Geotechnical specialist contractor Keller Group plc (KLR.L), on Tuesday, reported its financial results for the half-year ended 30 June 2025 and reaffirmed its full-year growth outlook, despite the anticipated FX headwind, underpinned by the strong order book.
Revenue for the period reached £1,457.7 million, down 2 percent from the previous year's £1,489.8 million. However, on a constant currency basis, the company recorded a modest 1 percent increase, reflecting resilience across its global operations.
Underlying operating profit declined to £102.6 million from £113.2 million, a year-over-year drop of 9 percent, or 6 percent on a constant currency basis. The underlying operating margin narrowed by 60 basis points to 7.0 percent, yet remained well above the Group's five-year H1 average.
Earnings also softened modestly during the period. Underlying earnings per share fell to 98.1p, a decrease of 5 percent from 103.3p a year ago.
Statutory operating profit and profit before tax also contracted, with respective declines of 8 percent year over year, reaching £97.3 million and £87.4 million. Statutory earnings per share dipped to 91.8p from 94.7p in the first half of 2024, a decline of 3 percent.
Despite the earnings pressure, Keller generated £51.6 million in free cash flow before interest and tax, and significantly reduced net debt. On a lender covenant basis (IAS 17), net debt fell 39 percent to £61.5 million. Net cash inflow from operating activities totaled £41.8 million, down from £118.9 million a year earlier, reflecting the normalization of cash flow following strong performances in prior years.
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