Keller Group (LSE:KLR) said in an AGM trading update that trading in the first four months of 2026 was strong and the Group remains on track to deliver a full-year result in line with the Board's expectations.
The world's largest geotechnical specialist contractor said performance was particularly strong in its North American foundations operations and that it has offset higher energy and material costs by capturing price increases on new contracts and through existing contract mechanisms.
The Group reported its order book strengthened to c£1.7bn at the end of April 2026 and said tendering activity remains buoyant with good visibility of opportunities across all divisions.
Following completion of 2025 share buybacks that returned approximately £50m, Keller launched a further £100m programme on 30 March and has purchased approximately 834,000 shares at a cost of c£18m under the new programme.
Keller expects its net debt/EBITDA leverage ratio at the first half of 2026 to be similar to the prior half year (2025 HY: 0.2x), which it says is well below the Group's 0.5x-1.5x target range despite a higher dividend payout and the further buyback programme.
"I am very pleased with the performance our teams have delivered so far this year, reflecting the resilience of Keller's portfolio, the diversity of our contracts and the Group's ability to pivot to growing markets," James Wroath, Keller's Chief Executive Officer, said.
Keller will announce its Interim Results on 4 August and intends to host a Capital Markets Day on 14 October in London.
