Keller Group PLC on Tuesday reported ‘significant progress’ in its latest year, with a modest revenue increase and large rises in earnings.

Shares in Keller were up 6.6% at 933.00 pence late on Tuesday morning in London.

The London-based geotechnical engineering firm said pretax profit more than doubled to £125.6 million in 2023, from £56.3 million in 2022. Basic earnings per share rose 94% to 122.8 pence from 63.3p.

Revenue meanwhile rose 0.7% to a ‘record’ £2.97 billion from £2.94 billion.

Keller said resilient prices at Suncoast Post-Tension, and strong performances from infrastructure projects in Australia, ‘more than offset a very disappointing project and business performance in Europe’ where demand was weak across the residential and commercial sectors. Keller acquired Houston, Texas-based Suncoast in 2001.

Keller said operating costs decreased 2.7% to £2.79 billion from £2.86 billion, although its net impairment loss widened to £21.7 million from £3.2 million.

Keller declared a final dividend of 31.3p per share, up 28% from 24.5p the previous year. This increased the total dividend by 20% to 45.2p from 37.7p.

Looking ahead, Keller ‘enter[s] the new year with confidence’ thanks both to current trading and its ‘robust order book’. It said it expects further progress this year, followed by long-term growth through mergers & acquisitions opportunities, and that the ‘strong momentum of the business is encouraging’.

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