CORRECTED-UPDATE 1-Keller profit doubles as N. America construction market rebounds

Mon Jul 29, 2013 12:06pm EDT
 
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(Corrects paragraph 5 to say that the company saved 3 million pounds, not 300 million pounds)

* First-half profit more than doubles to 26.8 mln stg

* N. America revenue rises 14 pct to 308 million stg

* Says order book slightly lower than a year earlier

* To cut 50 jobs in Austria, Poland and eastern Europe

July 29 (Reuters) - British engineering group Keller Group Plc's first-half profit more than doubled as cost cuts and a recovery in the North American construction market helped widen margins.

Keller, which built the foundation for the Olympic Stadium in London, said it expected full-year results at the top end of market expectations but warned that the order book for the next 12 months was slightly below a year earlier.

Analysts on average expect a pretax profit of 63.64 million pounds on revenue of 1.39 billion pounds, according to Thomson Reuters I/B/E/S.

The U.S. construction sector is regaining strength after collapsing during the recession, with the housing market leading much of the recovery.   Continued...