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(Alliance News) - Geotechnical contractor Keller Group PLC on Tuesday said it was "cautiously optimistic" for 2020, after reporting a sharp profit rise in 2019 amid the non-repeat of restructuring costs.
London-based Keller works with builders of infrastructure and other construction projects on preparing the ground at the site and laying foundations, among other services.
In 2019, revenue was 3.4% higher at GBP2.30 billion from GBP2.22 billion. Pretax profit surged to GBP51.6 million from GBP8.4 million.
In 2019, non-underlying costs were slashed by 55% to GBP28.7 million from GBP64.2 million. Goodwill impairment costs were 33% lower at GBP20.2 million from GBP30.1 million, and Keller reported just GBP7.2 million in exceptional restructuring costs, compared to GBP30.1 million in 2018.
The company raised its full-year dividend by 11% to 40.0 pence per share from 35.9p.
Chief Executive Officer Michael Speakman said: "2019 was a significant year of decisive progress for Keller. The return to profit in Asia-Pacific and the group's strong cashflow generation underpinned the improved financial performance in the year, which was in line with expectations."
Revenue from the APAC region was 27% lower, however, to GBP287.0 million. But there was 15% growth in North America to GBP1.33 billion with a 1.7% uptick in Europe, the Middle East & Africa to GBP679.6 million.
Speakman added: "Whilst we are cautiously optimistic and expect another year of continued progress for Keller, supported by our robust order book, we remain cognisant of challenging global macroeconomic conditions and the potential indirect impact of covid-19."
Keller shares were 6.4% higher at 759.48 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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