Keller blames Australian floods for poor first half

 
City A.M. Reporter
BRITISH construction group Keller posted a 70 per cent drop in its pre-tax profit for the first half yesterday, hurt by the floods in Australia and political unrest in the Middle East and North Africa.

However, the company, whose largest market is in the United States, said several large jobs will lead to a much stronger second half, and results for the full year are expected to be within the current range of market expectations.

Keller, which built foundations for London’s 2012 Olympic Stadium, said its order book was up 14 per cent.

First-half pre-tax profit fell to £3.4m from £11.3m last year. Revenue rose 10 per cent to £545.5m.

Analysts, on average, are expecting the company to post a full-year pretax profit of £36.6m on revenue of £1.1bn.