Keller Group, a leading geotechnical specialist contractor, recently announced that it anticipates surpassing market expectations for its operating profit in 2023. The company has experienced continued trading momentum throughout the third quarter, contributing to this upbeat projection.
While specific market expectations for the year were not disclosed, Keller Group reported underlying operating profit of £108.6 million ($132.1 million) and statutory operating profit of £67.8 million for 2022.
During the quarter ending September 30, Keller Group encountered subdued demand in the residential and commercial sectors across Europe, resulting in challenges related to competitive pricing and macroeconomic factors. As a result, the company now foresees a more moderate enhancement in profitability for this segment during the second half of the year.
In contrast, Keller Group's North American business saw advancements in operations and resilient pricing during the quarter, positioning it for continued success. However, the company expects pricing benefits to taper off in 2024.
Furthermore, Keller Group highlighted strong performances in its businesses located in Asia-Pacific, the Middle East, and Africa.