transferred in the United States absent
registration or an applicable exemption from the registration requirements of
the US Securities Act of 1933 (as amended).
LEI number: 549300QO4MBL43UHSN10 Classification: 1.1
(Annual financial and audit reports)
This information is provided by RNS
The company news service from the London Stock Exchange
.0
Net debt
2017 2016
£m £m
Current loans and borrowings 48.3 54.0
Non-current loans and borrowings 248.9 336.0
Cash and cash equivalents (67.7) (84.4)
Net debt 229.5 305.6
Order book
The group's disclosure of its order book is aimed to provide insight into its
backlog of work and future performance. The group's order book is not a
measure of past performance and therefore cannot be derived from its financial
statements. The group's order book comprises the unexecuted elements of orders
on contracts that have been awarded. Where a contract is subject to
variations, only secured variations are included in the reported order book.
For further information, please contact:
Keller Group plc www.keller.com
James Hind, Finance DirectorVictoria Huxster, Head of Investor Relations 020 7616 7575
Finsbury
Gordon SimpsonJames Kavanagh 020 7251 3801
A presentation for analysts will be held at 9.30am at
The Great Hall, One Moorgate Place - Chartered Accountants Hall,
1 Moorgate Place, London EC2R 6EA
A live webcast will be available from 9.30am and, on demand, from 2.00pm at
http://www.investis-live.com/keller/5a61ec8f4799cb1300a0a374/yrhy
Notes to editors:
Keller is the world's largest geotechnical contractor, providing technically
advanced geotechnical solutions to the construction industry. With annual
revenue of around £2.0bn, Keller has approximately 10,000 staff world-wide.
Keller is the clear market leader in the US, Canada, Australia and South
Africa; it has prime positions in most established European markets and a
strong profile in many developing markets.
Cautionary statements:
This document contains certain 'forward looking statements' with respect to
Keller's financial condition, results of operations and business and certain
of Keller's plans and objectives with respect to these items.
Forward looking statements are sometimes, but not always, identified by their
use of a date in the future or such words as 'anticipates', 'aims', 'due',
'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans',
'potential', 'reasonably possible', 'targets', 'goal' or 'estimates'. By their
very nature forward-looking statements are inherently unpredictable,
speculative and involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future.
There are a number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to, changes in the
economies and markets in which the group operates; changes in the regulatory
and competition frameworks in which the group operates; the impact of legal or
other proceedings against or which affect the group; and changes in interest
and exchange rates.
All written or verbal forward looking statements, made in this document or
made subsequently, which are attributable to Keller or any other member of the
group or persons acting on their behalf are expressly qualified in their
entirety by the factors referred to above. Keller does not intend to update
these forward looking statements.
Nothing in this document should be regarded as a profits forecast.
This document is not an offer to sell, exchange or transfer any securities of
Keller Group plc or any of its subsidiaries and is not soliciting an offer to
purchase, exchange or transfer such securities in any jurisdiction. Securities
may not be offered, sold or transferred in the United States absent
registration or an applicable exemption from the registration requirements of
the US Securities Act of 1933 (as amended).
LEI number: 549300QO4MBL43UHSN10
Classification: 1.1 (Annual financial and audit reports)
This information is provided by RNS
The company news service from the London Stock Exchange