Keller Group plc
TypePublic limited company
IndustryGround engineering
Founded1860 (1860)
HeadquartersLondon, England
Key people
Peter Hill, Chairman
Michael Speakman, CEO
David Burke, CFO
RevenueIncrease £2,944.6 million (2022)
Increase £108.6 million (2022)
Decrease £45.0 million (2022)
Number of employees
10,000 (2022)
SubsidiariesCyntech,
GEO-Instruments
Suncoast Post-Tension
Moretrench Industrial
Phi Group
Websitewww.keller.com

Keller Group plc (LSE: KLR) is a geotechnical engineering company. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The company is the world's largest geotechnical specialist contractor.[1]

History

The company was established in the 1950s as the ground engineering division of GKN plc.[2] In 1960, it expanded into a stand-alone piling and ground improvement company and, in 1975, it acquired the German company Johann Keller and took on that name.[2] In 1984 Keller bought Hayward Baker Inc., a US ground engineering business.[3] In 1990 it was the subject of a management buy-out from GKN plc supported by Candover[3] and it was first listed on the London Stock Exchange in May 1994.[4] In 2006, Keller Group acquired Anderson Drilling, the creaters and owners of the Big Stan drilling rig.[5] In 2007, the company sold its social housing division for nominal consideration;[6] also in 2007 the company acquired HJ Foundation for £24.5 million.[7]

In January 2023, Keller published a profit warning after a "deliberate and sophisticated financial reporting fraud" at Austral Construction.[8][9][10] The estimated impact was £6m related to the first half of 2022, and £8m to £10m relating to prior years. Two directors were dismissed as investigations continued,[11][12] and the company's shares fell 10%.[13] The fraud was described by The Times as "apparently sophisticated".[14] Keller's pre-tax profit for 2022 fell by 17% as a result; it made £56m profit across the year, from a turnover of £2.9bn.[15]

Operations

Keller operates under three divisions and is supported by its group head office:

  • North America: Bencor, Case Foundation, Hayward Baker, HJ Foundation, Keller Canada, McKinney Drilling, Suncoast, Moretrench. With effect from 1 January 2020, these businesses were all branded as Keller and operate as regional parts of a single company.[16]
  • Europe, Middle East and Africa: Central Europe, North-East Europe, North-West Europe, South-East Europe, Franki, French Speaking Countries, Middle East, Iberia and Latin America, Brazil[17]
  • Asia-Pacific: ASEAN, India, Keller Australia and Austral Construction.[18]

The company has been involved in laying foundations for complex projects including High Speed 2 in the UK[19] and the Spirit Tower in Australia.[20]

Keller lays foundations for the Spirit Tower, one of Australia's tallest buildings
Keller completes foundation for luxury apartments - Miami

See also

References

  1. ↑ "Keller performing well 'despite challenges'". Ground Engineering. 22 November 2021. Retrieved 11 March 2023.
  2. 1 2 "Share of the week: Keller Group". The Times. 11 December 2017. Retrieved 23 May 2019.
  3. 1 2 Brown, G. (2015). The Independent Director: The Non-Executive Director's Guide to Effective Board Presence. Palgrave Macmillan. ISBN 978-1349502691.
  4. ↑ "Keller Group". London Stock Exchange. Archived from the original on 4 August 2019. Retrieved 23 May 2019.
  5. ↑ "Meet Big Stan: Giant Drill Is the Rock Star of the Southwest | 2011-08-08 | ENR | Engineering News-Record". www.enr.com. Retrieved 2022-09-10.
  6. ↑ Boyd, Olivia (20 September 2007). "Keller sells social housing business to Mears". Building.
  7. ↑ McCulloch, Chloë (2 October 2007). "Keller Group buys US piling contractor for £24.5m". Building. Retrieved 4 August 2019.
  8. ↑ "Fraud a profit drag for Keller". Investors Chronicle. 7 March 2023. Retrieved 11 March 2023.
  9. ↑ "Keller shares underpinned despite revelation of fraud at Australian unit". Shares Magazine. 9 January 2023. Retrieved 11 March 2023.
  10. ↑ "Keller Posts Strong Overall Performance In H2; Identifies Financial Reporting Fraud In Austral Unit". RTT News. 9 January 2023. Retrieved 11 March 2023.
  11. ↑ "Two sacked as top mining contractor uncovers suspected 'sophisticated fraud'". Sydney Morning Herald. 10 January 2023. Retrieved 7 March 2023.
  12. ↑ Morby, Aaron (9 January 2023). "Keller fires two directors after unearthing profit reporting fraud". Construction Enquirer. Retrieved 9 January 2023.
  13. ↑ Pitcher, Greg (9 January 2023). "Keller shares plunge after reporting fraud uncovered". Construction News. Retrieved 9 January 2023.
  14. ↑ "Keller sacks two and counts the cost of 'apparently sophisticated' fraud". The Times. 10 January 2023. Retrieved 12 March 2023.
  15. ↑ Ing, Will (7 March 2023). "Keller profit falls after £18m reporting fraud". Construction News. Retrieved 8 March 2023.
  16. ↑ "Keller rebrands North American businesses". The Construction Index. 6 January 2020. Retrieved 6 January 2020.
  17. ↑ "Keller focuses European operation". Ground Engineering. 19 November 2020. Retrieved 17 March 2023.
  18. ↑ "Keller to shut loss-making Australian subsidiary". The Construction Index. 1 July 2019. Retrieved 1 July 2019.
  19. ↑ "HS2: Bauer-Keller JV wins £95M geotechnical contract". Ground Engineering. 14 April 2021. Retrieved 12 March 2023.
  20. ↑ "$1.2b Surfers tower begins its rise". Gold Coast Bulletin. 18 February 2017. Retrieved 12 March 2023.
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