Keller plc announced a final dividend of 31.3p per share (2022: 24.5p per share) which, following the interim dividend for 2023 of 13.9p (2022: 13.2p), brings the total dividend for the year to 45.2p (2022: 37.7p), an increase of 20%. This follows the 5% increase in the interim dividend and would bring the total amount of dividends for the year to 45.2p (2022: 37.7p). If approved, the proposed 2023 final dividend of 31.3p (2022: 24.5p) will be paid on 28 June 2024 to shareholders on the register at the close of business on 31 May 2024.
Other financial highlights include:
Revenue of £2,966.0m, similar to prior year
Underlying operating profit 80% higher than the five year average
Underlying operating profit margin over 6% for the first time in eight years
Underlying ROCE at 22.8% (2022: 14.9%), the highest for 15 years
Free cash generation of over £100m, accelerating leverage reduction to the bottom of the target range
Underlying operating profit increased to £180.9m, up 67% (at constant currency) and underlying operating profit margin increased to 6.1% (2022: 3.7%); largely driven by an improved foundations performance and resilient Suncoast pricing in the NA business, together with a strong performance at Keller Australia, partly offset by a disappointing performance in Europe
Underlying EPS of 153.9p, up 53%, driven by higher operating profit partially offset by increased finance costs and a higher effective tax rate
Statutory operating profit up 126% to £153.1m
Statutory diluted EPS of 120.5p, up 93%
Strong recovery in free cash flow, with an inflow of £103.2m (2022: £33.8m outflow), driven by improved profitability
Net debt reduced by 33% to £146.2m (2022: £218.8m), equating to net debt/EBITDA leverage ratio of 0.6x (2022:1.2x), towards the lower end of the Group's 0.5x-1.5x target range
Robust year-end order book of £1.5bn
Safety: accident frequency rate (AFR) was flat year on year; small increase in injuries in AMEA offset by an improvement in Europe
