REG - Keller Group PLC - AGM Trading Update

KellerAnnouncement

15/05/2024 07:00

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RNS Number : 4436O  Keller Group PLC  15 May 2024

 

15 May 2024

Keller Group plc

 

AGM Trading Update

 

A very strong start to the year and a material increase to full year
expectations

 

Keller Group plc ('Keller' or 'the Group'), the world's largest geotechnical
specialist contractor, issues a trading update for the first four months of
the year (the 'period') ahead of its Annual General Meeting to be held at
10.00am today.

 

The strong momentum cited at the Group's full year results in March 2024
continued through the period, with overall performance materially ahead of
prior year. This momentum, combined with a strong order book and recent
contract wins, gives us good visibility and enhanced confidence in performance
for the remainder of the year. Accordingly, we now anticipate full year
performance to be materially ahead of the Board's original expectations.

 

In North America, trading continued to be strong, driven by ongoing
infrastructure spend and the sustained improvement in the operational
performance of the foundations business. Suncoast also performed well and is
ahead of prior year, despite the expected softening of market conditions in
the residential segment, although its momentum is still anticipated to
moderate during the rest of the year.

 

In the Europe and Middle East Division, weak demand persisted in the
residential and commercial sectors across Europe, whilst the infrastructure
sector remained more resilient. In the Nordic region, performance of the
challenging projects in the prior year is improving as a result of management
actions, although one project remained loss-making in the period.

 

In APAC, Austral traded profitably and in line with plan, with no contract
losses following the turnaround of the business in the second half of 2023.
Keller Australia had a strong start to the year, albeit, as anticipated,
trading in the period was lower than the prior year. In ASEAN, continued
market softness persisted, with low levels of activity, whilst Keller India
performed well.

 

The Group's strong cash performance continued in the period and we expect the
Group's net debt/EBITDA leverage ratio to be at the bottom end of the 0.5x -
1.5x range at the half year (H1 2023: 1.2x).

 

The Group will announce Interim Results on 6 August 2024.

 

 

 For further information, please contact:

 Keller Group plc                               www.keller.com (http://www.keller.com)
 Michael Speakman, Chief Executive Officer      020 7616 7575
 David Burke, Chief Financial Officer
 Caroline Crampton, Head of Investor Relations

 FTI Consulting
 Nick Hasell                                    020 3727 1340
 Matthew O'Keeffe

 

Notes to editors:

Keller is the world's largest geotechnical specialist contractor providing a
wide portfolio of advanced foundation and ground improvement techniques used
across the entire construction sector. With around 9,500 staff and operations
across five continents, Keller tackles an unrivalled 5,500 projects every
year, generating annual revenue of c.£3bn.

 

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. For a more detailed description of these risks, uncertainties
and other factors, please see the Principal risks and uncertainties section of
the Strategic report in the Annual Report and Accounts. 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: 3.1 Additional regulated
information

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