Geotechnical contractor Keller has seen its global profits more than triple in the first half of 2012 with a rise to £11M against £3.4M for the same period last year, according to its interim results released today. However, the firm continues to face difficulties in Europe, Middle East and Africa (EMEA) and has reported a loss of £2.8M when it had made a profit of £3.2M in the first half of last year to 30 June.
The firm’s biggest region, the North American market, has shown continued improvement with steady growth in residential construction and improved spend in the private power sector. Despite a failure of the public sector work to grow, the firm turned a £1.8M loss for the first half of 2011 into a much improved £7.6M profit for this year. The firm’s order book is also up 18% year on year, suggesting improved results for the second half of 2012.
In the EMEA revenue was down to £160.6M from £191.3M. Despite a resilient economy in Germany making this the strongest market in the region, along with returning the UK business to profit thanks to work on Crossrail and Victoria station, the firm said in a statement that “economic storm clouds over Europe” mean that there are likely to be further challenges ahead for the division.