Record Financial Performance
Group delivered record 2025 results with revenue growth of 5.9% on a constant currency basis and underlying operating profit up 6.5% (constant currency). Underlying EPS increased 5.7% to 211.3p and underlying margin was held at 7.1%.
Strong Free Cash Flow and Net Cash Position
Generated robust free cash flow of GBP 175.9m in 2025 and moved to a net cash position (IAS 17 basis) of GBP 59.7m — the first net cash position in 25 years.
Significant Shareholder Returns
Total dividend increased by 41.6% to 70.4p (final dividend 52.1p) with dividend cover at 3.0x for 2025. Board announced an additional GBP 100m buyback for 2026 (following two GBP 25m tranches in 2025).
Geographic and Segment Outperformance
Keller North America grew revenue by 5% while the wider U.S. construction market declined 2%. Europe & Middle East operating profit rose by GBP 30.7m versus 2024 and APAC delivered sustained revenue and profit growth driven by Austral and India.
Data Center and Small Contract Strength
Completed 120 data center projects in North America in 2025 contributing >GBP 100m revenue. Around 90% of global contracts were <GBP 1m and those smaller projects accounted for ~30% of revenue, supporting utilisation and steady cash flow.
Capital Discipline and Updated Allocation Policy
Leverage target maintained at 0.5–1.5x; gross CapEx in 2025 was GBP 90.4m (around depreciation); Board adopted an enhanced dividend policy targeting cover of 2.5–3.5x and signaled selective bolt-on M&A while retaining strong liquidity (circa GBP 730m headroom).