Keller Group plc (KLR), the world's largest geotechnical specialist contractor, issued a trading update on 12 November 2026 confirming it remains on track to deliver record revenue and profit growth for the full year 2026, in line with market expectations. The Group reported a record order book of approximately £2.5 billion and confirmed that approximately £80 million of its £100 million share buyback programme had been completed as at 31 October 2026. Chief Executive James Wroath described 2026 as set to be the fourth consecutive record year for Keller, citing strong operational execution and a diversified portfolio. Full year results are scheduled for 18 March 2027.

Key Points

  • Keller Group plc (KLR) — world's largest geotechnical specialist contractor with approximately 10,000 staff across five continents
  • Group confirms full year 2026 on track for record revenue and profit growth, in line with materially upgraded market expectations following a strong H1
  • Order book at a record approximately £2.5 billion; £80 million of £100 million buyback completed; year-end net debt/cash expected to be broadly neutral
  • Investors may be watching the full year results announcement scheduled for 18 March 2027 and progress on bolt-on acquisition opportunities

North America Infrastructure and Australian Mining Drive Record 2026 Volumes for Keller

The announcement states that Keller expects to deliver record volumes in 2026, underpinned by strong demand across infrastructure and commercial projects in North America, mining-related activity through Austral — its Australian civils business — and robust demand across the Nordics. The Group acknowledged areas of ongoing weakness, including the US residential market, deferred environmental remediation work at its Moretrench business, and softness in the UK business. The disclosure suggests that geographic and sector diversification has been central to absorbing these headwinds and maintaining overall momentum through the period to 31 October 2026.

£2.5bn Order Book Underpinned by Multi-Year I-40 Project Providing Three-to-Four Year Revenue Visibility

Keller's order book remains at a record level of approximately £2.5 billion, described in the announcement as well diversified by both market and geography. A key component is the multi-year I-40 project, which the company states provides increased revenue visibility over the next three to four years. The Group also expects continued strong free cash flow generation in 2026, reflecting typical second-half weighting. Year-end net debt/cash is expected to be broadly neutral, subject to normal working capital movements, with leverage remaining well below the Group's target range of 0.5x to 1.5x net debt to EBITDA.

Keller Sets Medium-Term Targets Including 5–7% Organic Revenue CAGR and £800m Cumulative Free Cash Flow to 2030

At its recent Capital Markets Day, Keller outlined new medium-term financial targets, including an organic revenue compound annual growth rate of 5–7%, a group operating profit margin of approximately 7%, and a return on capital employed of above 30%. The Group also targets cumulative free cash flow of approximately £800 million between 2026 and 2030, calculated on an IFRS 16 basis including lease payments, alongside a progressive dividend policy with cover of 2.5x to 3.5x. The company stated it continues to evaluate selective bolt-on acquisition opportunities consistent with its stated growth strategy.

Analyst Consensus Points to £3.37bn Revenue and 247p EPS for Keller's 2026 Full Year

The announcement disclosed analyst consensus figures as at 20 October 2026, based on estimates from seven analysts. These point to underlying revenue of £3,367 million, underlying operating profit of £242 million, and earnings per share of 247p for 2026. For 2027, consensus estimates rise to £3,537 million in revenue, £254 million operating profit, and 270p EPS. Investors may be watching whether Keller's full year results, due on 18 March 2027, confirm delivery in line with or ahead of these upgraded expectations, particularly given the continued weakness flagged in the UK and US residential segments.