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Keller has shelved plans to move into Russia until a row between oil company BP and its Russian joint venture partner is resolved.

The ground engineering specialist is believed to be one of a number of UK companies waiting for an outcome to the dispute before deciding whether to enter the country.

Justin Atkinson, Keller鈥檚 chief executive, said: 鈥淚t鈥檚 a huge untapped market. We鈥檙e looking at Moscow and St Petersburg, although things are obviously difficult at the moment.鈥�

The row between BP and Russian members of its TNK-BP joint venture flared up in April after BP claimed its partner was trying unfairly to gain control of the company. As a result Robert Dudley (pictured), the joint venture鈥檚 chief executive, is running the group from a secret location outside the country.

Last month Peter Mandelson, the EU trade commissioner, attacked the 鈥渕enacing behaviour鈥� of TNK-BP鈥檚 Russian shareholders.

Other companies believed to have put Russian plans on hold as a result of the row include Atkins and WSP. Chris Cole, chief executive of WSP, this week said he was 鈥減roceeding with caution鈥� in Moscow and St Petersburg.

Over the six months to 30 June, Keller increased pre-tax profit by 19% to 拢54.2m as a result of its push into the Middle East and eastern Europe. Turnover grew 28% from 拢443.9m to 拢568.7m.

As a result of the global drive, more than 60% of its profit comes from outside the US compared with 30% three years ago.

Atkinson said UK markets were resilient except for residential. He said turnover from that sector was likely to fall from 30% to less than 15%.

Keller said full-year results would be 鈥渂roadly in line鈥� with last year. The forecast for the full-year is a pre-tax profit of 拢100m on turnover of 拢1bn.