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(Alliance News) - Keller Group PLC on Tuesday reported "significant progress" in its latest year, with a modest revenue increase and large rises in earnings.
Shares in Keller were up 6.6% at 933.00 pence late on Tuesday morning in London.
The London-based geotechnical engineering firm said pretax profit more than doubled to GBP125.6 million in 2023, from GBP56.3 million in 2022. Basic earnings per share rose 94% to 122.8 pence from 63.3p.
Revenue meanwhile rose 0.7% to a "record" GBP2.97 billion from GBP2.94 billion.
Keller said resilient prices at Suncoast Post-Tension, and strong performances from infrastructure projects in Australia, "more than offset a very disappointing project and business performance in Europe" where demand was weak across the residential and commercial sectors. Keller acquired Houston, Texas-based Suncoast in 2001.
Keller said operating costs decreased 2.7% to GBP2.79 billion from GBP2.86 billion, although its net impairment loss widened to GBP21.7 million from GBP3.2 million.
Keller declared a final dividend of 31.3p per share, up 28% from 24.5p the previous year. This increased the total dividend by 20% to 45.2p from 37.7p.
Looking ahead, Keller "enter[s] the new year with confidence" thanks both to current trading and its "robust order book". It said it expects further progress this year, followed by long-term growth through mergers & acquisitions opportunities, and that the "strong momentum of the business is encouraging".
By Emma Curzon, Alliance News reporter
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