{"id":853945,"date":"2025-06-07T09:12:06","date_gmt":"2025-06-07T14:12:06","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/06\/07\/keller-profit-plunges-80-despite-hs2-contracts\/"},"modified":"2025-06-07T09:12:06","modified_gmt":"2025-06-07T14:12:06","slug":"keller-profit-plunges-80-despite-hs2-contracts","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/06\/07\/keller-profit-plunges-80-despite-hs2-contracts\/","title":{"rendered":"Keller profit plunges 80% despite HS2 contracts"},"content":{"rendered":"
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\"Keller\"<\/p>\n

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Ground engineering firm Keller suffered an 80 per cent drop in pre-tax profit despite its lucrative HS2 contracts.<\/p>\n

The Coventry-based company recorded profit before tax of \u00a3918,000 \u2013 down from \u00a34.5m in its previous accounting period.<\/p>\n

Its latest accounts for the 2024 calendar year also saw turnover drop 22 per cent from \u00a3124.6m to \u00a396.9m.<\/p>\n

The directors\u2019 statement cited a \u201cweakening in market demand\u201d in the UK construction sector for the results and said it had a \u201cone-off large foundation contract\u201d in the previous year.<\/p>\n

However, the directors added that the firm\u2019s ongoing work includes two HS2 contracts worth \u00a3262m in a pair of joint ventures.<\/p>\n

Keller\u2019s employee count reduced by more than a quarter from 491 to 381, which saw its wages bill drop from \u00a329.3m to \u00a327.6m.<\/p>\n

The firm had \u00a36.2m cash in bank compared with \u00a33.8m the previous year.<\/p>\n

It paid no dividends and held no loans or overdrafts, and ended 2024 with \u00a32.9m in provisions for contract losses.<\/p>\n

In 2023, Keller made it to second place in CN\u2019<\/em>s annual Specialists Index for ground engineering<\/a>.<\/p>\n

Besides its HS2 contracts, other ongoing work for Keller includes a \u00a390m project to redevelop London\u2019s St Regis hotel in Westminster, which is due to open next year.<\/p>\n

It has also been involved in a \u00a3900m wind farm facility in Middlesbrough and an \u00a385m revamp of the National Gallery.<\/p>\n

Earlier this year, Michael Speakman<\/a>, chief executive of parent company Keller Group, told Construction News <\/em>the UK market remained a minor part of its overall business \u2013 accounting for just \u201c2 or 3 per cent\u201d of its 2024 revenue \u2013 with HS2 being the most prominent project.<\/p>\n

In March, Keller Group reported a record year-end order book of \u00a31.6bn compared with \u00a31.5bn in 2023.<\/p>\n

For the year ending 31 December 2024, revenue at Keller Group<\/a> reached \u00a33.1bn, up 5 per cent from \u00a32.95bn in 2023.<\/p>\n

Higher turnover helped to generate a 46 per cent increase in pre-tax profit from \u00a3125.6m to \u00a3183.9m.<\/p>\n

The group\u2019s North American division remained a major contributor to its success, with a 4.2 per cent turnover growth to \u00a31.78bn.<\/p>\n<\/div>\n

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At CN Intelligence you can view and filter seven years\u2019 worth of detailed financial information on the top UK construction firms via our interactive dashboards. Access in-depth written analysis of the numbers along with targeted data and analysis on specialist contractors.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Related Article<\/h3>\n<\/p>\n<\/section>\n<\/div>\n

Read More<\/a>
\n Nicola Harley<\/p>\n","protected":false},"excerpt":{"rendered":"

Ground engineering firm Keller suffered an 80 per cent drop in pre-tax profit despite its lucrative HS2 contracts. The Coventry-based company recorded profit before tax of \u00a3918,000 \u2013 down from \u00a34.5m in its previous accounting period. Its latest accounts for the 2024 calendar year also saw turnover drop 22 per cent from \u00a3124.6m to \u00a396.9m.<\/p>\n","protected":false},"author":1,"featured_media":853946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110115,23002],"tags":[],"class_list":{"0":"post-853945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-keller","8":"category-profit"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/853945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=853945"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/853945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/853946"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=853945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=853945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=853945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}