- Keller Group
- 04 March 2025 10:49:41
Source: Sharecast
Revenues were just 1% higher in 2024 at £2.99bn, but would have been 4% higher at constant currency.
North American revenues, which make up the bulk of the business, increased 4.2% at constant currency to £1.79bn, driven by improved trading in the foundations business. In Europe and the Middle East, revenues were up 5.5% at £835m, reflecting an improved performance in Europe and the completion of a large infrastructure project in Central Europe.
That helped to offset a 2.1% revenue decline in Asia Pacific to £366m, due to a "moderation of trading volume" in Australia following a strong performance in 2023, as well as lower volumes at the Austral unit.
Underlying operating profits were up 22% on a constant currency basis at £213m, helped by a 100-basis point improvement in the underlying operating profit margin to 7.1%.
Meanwhile, free cash flow generation increased by 87% to £193m, while net debt was slashed by £117m to £30m.
The company ended the year with a record order book of £1.6bn, up from £1.5bn at the end of 2023.
As well as a 10% increase in the total dividend to 49.7p, Keller said it was launching a multi-year share buyback programme, with an initial tranche of £25m in the first quarter.
"2024 was another outstanding year for Keller, ahead of expectations, delivering improved performance across all key metrics - profits, earnings, margin, return on capital, cash conversion and debt reduction," said chief executive Michael Speakman.
Shares were up nearly 14% at 1,468p by 1047 GMT.