Issuing a trading update for the year ended 31 December 2022, Keller Group plc (KLR.L), stated that the Group continues to perform well overall with the momentum achieved in the first half of the year continuing in the second half. Also, the Group has identified a financial reporting fraud in its Austral Business Unit in Australia.
The Group stated that the financial reporting fraud relates to the overstatement of Austral's performance from 2019 onwards. The fraud continued in the second half of 2022, and has impacted the Board's expectations for the 2022 full year results. The Board now expects the Group to report a full year operating profit slightly below the bottom end of the range of market expectations. The Board's guidance for 2023 and beyond remain unchanged.
"Our substantial order book, together with the significant potential of the NEOM project, support our confidence in the Group's prospects in both the short and medium term," Michael Speakman, CEO, said.
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