2nd Mar 2015 08:31
LONDON (Alliance News) - Ground engineering company Keller Group PLC on Monday reported a fall in pretax profit in 2014 on the back of a charge taken for a contract dispute, though its adjusted pretax profit and revenue both increased in the year despite being held back by the strength of sterling.
FTSE 250 constituent Keller said its pretax profit for the year was down to GBP28.2 million from GBP52 million a year earlier, primarily due to a GBP56.9 million charge taken on a historical contract in the UK. Excluding exceptional items, its pretax profit for the year rose to GBP85.1 million from GBP74.1 million, though adverse currency translation meant that this measure of pretax profit rose 24% at constant currencies.
Keller said its revenue in the year rose to GBP1.6 billion from GBP1.44 billion last year, boosted by acquisitions made in the second half of 2013 and by revenue increases across its regional businesses.
The company has recommended a final dividend of 16.8 pence per share, bringing its total dividend for the year to 25.2 pence, up 5% year-on-year.
"The 2014 results demonstrate the continued strength of the Group's business model. Our breadth of geographies and capabilities puts us in a good position to pursue future growth which, coupled with strong risk management and ongoing self-help measures, positions us well for the future," said Keller Chief Executive Justin Atkinson.
"Whilst conditions in our main markets remain mixed, the gradual upturn in the US, our largest market, the continuing improvements in our operating performance and our strong order book mean that the group is set for another year of good progress in 2015," Atkinson added.
Keller shares were trading flat at 1,012.70 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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