Press releases

Full Year Results Announcement for the year ended 31 December 2008

02 March 2009

Keller Group plc (“Keller” or “the Group”), the international ground engineering specialist, is pleased to announce its preliminary results for the year ended 31 December 2008.

Highlights include:

• Revenue* of £1,196.6m (2007: £955.1m), up 25%
  
• Like-for-like organic revenue growth of 12%, with particularly strong growth in Eastern Europe, Middle East and Australia
  
• Excellent operating margin* of 10.0% (2007: 11.2%)
  
• Profit before tax* up 10% to £113.2m (2007: £103.2m)
  
• Earnings per share* up 14% to 111.1p (2007: 97.6p)
  
• Proposed final dividend of 13.8p (2007: 12.0p), taking the total dividend for the year to 20.7p (2007: 18.0p), a 15% increase
  
• Cash generated from operations* represents 99% of EBITDA
  
• Net debt of £84.6m (2007: £54.5m) after £20.7m of adverse currency movements; committed facilities of £225m with substantial covenant headroom
  
• Current order book down around 10% from last year in constant currency terms – slightly up in sterling terms
  

*from continuing operations

Justin Atkinson, Keller Chief Executive said:

“I am pleased to report that 2008 was another excellent year. However, as we move into 2009, we are encountering tougher conditions in almost all our markets and we expect this to continue for some time.

“With our strong balance sheet, our broad geographic spread and our reputation for safe, reliable and profitable work, we are well placed to weather the current global economic uncertainty.

“By continuing to focus on what we do best, we expect to maintain our track record of out-performing general construction markets over the medium to long term.”

For further information, please contact:

Keller Group plc	www.keller.co.uk
Justin Atkinson, Chief Executive	020 7616 7575
James Hind, Finance Director
Smithfield
Reg Hoare/Rupert Trefgarne/Will Henderson	020 7360 4900

A presentation for analysts will be held at 9.15 for 9.30am at The Theatre & Gallery, London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS
Print resolution images are available for the media to download from www.vismedia.co.uk

View the full press release in PDF format (464KB)