LONDON (ShareCast) - (ShareCast News) - Geotechnical contractor Keller Group reported a jump in pre-tax profit on Monday as it posted record first-half revenue thanks to a weaker pound in the aftermath of the Brexit vote.
In the six months to the end of June, underlying pre-tax profit rose 30% to £39.3m on revenue of £991.1m, up 17% from the first half of last year. Keller said the rise in revenue was mostly due to a weaker sterling, with strong growth in EMEA and Asia Pacific slightly offset by a drop in North American revenues, which it attributed to a slowdown in construction activity in two large metropolitan areas where it has strong market positions.

Underlying operating profit increased to £44m from £35.6m and the company lifted its dividend to 9.7p per share from 9.25p. Meanwhile, the year-end order book stood at over £1.1bn, marking an all-time high and 20% above the previous year on a constant currency basis.

Chief executive Alain Michaelis said: "We have all been immensely saddened by the recent road traffic accident in South Africa, in which 18 Keller employees lost their lives and a further 15 were injured. Our deepest sympathies go out to the victims and their families, friends and colleagues. Our priority is providing support to them during this difficult time.

"From a financial perspective, our results show significant overall profit growth and we have ended the half year with a record order book. As a result, the board is confident that the group's full year 2017 results will be in line with its expectations."

At 0930 BST, Keller shares were up 2.1% to 890p.

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