Keller Group reports declining pre-tax profits following contract dispute

The company’s revenue increased from £1.44bn in 2013 to £1.6bn in 2014. Acquisitions that were completed in the second half of 2013 gave revenue a boost across Keller’s regional arms.

Its pretax profit for 2014 fell to £28.2m from £52m the previous year. This was largely caused by a £56.9m charge placed on a historical British contract.

Keller’s chief executive Justin Atkinson said: “The 2014 results demonstrate the continued strength of the Group's business model. Our breadth of geographies and capabilities puts us in a good position to pursue future growth which, coupled with strong risk management and ongoing self-help measures, positions us well for the future.”

"Whilst conditions in our main markets remain mixed, the gradual upturn in the US, our largest market, the continuing improvements in our operating performance and our strong order book mean that the group is set for another year of good progress in 2015.”

The company has recommended a 16.8 pence per share final dividend. This would push Keller’s total dividend for 2014 up 5% year-on-year to 25.2 pence.