TIDMKLR
RNS Number : 8400L
Keller Group PLC
18 May 2022
18 May 2022
Keller Group plc
AGM Trading Update - full year expectations unchanged
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 ahead of its Annual General Meeting
to be held at 9.30am today.
The Board's expectations for the full year remain unchanged,
despite a challenging environment, supported by our record and
growing order book of GBP1.4bn, and a foreign exchange tailwind.
The Group has had a mixed start to the year, whilst revenues are in
line with our expectations and we have successfully passed on a
significant portion of cost increases in the form of higher prices,
overall Group performance has been affected by materials shortages
and the residual effect of inflation. We expect our full year
performance to have the customary second half weighting, and to
reflect our usual increase in trading momentum as the year
progresses.
In North America, whilst performance in our Foundations
businesses has been impacted by materials shortages, the
inflationary environment, and other operational challenges
impacting project performance, all the other business units have
performed well. Disrupted supply chains are causing some localised
materials shortages, affecting spot pricing and more importantly
materials availability. Suncoast is trading as expected with demand
for single family homes remaining robust. RECON continues to
integrate well into the division and the large energy facility
project in the Gulf Coast is progressing favourably.
We continue to make strategic progress and have completed the
bolt-on acquisition of GKM Consultants Inc, a small geo-structural
measurements and monitoring business based in Quebec, Canada. GKM
will integrate into our Speciality Services business in our North
America Division and will help accelerate our growth in this
specialist segment.
In Europe, the division is trading in line with our expectations
despite several deferred project starts, the residual operational
effects of COVID-19, supply shortages, and the increased
macroeconomic uncertainty in the region. As part of our continuing
strategic review of our asset portfolio, we have successfully
exited two of our more peripheral geographies as we continue to
refine the focus of the division.
AMEA, which was the most impacted by COVID-19 of all our
businesses in 2021, has had a strong start to the year and is
trading in line with expectations. Following the lifting of
COVID-19 related government restrictions in most parts of
Australia, trading activity has begun to recover with good momentum
building. Austral is successfully executing on a number of projects
in its pipeline and India is also performing well. Whilst the ASEAN
business has felt the residual effects of COVID-19 with lower
market demand, we expect trading activity to pick up in the second
half. The business environment in the Middle East and Africa
remains challenging, however, actions we have taken have
significantly improved profitability in the period.
Safety is always our first priority. Last month we held our
inaugural Global Safety Week to recognise our colleagues' efforts
in this critical area and the good progress that is being made. On
our journey to net zero we have made good progress implementing
plans in every business unit to reduce Scope 2 (indirect
emissions).
Outlook
Whilst we have had a mixed start to the year and the environment
continues to be challenging, full year expectations remain
unchanged, supported by our record and growing order book of
GBP1.4bn, and a foreign exchange tailwind. We expect net
debt/EBITDA leverage ratio to remain within the 0.5x-1.5x target
range (2021: 0.8x).
At today's Annual General Meeting approval is being sought for
the 2021 final dividend of 23.3p per share (2020: 23.3p per share)
to be paid on 1 July 2022 to shareholders on the register as at the
close of business on 6 June 2022, resulting in a maintained
dividend for the full year of 35.9p per share. As we advance
through 2022 the Board will review the progression of our
dividend.
The Group's interim results for the half year ending 26 June
2022 will be announced on 2 August 2022.
For further information, please contact:
Keller Group plc 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 6,000 projects every year, generating
annual revenue of more than GBP2bn.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTQDLFFLELBBBE
(END) Dow Jones Newswires
May 18, 2022 02:00 ET (06:00 GMT)
Keller (LSE:KLR)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Keller (LSE:KLR)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024