Keller's turnover jumps 11%

Groundwork specialist Keller has posted an 11% rise in turnover to £955.1m for the year ended 31 December 2007.

The results, which were ahead of City forecasts, saw pre-tax profit jump by nearly a quarter from £83.7m to £103.2m.

Chief executive Justin Atkinson said the fact that only half its turnover was now from the US, as opposed to 70% last year, showed the business was more protected against global economic cycles. He pointed to Australia, where turnover grew from £65.1m to £107.1m last year.

Panmure Gordon analyst Andy Brown agreed, saying some investors were nervous given its US housing exposure but its results were strong due to the broadening profit mix and its infrastructure-driven growth.

Atkinson said 2008 had already started well. “In the first few weeks of 2008, new orders, tendering and trading have all been encouraging. At the end of January we had a record order book, with all four regions ahead of the same time last year.”