14th May 2025 10:29
(Alliance News) - Keller Group PLC on Wednesday said trading at the start of the year has been "strong", though the North American market was less robust than 12 months earlier.
Shares in the company advanced 1.6% to 1,568.00 pence in London on Wednesday morning.
The geotechnical engineering firm maintained expectations for 2025, after trading in the first four months maintained "the momentum achieved in recent years". The update came ahead of its annual general meeting on Wednesday.
Keller, however, noted that it traded in a "North American market which, as anticipated, was less buoyant than the prior year".
"In North America, trading continued to be strong, driven by ongoing infrastructure spend and the sustained improvement in the operational performance of the foundations business. At Suncoast, as expected, soft market conditions in the residential segment weighed on pricing. Moretrench Industrial performed strongly in the period," London-based Keller said.
"In the Europe and Middle East Division, weak demand persisted in the residential and commercial sectors across Europe, whilst the infrastructure sector continued to remain resilient. The previously highlighted challenging project in the division is performing to plan operationally and our discussions with the client to remedy the commercial performance continue. The APAC division continued to perform well."
Keller in its March annual results predicted "further progress in 2025 and a return to our typical second half weighting". It had an "exceptionally strong first half" last year.
Numbers showed pretax profit jumped 46% in 2024 to GBP183.9 million from GBP125.6 million in 2023. Revenue improved 0.7% to GBP2.99 billion from GBP2.97 billion. At constant currency, the revenue rise was 4%.
Keller said it has a "limited direct exposure" to tariffs announced by US President Donald Trump.
"However, we remain cognisant of the current macroeconomic uncertainty and the potential impact of tariffs on economic activity generally, along with any future US tax changes and a foreign exchange headwind that could build if the dollar weakens further," it added.
Keller will announce half-year results on August 5.
By Eric Cunha, Alliance News news editor
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