Big building projects put Keller on course to beat profit forecast

Marion Dakers
ENGINEERING group Keller cheered investors yesterday after revealing that its order book has been boosted by new contracts since July.

Keller also said its profits for 2013 will be slightly above the top end of forecasts thanks to cost savings and strong ends to some of its major projects.

The company, one of the engineers working on the Crossrail project, said it has seen a fragile but continued recovery in its European business.

Even in Australia, where the slowdown in demand for natural resources has been felt throughout the economy, Keller said big contracts such as the Wheatstone LNG plant have kept its business ticking over.

Keller said recent acquisitions in fast-growing regions such as South America will fuel further growth next year.

“Overall, this is a strong update and we expect good growth over the next few years as the group grows both revenue and margins,” said Chris Millington at Numis.

Shares in FTSE 250-listed Keller rose 4.3 per cent to 1,048p.