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Keller's housing woes

UK division of ground engineering specialist Keller has been hit by the weakening housing market.

The firm said it has seen a strong start to the year with revenue, operating profit and order books ahead of the same period last year.

In the US its Texas-based Suncoast division, which carries out post tensioning work on homes and high-rise blocks, is “having a difficult first half” due its exposure to the residential sector.

Keller said despite revenue and profit being significantly down against the same period last year, the business remains profitable.

Performance across other areas in the US remained strong with the private non-residential and public infrastructure sectors holding up and its foundations contracting business has remaining busy.

Its businesses in the Middle East, Eastern Europe and Australia are performing strongly.
In a statement, made ahead of its AGM today, the firm said: “The group’s financial position remains strong.

“Our broad client base and exposure to diverse geographic markets protect against cycles in individual markets and will help to mitigate the impact of the widely-expected downturn in the US commercial sector.”

The firm will announce its half year results on 28 July.