The Keller Board has recommended a final dividend of 33.1p per share (2023: 31.3p per share) which, following the interim dividend for 2024 of 16.6p (2023: 13.9p), brings the total dividend for the year to 49.7p (2023: 45.2p), an increase of 10%. The 2024 dividend earnings cover, before non-underlying items, was 4.0x (2023: 3.4x). If approved, the proposed 2024 final dividend of 33.1p (2023: 31.3p) will be paid on 20 June 2025 to shareholders on the register as at the close of business on 23 May 2025.
Other financial highlights include:
Another outstanding result as they continued to build on the material step-up in operational and financial performance delivered in 2023
Revenue of £2,986.7m, up 4% on prior year at constant currency
Record underlying operating profit of £212.6m, up 22% at constant currency, with a modest weighting towards the first half of 2024 as previously indicated. Statutory operating profit up 34%
Underlying operating profit margin increased by 100bps to 7.1% (2023: 6.1%)
Free cash flow generation increased by 87% to £192.6m
Underlying diluted EPS of 199.9p, up 30%, driven by higher profitability, reduced financing costs and a lower Group effective tax rate. Statutory EPS up 60% with significant reduction in non-underlying items
Underlying ROCE increased to 28.2% (2023: 22.8%), the highest for 16 years
Significant deleveraging with net debt of £29.5m, down £116.7m, driven by strong profitability and robust cash generation, resulting in a net debt/EBITDA leverage ratio of 0.1x (2023: 0.6x)
Record year-end order book of £1.6bn (2023: £1.5bn)
Safety: accident frequency rate halved to 0.05, a material improvement on prior year (2023: 0.10)
In addition, Keller announces its intention to launch a multi-year share buyback programme, with an initial tranche of £25m in the first quarter of 2025
