Groundworks giant posts strong results thanks to international expansion
Growth overseas helped groundworks giant Keller double pre-tax profit in the financial year ended 31 December 2012.
The London-listed specialist posted pre-tax profit of 拢43.5m, up from 拢21.9m the previous year, while revenue also grew 14% to 拢1.32bn from 拢1.2bn.
The firm鈥檚 home region of Europe, the Middle East and Africa (EMEA) was the only one of its four divisions not to grow revenue and profit.
EMEA revenue fell 7% to 拢359m from 拢385m, while operating profit fell from 拢8.4m to 拢2.2m.
The firm鈥檚 North America business grew particularly strongly, while the firm鈥檚 Asia and Australian businesses also grew.
This year Keller expects 鈥渃ontinued steady strengthening鈥� in North America and 鈥済ood opportunities鈥� in Asia and Australia, although the firm said this year may be a 鈥減eriod of consolidation鈥� in these regions after a 鈥渧ery strong 2012鈥�.
Justin Atkinson, Keller chief executive, said: 鈥淭hese results reflect an improved performance in three of our four divisions, driven by a combination of the self-help measures taken across the Group and a strong performance by our business in North America, where market conditions continue to improve.
鈥淲hilst our EMEA division faced very challenging markets across most of Europe, resulting in a first-half loss, its performance improved as the year progressed and it made a profit for the year as a whole.
鈥淥verall, we are confident that 2013 will be another year of progress and that the measures we have taken, and continue to take, will further improve and develop our business.鈥�
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