Keller First-Half Profit Slumps On US Construction Slowdown

2nd Aug 2010 07:39

LONDON (Dow Jones)--Construction engineer Keller Group PLC (KLR.LN) Monday reported a 72% fall in first-half pretax profit following a slump in building work in the U.S. Keller, which specializes in ground engineering services like preparing ground for construction, grouting and building foundations, said although orders have been improving since December 2009, lingering worries about the global economic recovery and intense competition mean margins are under pressure. Keller said it expects earnings for the full year to be within the range of current market expectations. Analysts expect the FTSE 250-listed engineer to report 2010 earnings of between 45 pence and 66 pence a share, according to data Provider FactSet. Keller raised its dividend 5% to 7.6 pence a share. Keller reported a pretax profit of GBP11.3 million for the year to June 30, compared with a profit of GBP41 million a year earlier. Revenue declined 10% to GBP496.9 million. Keller said revenue from its U.S. operations was down 24% on year after adjusting for currency effects. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] Order free Annual Report for Keller Group plc Visit http://djnweurope.ar.wilink.com/?ticker=GB0004866223 or call +44 (0)208 391 6028 (END) Dow Jones Newswires August 02, 2010 02:39 ET (06:39 GMT)