REG - Keller Group PLC - AGM Trading Update

KellerAnnouncement

14/05/2025 07:00

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RNS Number : 5312I  Keller Group PLC  14 May 2025

 

14 May 2025

Keller Group plc

 

AGM Trading Update

 

A strong start to the year, full year guidance maintained

 

 

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.

 

Trading in the period was strong, maintaining the momentum achieved in recent
years as a result of a more consistent operational and financial performance
albeit in a North American market which, as anticipated, was less buoyant than
the prior year. This, combined with our strong order book, gives us confidence
that the Group will continue to deliver a full year performance in line with
the Board's expectations, reflecting our more typical second half weighting
(after an exceptionally strong first half in 2024).

 

Given the local nature of our services and supply chain, the Group has limited
direct exposure to the recently announced US tariffs. However, we remain
cognisant of the current macroeconomic uncertainty and the potential impact of
tariffs on economic activity generally, along with any future US tax changes
and a foreign exchange headwind that could build if the USD weakens further.

 

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. At Suncoast, as expected, soft market
conditions in the residential segment weighed on pricing. Moretrench
Industrial performed strongly in the period. In the Europe and Middle East
Division, weak demand persisted in the residential and commercial sectors
across Europe, whilst the infrastructure sector continued to remain resilient.
The previously highlighted challenging project in the division is performing
to plan operationally and our discussions with the client to remedy the
commercial performance continue. The APAC division continued to perform well.

 

The Group's strong cash performance continued in the period and we expect the
Group's net debt/EBITDA leverage ratio to remain below the 0.5x - 1.5x target
range at the half year (2024 HY: 0.3x). Following the launch of the initial
£25m tranche of the multi-year share buyback programme on 31 March 2025, the
Group has to date purchased approximately 1.056m shares at a cost of £15m.

 

The Group will announce its Interim Results on 5 August 2025.

 

 

 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 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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