Keller has announced a 5% increase in the interim dividend to 13.2p (2021: 12.6p), payable on 9 September 2022 to shareholders on the register as at 19 August 2022.
Other Financial Highlights:
Record first half performance despite the current macroeconomic challenges
Revenue of £1,337.4m, up 31% on a constant currency basis, reflecting growth in all three divisions as trading activity recovered following the impacts of COVID-19
Record first half underlying operating profit of £49.6m, up 19% on a constant currency basis, driven by growth and the active management of inflationary pressures and materials and labour availability
Group operating margin of 3.7% reflects the passing on of materials cost inflation with little or no mark-up and some operational challenges in the North America Foundations business
Net debt (on a bank covenant IAS 17 basis) of £194.0m, equating to a net debt/EBITDA leverage ratio of 1.1x (H1 2021: 0.7x), well within the target range of 0.5x - 1.5x
Mobilising in preparation for work on major new contract to undertake work on the prestigious NEOM project in Saudi Arabia, with the potential to generate contract revenues in the hundreds of millions of pounds in future years
A number of recent contract awards and prospects in the energy and infrastructure sectors, including increased LNG activity where Keller has both a well-established presence and an excellent reputation
ESG: On climate action, Keller is making good progress towards the net zero targets with specific actions taken at business unit level in collaboration with industry partners
The overall accident frequency rate increased slightly to 0.09 from 0.08 injuries per 100,000 hours worked, driven by a small number of lost time injuries in Europe. North America and AMEA continued to show improvement, with zero injuries reported in AMEA
Continued successful strategy execution, with a bolt-on acquisition in North America and restructuring of specific business units in Europe and AMEA
Interim dividend increased by 5% to 13.2p, continuing the dividend policy of long-term progression, and building on the Group's uninterrupted record of maintaining or increasing the dividend since flotation in 1994.
