Ground engineer's results boosted by international expansion
Ground engineering specialist Keller Group has increased pre-tax profit by 19% to £54.2m in the six months ended 30 June 2008.
Its figures, which saw turnover grow 28% from £443.9m to £568.7m, were boosted by its push into new parts of the world.
Chief executive Justin Atkinson said: “The trend of increased geographic diversification has continued, particularly in the Middle East, Eastern Europe and Australia.”
As a result of the drive, more than 60% of profit comes from outside the US compared to 30% three years ago.
Its turnover split was as follows:
- UK - £44.8m (£35.4m)
- US - £245.5m (2007: £232.7m)
- Europe, Middle East and Asia - £204.4m (136.2m)
- Australia - £74m (£39.6m)
It said the UK markets had remained resilient except for the housing sector, which accounts for about 30% of its turnover. “We do not foresee an improvement in the short term,” the company said.
Its US housing business Suncoast also suffered “further pressure on its margins” although stayed in the black over the period.
Keller said full-year results would be “broadly in line” with last year’s figures despite the fact some markets would tighten and the prospects for the commercial sector in the US remains unclear.