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Market conditions still challenging in Europe says Keller

Keller has reported that its global revenues and profits are ahead of the same period last year in an interim management statement.

In the statement, which covers the period from 1 January to 17 May, the company has said that its global order book is at an all time high with work to be executed over the next 12 months is up approximately 20% on the same time last year.

The company said that its US business is seeing signs of steady recovery and the Asian and Australian businesses are booming, but the company has not seen any improvement in its European operations so far this year.

The company has said that market conditions in some areas of Europe have become even more challenging and the outlook is uncertain, particularly in Spain, Portugal and parts of Eastern Europe. Keller has said that it is continuing to downsize its businesses to a level consistent with the much-reduced market volumes.

In Poland, where the company had a very quiet start to the year, and the UK, volumes are now starting to build up significantly as our work on several large infrastructure projects accelerates. The Crossrail and Victoria Station Upgrade contracts in the UK are progressing well; and in Poland, work is now underway on the £30M Gdansk road tunnel project announced in March and is about to commence on a further contract for ground improvement on the S8 motorway project.

Elsewhere in Europe, trading is broadly as expected and Keller expects to record a small profit in the EMEA region in the second quarter despite incurring a significant loss in the first quarter.

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