Keller profit more than doubles on improved margins

Mon Jul 29, 2013 3:56am EDT
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July 29 (Reuters) - British Engineering group Keller Group Plc's first-half profit more than doubled, as cost cuts and growth in the North American construction market helped improve margins.

Pretax profit rose to 26.8 million pounds ($41.19 million) in the six months ended 30 June from 11 million pounds a year earlier.

Revenue rose 5 percent to 644.6 million pounds.

Revenue from North America - the company's biggest market, rose 14 percent to 308 million pounds, helped by two major transmission line projects.

The company said operating margin improved to 4.4 percent from 2.2 percent a year earlier. ()

Keller said full-year results were expected to be at the top end of current market expectations, but cautioned that the period-end order book for work to be executed over the next 12 months was slightly below a year earlier.

Shares in Keller Group were up 1.2 percent at 1139.3 pence at 0746 GMT on the London Stock Exchange.