GEOTECHNICAL specialist contractor Keller Group has issued a trading update for the first four months of the year ahead of its AGM today (May 14).
The business described trading during this period as ‘strong’, maintaining the momentum achieved in recent years as a result of a ‘more consistent operational and financial performance’ albeit in a North American market which, as anticipated, was less buoyant than the prior year.
Keller said this, combined with a strong order book, gives the group confidence that it will continue to deliver a full-year performance in line with the board’s expectations.
Given the local nature of the company’s services and supply chain, Keller revealed it has ‘limited direct exposure’ to the recently announced US tariffs. However, the firm remains cognisant of the current macroeconomic uncertainty and the potential impact of tariffs on economic activity generally, along with any future US tax changes and a foreign exchange headwind that could build if the USD weakens further.
In North America, trading was described as ‘strong’, driven by ongoing infrastructure spend and the sustained improvement in the operational performance of the foundations business. In the Europe and Middle East division, ‘weak’ demand persisted in the residential and commercial sectors across Europe, whilst the infrastructure sector continued to remain ‘resilient’.
The group will announce its interim results on August 5.
