Keller Group plc issued an update on trading which reiterates its existing outlook for the full year and the assumptions that underpin it. Full year revenue for 2019 is still expected to be broadly flat versus 2018, with an improvement in margin progressively driving an increase in profit. The full year result is more dependent than usual on the timing of expected large contract awards and the crystallisation of a number of customer claims that are in their final stages of negotiation. The group continues to expect that net debt will reduce year-on-year, driven by the expected improvement in profit and the focus on cash generation, and the company believes it remains on track to meet year-end leverage target of net debt/EBITDA of between 1.0x and 1.5x (on a IAS 17 basis). Keller said its order book continues to be robust, and it remains focussed on positioning the business to take full advantage of the positive market trends of urbanisation and infrastructure growth.
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