REG - Keller Group PLC - Trading Update

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RNS Number : 3160H  Keller Group PLC  13 November 2025

 

 

13 November 2025

Keller Group plc

 

Trading Update

 

Full year outlook remains in line with market expectations(1)

 
 

Keller Group plc ('Keller' or 'the Group'), the world's largest geotechnical
specialist contractor, issues a trading update for the period ended 31 October
2025.

 

The Group remains on track to deliver full-year results in line with market
expectations(1), with our more typical modest weighting towards the second
half as previously guided. Whilst the volatile macroeconomic background is
affecting demand in a number of regions and there are translational FX
headwinds, the Group continues to combine improved operational performance
with a good level of new project wins in our more resilient markets. This
overall sustained performance of the Group together with our strong order
book, maintained at record levels, and healthy tendering pipeline underpins
our confidence in the trading outlook for the short and medium term, whilst
mindful of further FX headwinds.

 

In North America, the Foundations business has performed well through the
period. Whilst the expected normalisation in pricing has continued following
the buoyant market in 2024, the business has sustained the operational
improvements achieved in recent years, delivering healthy margins and is
operating resiliently overall against a softer construction market backdrop.
In addition, it has also benefited from some historic claim settlements. At
Suncoast, the decreased level of activity and softer pricing versus 2024
experienced in the first half has continued, driven by the increasingly weak
US residential market. Moretrench Industrial has continued to perform strongly
and RECON is delivering well at the new LNG project in Louisiana.

 

In the Europe and Middle East Division, we are yet to see any signs of broad
based macroeconomic recovery in Europe, however our strong project delivery
performance achieved in the first half has continued. In the Middle East
trading remains resilient and benefitted from the non-recurrence of losses on
a challenging project.

 

In the Asia-Pacific Division, performance continued to be robust, driven
principally by Austral and India. The foundations business in Australia
benefitted from project close out settlements that offset generally softer
market conditions.

 

Reflecting the Group's continuing strong performance overall and focus on cash
generation, we expect to be approaching a net cash position at the year end,
providing headroom to our net debt/EBITDA target range of 0.5x - 1.5x (H1
2025: 0.2x).

 

On 29 September 2025 Keller announced a further £25 million share buy-back
tranche following the successful completion of an initial £25 million tranche
of our multi-year share buyback programme in the first half of 2025. Keller
has purchased approximately 0.5 million shares for £7.8m since 29 September
2025. The Board regularly reviews the Group's cash performance and ongoing
capital requirements and continues to consider the share buyback programme to
be in the best interests of the Group and its shareholders, providing a
further means of returning surplus capital to shareholders, whilst maintaining
the financial flexibility to invest in the Group's strategy.

 

Commenting on the trading update, James Wroath, CEO of Keller Group plc, said:

 

"Keller remains on track to deliver a full-year performance in line with
market expectations(1) for 2025, despite the ongoing FX headwind. The Group's
sustained record-level order book and geographically diverse portfolio
provides both visibility and resilience in the current mixed economic
conditions, underpinning our confidence of continued delivery. Our strong
balance sheet provides us with flexibility, enabling organic growth as well as
targeted M&A, along with further financial returns to shareholders through
share buybacks."

 

The Group will announce its full year results for 2025 on 3 March 2026.

 

(1)Analyst consensus underlying operating profit for 2025: £214m.

 

 

 

For further information, please contact:

 

 Keller Group plc                               www.keller.com (http://www.keller.com)
 James Wroath, 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 10,000 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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