Bottom Line: Keller questions
Wednesday 20 April 1994
That is partly because its niche, sorting out groundwork problems for other contractors, does not track the construction cycle faithfully. It also reflects the fact that 80 per cent of the business is overseas and therefore marching to a different beat.
Keller has a good track record, having grown operating profits from pounds 4.2m on pounds 87m of turnover in 1988 to pounds 9.2m from pounds 148m last year. It has benefited from its exposure to a still-booming building industry in Germany, which accounts for two-thirds of profits, and to US recovery.
The order book is strong, it has a leading position in its markets and a wide customer base and produces lots of cash. But there is a question mark over Germany and lack of exposure to the Far East.
The house broker, Kleinwort Benson, thinks pre-tax profits will rise from pounds 8m to a pro forma pounds 9m this year. That gives a prospective p/e of 14 at the flotation price of 130p, valuing the company at pounds 73m and suggesting that the management has cashed in on the best of the growth.
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
- 5 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
Alton Towers closed after horror crash on The Smiler raises safety questions for theme park
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...