Year End Trading Update (1488Y)
December 17 2010 - 2:00AM
UK Regulatory
TIDMKLR
RNS Number : 1488Y
Keller Group PLC
17 December 2010
Friday, 17 December 2010
Keller Group plc
Year End Trading Update
Keller Group plc ("Keller" or "the Group"), the international
ground engineering specialist, is providing the following pre-close
trading update in advance of its results for the financial year
ending 31 December 2010, to be announced on 28 February 2011.
Since our Interim Management Statement released on 18 November
2010 (the IMS), overall market and trading conditions have remained
largely unchanged and the Board therefore expects the results for
the full year to be in line with current market expectations.
Of all the Group's markets, the two most severely impacted by
the global recession have been the US residential market and the
construction market in Spain. In both markets, the short term
prospects are no better than a year ago and only a slow recovery is
expected over time. As a consequence, the full year 2010 results
will include non-cash goodwill impairment charges in respect of
Suncoast, our business most exposed to the US residential market,
and Keller-Terra in Spain. Subject to the completion of the
detailed year-end financial exercise, we currently expect these
non-cash impairment charges to total between GBP20m and GBP25m, or
around half of the total goodwill relating to these businesses.
Since the IMS, the Group has successfully completed the
refinancing of its main central banking facilities, replacing
GBP145m of committed facilities due to expire in the summer of 2011
with a new GBP170m revolving credit facility, expiring in April
2015.
END
For further information, please contact:
Keller Group plc
Justin Atkinson, Chief Executive 020 7616 7575
James Hind, Finance Director
Finsbury
James Leviton, Clare Hunt, Alison
Kay 020 7251 3801
This document contains forward-looking statements which have
been made in good faith based on the information available at the
time of its approval. It is believed that the expectations
reflected in these statements are reasonable, but they may be
affected by a number of risks and uncertainties that are inherent
in any forward-looking statement which could cause actual results
to differ materially from those currently anticipated.
Note to Editors
Keller is the world's largest independent ground engineering
specialist, providing technically advanced and cost-effective
foundation solutions to the construction industry. With 2009
revenue of GBP1,038m, Keller is a member of the FTSE-250. It has
around 6,000 staff world-wide, with offices in over 30 countries on
five continents.
Keller is the market leader in the US and Australia; it has
prime positions in most established European markets; and a strong
profile in many developing markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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