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Keller predicts record results

Ground engineering specialist Keller expects to record results for the year after strong trading over the last 12 months.

In a trading update for the quarter ended 12 November 2008 the firm said its UK arm has delivered a ‘steady’ performance in the UK in spite of a ‘very weak housing market.’

The firm said it had been boosted by ‘good organic growth’ in Eastern Europe, Middle East and Australia.

Keller has expanded its presence in the US and the Czech Republic with two acquisitions. The firm has bought Texas-based earth retention contractor Craig Olden Inc for £8.6 million and Zlin-based foundations specialist Boreta for £5.5 million.

The firm said: “Although our order book remains at around the same level as this time last year, recent events in the world's financial markets have created significant uncertainty for global construction markets, particularly for the commercial sector where conditions currently range from satisfactory to weak, depending on geography.

“We expect 2009 to be characterised by challenging market conditions, particularly in the US where, of late, the outlook has clearly deteriorated. However, we believe the geographic diversity, proven business model and financial strength of the Group will provide resilience in these market conditions.”

Keller will issue a trading update in respect of the year ending 31 December 2008 on 19 December 2008.