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Record profits for Keller despite challenges

Money

Geotechnical contractor Keller has reported mixed financial results for 2016, citing record revenue of £1.78bn along with an 31% increase in pretax profits, before accounting for exceptional items.

Strong growth in Europe, the Middle East and Africa drove the 14% increase on the £1.56bn revenue reported for 2015. Pretax profit increased to £73.9M from £56.3M last year.

Performance was hit by the company’s Asia and Australia business, which made an operating loss of £18M after making operating profits of £11.7M in 2015. Keller chief executive Alain Michaelis said profits in the region could rebound this year.

He added it is too early to see a “Brexit effect” in the results, stressing that the UK is only 4% of Keller’s global market.

“I think it’s too early to say whether Brexit is on us, but we retain a, shall we say, a cautious stance in the UK,” he said.

In 2017 Keller will work on High Speed 2 in the UK and will provide consulting services for the Grand Paris metro scheme.

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