Keller Group (LSE:KLR) reported a strong set of results for the six months ended 30 June 2026, with revenue increasing to £1.61 billion and underlying operating profit rising to £117.9 million. Growth was led by record trading volumes and higher profitability in North America, while the group also delivered solid performances across Europe, the Middle East and Australasia. Improved margins and a 22% increase in underlying earnings per share reflected continued operational strength across the business.
The group’s financial position also strengthened during the period, with covenant net debt reduced to £15.9 million and leverage falling to just 0.1 times. This has enabled Keller to increase shareholder returns through a £100 million share buyback programme and a 57% rise in its interim dividend, while maintaining flexibility to pursue future acquisitions.
Keller ended the first half with a record order book of £1.9 billion, supported by major infrastructure projects and continued demand from the data centre sector. Management said the strong pipeline provides confidence for the remainder of the financial year and positions the company to benefit from long-term investment in infrastructure and commercial development.
The company’s outlook is supported by improving financial fundamentals, consistent free cash flow generation and a stronger balance sheet. Recent trading has also been reinforced by positive management commentary highlighting record performance, low leverage and enhanced capital returns. While technical indicators remain positive, they suggest the shares may be trading in overbought territory. Valuation appears reasonable, although not significantly discounted, which moderates the overall investment outlook.
More about Keller Group plc
Keller Group plc is the world’s largest specialist geotechnical contractor, providing foundation engineering and ground improvement solutions for construction projects around the globe. The company employs approximately 10,000 people across five continents and completes around 5,500 projects each year, generating annual revenue of roughly £3 billion.
Its geographically diversified business spans North America, Europe, the Middle East and the Asia-Pacific region, serving infrastructure, commercial and industrial construction markets. Keller’s technical expertise and broad international footprint position the company to benefit from long-term trends including infrastructure modernisation and the growing demand for data centre construction.
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