Keller Group plc (“Keller” or “the Group”), the international ground engineering specialist, is pleased to announce its full year results for the year ended 31 December 2010.
Highlights include:
- Further delivery on our strategy of geographic diversification, with 38% of 2010 revenue from Australia and developing markets, up from 13% five years ago
- Total revenue from Australia and developing markets of £404m (2009: £276m), with record revenue from Australia, Poland and all of our Asian businesses
- Acquisitions in Australia and the US mark further progress in the Group’s long-term growth strategy
- £70.3m of cash generated from operations, reflecting strong focus on cash collection and working capital
- Year-end net debt of £94.0m (1.1x EBITDA); following refinancing in December, committed facilities now £240m, with substantial covenant headroom
- Total dividend of 22.8p per share (2009: 21.75p), a 5% increase, maintaining Keller’s track record of increasing the dividend every year since flotation
- Order book up 13% on last year
Justin Atkinson, Keller Chief Executive said:
“Keller faced many challenges in 2010, particularly in the US and much of Western Europe, where construction markets remained depressed. However, our combination of strengths, including the breadth of our product offering, excellent operational capabilities and a strong balance sheet to support our ambitions, have served us well in the past and will underpin our delivery of sustained long-term growth in the future.”
A presentation for analysts will be held at 9.30am at The London Stock Exchange,
10 Paternoster Square, London, EC4M 7LS
A live audio webcast will be available from 9.30 am and, on demand, from 2.00 pm at http://www.keller.co.uk//investors/results-centre/latest-results.aspx
Print resolution images are available for the media to download from www.vismedia.co.uk
Notes to Editors:
Keller is the world’s largest independent ground engineering specialist, providing technically advanced and cost-effective foundation solutions to the construction industry. With 2010 revenue of £1.1 billion, Keller is a member of the FTSE-250. It has around 6,000 staff world-wide, with offices in around 40 countries on five continents.
Keller is the market leader in the US and Australia; it has prime positions in most established European markets; and a strong and growing profile in many developing markets.