LONDON (dpa-AFX) - Geotechnical specialist contractor Keller Group plc (KLR.L), on Wednesday, reported that trading in the first four months of the year has been strong and better than expected, both in terms of profit and cash.
Following the period-end, the company's North American Division was awarded a significant groundworks contract, worth about US$145 million, for an assembly plant in South Carolina that will build Scout electric vehicles. Works will start in H2 2023 and take around 12 months.
The company stated that the increased momentum across its business cited at full year results in March 2023 has continued in the period. This, 'combined with a strong order book and recent contract wins, gives us good visibility and confidence through the remainder of the year and we continue to anticipate a full year performance at least in line with the Board's expectations...'
The cash performance in the first four months has been considerably better than the prior year period. At the half year, given the timing of payments relating to tax, dividends and interest, Keller Group expects the net debt/EBITDA leverage ratio to be at the upper end of the 0.5x - 1.5x range, while at the year end the company now expects the leverage ratio to be lower than prior year.
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