Keller Group said that signs of a recovery in the geotechnical market are there, despite posting six months results that show a dip in revenue and profits.
For the six months ended 30 June 2009 Keller has reported revenue of £552.6M, down 3% on £568.7M on the same period in 2008. Profit before tax was at £41.0M, down on £54.2M last year. Cash flow from operations was £40.1M, down on £43.6M last year.
“Whilst there are a few encouraging signs, conditions in most of our markets remain tough,” said Keller chief executive Justin Atkinson.
“However, I am confident that over the longer term we will emerge from these difficult conditions in good shape, to take full advantage of the upturn in our markets when it comes.”
Atkinson also announced that Roy Franklin will be taking over as chairman of the firm.
“Today Dr Michael West, who has been our chairman for the past 14 years, retires and hands over to Roy Franklin. On behalf of the Board and all the Group’s employees, I would like to thank Mike for his pivotal role in creating and growing the world-class business that Keller has become,” he said.