Upbeat trading update prompts earnings revision from analysts

Analysts are upgrading Keller鈥檚 full-year profit forecast after the firm said booming workloads in North America meant the ground engineer is performing ahead of expectations.

The firm turned in a record set of results last year with revenue up 1% to 拢2.9bn with pre-tax profit up 123% to 拢126m.

In this morning鈥檚 update, the firm said its 鈥渙verall performance [was] materially ahead of prior year鈥� for the first four months of 2024.

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More than half of the firm鈥檚 business comes from North America, mainly the US

It added: 鈥淚n North America, trading continued to be strong, driven by ongoing infrastructure spend and the sustained improvement in the operational performance of the foundations business.鈥�

In March, chief executive Michael Speakman said he didn鈥檛 expect this November鈥檚 US election to impact workloads. 鈥淭he market there is really buoyant and is stronger than anywhere else. They are onshoring some critical industries like chip manufacturing and that will keep going for quite a few years.鈥�

In a note, broker Investec said it was upgrading underlying profit this year to 拢178m from 拢162m and to 拢188m from 拢172m next year.

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