Keller chief eyes more deals as its earnings rise by 70 per cent
THE CHIEF executive of Keller Group yesterday said he expects revenue and profit growth in 2014 and mooted the possibility of another acquisition this year, as the engineering firm unveiled a 70 per cent rise in full-year profits.
The FTSE 250-quoted company reported a nine per cent rise in revenue to £1.44bn and a 70 per cent increase in pre-tax profit to £74.1m in 2013, which it partly attributed to a recovery in the US market, which makes up half of Keller’s business. “The public markets are still quite challenging in the US, but the growth is coming from the private market,” Justin Atkinson told City A.M.
Keller made three acquisitions in Canada and South Africa last year, costing a total of £188.5m. Atkinson said that Keller is not currently in talks but he “would not be surprised” if another deal was made this year. “Acquisitions have always formed a key part of our strategy,” he said. “The target companies always offer a new geography or product.” He expects to see revenue and profit growth in 2014, due to the impact of last year’s deals and the completion of the Wheatstone gas contract in Australia.