Trading Statement
Summary by AI BETAClose X
12 November 2026
Keller Group plc
Trading Update
On track to deliver a record performance for 2026
Keller Group plc (‘Keller’ or ‘the Group’), the world’s largest geotechnical specialist contractor, issues a trading update for the period ended 31 October 2026.
Keller has continued to trade well through the period, and the Group remains on track to deliver significant year-on-year revenue and profit growth for the full year, in line with market expectations1 that were materially upgraded following the strong performance in H1 2026.
Key highlights
- Operational performance: The Group expects to deliver record volumes in 2026, driven by strong demand and excellent operational execution. Performance continues to be supported by infrastructure and commercial projects in North America, mining-related activity in Austral, our Australian civils business, and strong demand across the Nordics. These strengths have more than offset continued weakness in the US residential market, deferred environmental remediation work at Moretrench and weakness in the UK business.
- Order book: The order book remains at a record level of approximately £2.5 billion. It is well diversified by market and geography and is underpinned by the multi-year I-40 project, providing increased revenue visibility over the next three to four years.
- Cash generation and balance sheet: The Group expects continued strong free cash flow generation in 2026, reflecting the typical weighting towards the second half. Year-end net debt/cash is expected to be broadly neutral, subject to normal working capital movements, with leverage remaining well below the Group’s target range of 0.5x to 1.5x net debt to EBITDA.
- Capital allocation: The £100m share buyback programme is well progressed, with approximately £80 million of shares repurchased as at 31 October 2026. The Group remains committed to its disciplined capital allocation framework, prioritising investment in the business and dividends with significant optionality to allocate surplus capital to value accretive bolt-on acquisitions and additional shareholder returns. Keller continues to evaluate selective acquisition opportunities to accelerate growth in line with the Group’s strategy.
-
Medium-term growth ambitions: At its recent Capital Markets Day, Keller provided a comprehensive update on the business and its sustainable growth strategy, together with new medium-term financial targets including:
- Organic revenue CAGR: 5–7%
- Group operating profit margin: c.7%
- ROCE: >30%
- Total free cash flow2 (2026 to 2030): c.£800m
- Progressive dividend policy with cover of 2.5x to 3.5x
Commenting on the trading update, James Wroath, Chief Executive Officer, said:
“2026 is on track to be another record year for Keller - the fourth in a row - reflecting sustained excellent operational performance, the strength of our diversified portfolio and supportive end markets.
“With a c.£2.5bn order book, healthy free cash flow generation and a strong balance sheet, we are set to enter 2027 with good visibility and momentum. The medium-term targets and potential for bolt-on acquisitions set out at our Capital Markets Day reflect our attractive growth prospects, and we remain confident in our ability to deliver and create sustainable value for our shareholders.”
The Group plans to announce its full year results for 2026 on 18 March 2027.
-----------------
1 Analyst consensus as at 20 October 2026 (based on the estimates of seven analysts):
|
(in £ millions) |
2026 |
2027 |
2028 |
|
Revenue (underlying) |
3,367 |
3,537 |
3,693 |
|
Operating profit (underlying) |
242 |
254 |
267 |
|
EPS (p) |
247 |
270 |
290 |
2 Free cash flow calculated on an IFRS 16 basis, including lease payments
For further information, please contact:
Keller Group plc www.keller.com
James Wroath, Chief Executive Officer 020 7616 7575
David Burke, Chief Financial Officer
Nicola Rogers, Group Head of Investor Relations
Teneo
Martin Robinson 020 7427 1572
Giles Kernick
Camilla Cunningham
Notes to editors:
Keller is the world's largest geotechnical specialist contractor providing a wide portfolio of advanced foundation and ground improvement techniques used across the entire construction sector. With around 10,000 staff and operations across five continents, Keller tackles an unrivalled 5,500 projects every year, generating annual revenue of c.£3bn.
Cautionary statements
This document contains certain 'forward-looking statements' which are based on the current expectations of the management of Keller with respect to Keller's financial condition, results of operations and business and certain of Keller's plans and objectives with respect to these items. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'potential', 'reasonably possible', 'targets', 'goal' or 'estimates'. By their very nature forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies and markets in which the Group operates; changes in the regulatory and competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; and changes in interest and exchange rates. For a more detailed description of these risks, uncertainties and other factors, please see the Principal risks and uncertainties section of the Strategic report in the Annual Report and Accounts. All written or verbal forward looking-statements, made in this document or made subsequently, which are attributable to Keller or any other member of the Group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and Keller undertakes no obligation to update these forward-looking statements. Nothing in this document should be regarded as a profit forecast or be interpreted to mean that earnings or earnings per share for Keller for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Keller. This document is not an offer to sell, exchange or transfer any securities of Keller Group plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act.
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