LONDON (ShareCast) - Investec said it remained "confident" in its outlook for ground engineering specialist Keller after it reported trading in line with expectations.
Both revenue and profit for the period between the start of July and 16 November came in ahead of the previous year, with steady growth in US construction helping to offset challenges in Europe and Australia.
While revenue and profits in all its US businesses were ahead of last year and the outlook for the UK and Poland improved, challenges remained in all other regions.
"The improving US construction market continues to contribute to a strong performance, albeit Canada has seen no improvement in the resources market," said the broker.
"European markets remain difficult, but don't seem to be worsening. The early signs of improvement in the commercial and infrastructure sectors in Australia have dissipated recently, whilst Asia remains busy."
Investec added that Australia looks like it will "endure a difficult first half", but noted there continued to be a number of live prospects in the second half and into 2015. Trading in Asia is expected to be solid.
The broker reiterated its 'buy' rating for the group after noting that the group has a number of "exciting and large projects" at various stages of the bidding process, which it continues to believe will help drive a "significant margin improvement from current levels".
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