14th May 2015 07:19
LONDON (Alliance News) - Ground engineering company Keller Group PLC Thursday said profit and revenue fell in the first four months of 2015 due to the completion of a project in Australia, delays on major projects and the impact of adverse weather conditions in North America.
FTSE 250-listed Keller said profit and revenue in the first four months has fallen as expected, due to the end of the Wheatstone project in Australia, delays on major projects and the heavy snowfall in North America at the end of February and in early March.
Year-to-date contract awards have outpaced revenue, the company said, and its like-for-like order book is higher year-on-year despite the substantial reduction in Australia.
As a result, Keller expects to meet market forecasts for the year, albeit with its results more second-half weighted than they have been traditionally.
"Although we have seen a slow start to 2015, the order book is strong and we anticipate a good second half of the year, underpinned by our US business. Accordingly, we believe that the Group's results for the full year will be in line with current market expectations, albeit more second half weighted than normal," said Justin Atkinson, Keller's outgoing chief executive. Atkinson, as previously announced, has stepped down from the role and has been replaced by Alain Michaelis.
Keller shares were down 3.2% to 995.8 pence just after the open on Thursday, one of the worst performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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