Keller Group

KLR · Main Market · Construction and Materials · mcap £1,997m · 2938.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 04 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,997m
Owner’s net cash: −£117.8m
Net cash / market cap: -6%
EV ex leases: £2,110m
Revenue: £3,238m
Operating profit: £222.5m
Free cash flow after leases: £132.7m
EV / EBIT: 9.5×
FCF yield: 6.6%
Price / tangible book: 3.06×
ROCE: 21%
Net income (owners): £155.6m

Enterprise value

EV ex leases: £2,110m
EV incl. leases: £2,110m
Forward EV/EBIT: 8.7×

Valuation at today’s market cap

EV / EBIT: 9.5×
EV / EBITDA: –
FCF yield: 6.6%
Price / book: 3.06×
Tangible book: £653.5m
Price / tangible book: 3.06×
NCAV (net current asset value): −£68.1m
Price / NCAV: –
Net-net working capital: −£344.8m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 04 Aug 26 · read the results ↗

Source ↗

	2026 Underlying £m	2026 Non-underlying items £m	2026 Statutory £m	2025 Underlying £m	2025 Non-underlying items £m	2025 Statutory £m
Revenue	1,608.0	-	1,608.0	1,457.7	-	1,457.7
Operating costs	(1,496.1)	(5.1)	(1,501.2)	(1,358.3)	(4.7)	(1,363.0)
Net impairment gain/(loss) on trade receivables and contract assets	0.8	-	0.8	(0.6)	-	(0.6)
Amortisation of acquired intangible assets	-	(0.8)	(0.8)	-	(0.8)	(0.8)
Other operating income	4.3	0.5	4.8	3.9	0.2	4.1
Share of post-tax results of joint ventures	0.9	-	0.9	(0.1)	-	(0.1)
Operating profit/(loss)	117.9	(5.4)	112.5	102.6	(5.3)	97.3
Finance income	3.1	-	3.1	2.8	-	2.8
Finance costs	(12.3)	-	(12.3)	(12.7)	-	(12.7)
Profit/(loss) before taxation	108.7	(5.4)	103.3	92.7	(5.3)	87.4
Taxation	(24.8)	0.9	(23.9)	(21.3)	0.8	(20.5)
Profit/(loss) for the period	83.9	(4.5)	79.4	71.4	(4.5)	66.9
Attributable to
Equity holders of the parent	83.8	(4.5)	79.3	70.9	(4.5)	66.4
Non-controlling interests	0.1	-	0.1	0.5	-	0.5
Total attributable to	83.9	(4.5)	79.4	71.4	(4.5)	66.9
Earnings per share
Basic	121.6 p	115.1 p	99.7p	93.4p	–	–
Diluted	120.1 p	113.6 p	98.1p	91.8p	–	–

Source ↗

	30 June 2026 £m	30 June 2025 £m	31 December 2025 £m
Assets
Non-current assets
Goodwill and intangible assets	103.2	102.1	102.8
Property, plant and equipment	458.2	440.9	456.9
Investments in joint ventures	7.9	4.8	5.9
Deferred tax assets	33.9	46.2	43.8
Other assets	118.4	72.8	105.6
Total non-current assets	721.6	666.8	715.0
Current assets
Inventories	124.0	104.3	86.8
Trade and other receivables	797.1	794.7	735.7
Current tax assets	15.4	3.8	9.2
Cash and cash equivalents	209.7	156.6	281.5
Assets held for sale	-	1.1	0.2
Total current assets	1,146.2	1,060.5	1,113.4
Total assets	1,867.8	1,727.3	1,828.4
Liabilities
Current liabilities
Loans and borrowings	(31.5)	(29.1)	(29.2)
Current tax liabilities	(29.2)	(11.9)	(25.9)
Trade and other payables	(658.3)	(605.9)	(628.9)
Provisions	(89.8)	(84.0)	(91.6)
Total current liabilities	(808.8)	(730.9)	(775.6)
Non-current liabilities
Loans and borrowings	(280.8)	(281.0)	(281.2)
Retirement benefit liabilities	(15.2)	(15.3)	(15.4)
Deferred tax liabilities	(9.4)	(9.3)	(9.4)
Provisions	(81.9)	(94.1)	(85.3)
Other liabilities	(18.2)	(18.0)	(17.3)
Total non-current liabilities	(405.5)	(417.7)	(408.6)
Total liabilities	(1,214.3)	(1,148.6)	(1,184.2)
Net assets	653.5	578.7	644.2
Equity
Share capital	7.3	7.3	7.3
Share premium account	38.1	38.1	38.1
Capital redemption reserve	7.6	7.6	7.6
Translation reserve	2.6	(18.5)	(5.0)
Other reserve	56.9	56.9	56.9
Hedging reserve	1.3	1.7	1.5
Retained earnings	536.8	482.2	535.0
Equity attributable to equity holders of the parent	650.6	575.3	641.4
Non-controlling interests	2.9	3.4	2.8
Total equity	653.5	578.7	644.2

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Profit before taxation	103.3	87.4
Non-underlying items	5.4	5.3
Finance income	(3.1)	(2.8)
Finance costs	12.3	12.7
Underlying operating profit	117.9	102.6
Depreciation/impairment of property, plant and equipment	53.8	52.6
Share of underlying post-tax results of joint ventures	(0.9)	0.1
Profit on sale of property, plant and equipment	(4.3)	(3.9)
Other non-cash movements (including charge for share-based payments)	2.8	2.2
Operating cash flows before movements in working capital and other underlying items	169.3	153.6
Increase in inventories	(36.7)	(27.7)
Increase in trade and other receivables	(76.8)	(73.1)
Increase in trade and other payables	26.0	22.6
Increase in provisions, retirement benefit and other non-current liabilities	3.2	10.2
Cash generated from operations before non-underlying items	85.0	85.6
Cash outflows from non-underlying items: ERP costs	(4.3)	(3.4)
Cash outflows from non-underlying items: restructuring costs	(0.4)	(0.6)
Cash generated from operations	80.3	81.6
Interest paid	(8.3)	(8.0)
Interest element of lease rental payments	(3.2)	(3.2)
Income tax paid	(17.0)	(28.6)
Net cash inflow from operating activities	51.8	41.8
Cash flows from investing activities
Interest received	2.3	3.0
Proceeds from sale of property, plant and equipment	10.9	9.2
Proceeds from sale of other non-current assets	-	2.7
Acquisition of businesses, net of cash acquired	(0.5)	(0.5)
Disposal of businesses	0.5	0.2
Acquisition of property, plant and equipment	(42.0)	(36.5)
Acquisition of other intangible assets	(0.1)	-
Net cash outflow from investing activities	(28.9)	(21.9)
Cash flows from financing activities
Debt issuance costs	(0.5)	(0.5)
Repayment of borrowings	-	(0.2)
Payment of lease liabilities	(17.4)	(15.1)
Purchase of own shares for ESOP trust	-	(3.6)
Purchase of own shares	(44.2)	(25.2)
Dividends paid	(35.7)	(23.3)
Net cash outflow from financing activities	(97.8)	(67.9)
Net (decrease)/increase in cash and cash equivalents	(74.9)	(48.0)
Cash and cash equivalents at beginning of period	281.5	207.7
Effect of exchange rate movements	1.8	(4.8)
Cash and cash equivalents at end of period	208.4	154.9

Source ↗

	2025 Underlying £m	2025 Non-underlying items £m	2025 Statutory £m	2024 Underlying £m	2024 Non-underlying items £m	2024 Statutory £m
Revenue	3,087.3	-	3,087.3	2,986.7	-	2,986.7
Operating costs	(2,875.1)	(10.8)	(2,885.9)	(2,775.4)	(10.6)	(2,786.0)
Net impairment profit/(loss) on trade receivables and contract assets	0.5	-	0.5	(12.0)	-	(12.0)
Amortisation of acquired intangible assets	-	(1.6)	(1.6)	-	(3.3)	(3.3)
Other operating income	4.7	1.5	6.2	12.8	6.4	19.2
Share of post-tax results of joint ventures	0.8	-	0.8	0.5	-	0.5
Operating profit/(loss)	218.2	(10.9)	207.3	212.6	(7.5)	205.1
Finance income	4.5	-	4.5	6.6	-	6.6
Finance costs	(25.4)	-	(25.4)	(27.8)	-	(27.8)
Profit/(loss) before taxation	197.3	(10.9)	186.4	191.4	(7.5)	183.9
Taxation	(45.2)	1.9	(43.3)	(43.9)	2.7	(41.2)
Profit/(loss) for the year	152.1	(9.0)	143.1	147.5	(4.8)	142.7
Attributable to
Equity holders of the parent	151.7	(9.0)	142.7	147.1	(4.8)	142.3
Non-controlling interests	0.4	-	0.4	0.4	-	0.4
Total attributable to	152.1	(9.0)	143.1	147.5	(4.8)	142.7
Earnings per share
Basic	215.2p	202.4p	204.0p	197.4p	–	–
Diluted	211.3p	198.7p	199.9p	193.3p	–	–

Source ↗

	2025 £m	2024 £m
Assets
Non-current assets
Goodwill and intangible assets	102.8	111.2
Property, plant and equipment	456.9	461.4
Investments in joint ventures	5.9	4.8
Deferred tax assets	43.8	61.5
Other assets	105.6	88.3
Total non-current assets	715.0	727.2
Current assets
Inventories	86.8	81.6
Trade and other receivables	735.7	759.1
Current tax assets	9.2	5.9
Cash and cash equivalents	281.5	207.7
Assets held for sale	0.2	9.2
Total current assets	1,113.4	1,063.5
Total assets	1,828.4	1,790.7
Liabilities
Current liabilities
Loans and borrowings	(29.2)	(27.5)
Current tax liabilities	(25.9)	(33.0)
Trade and other payables	(628.9)	(608.7)
Provisions	(91.6)	(85.2)
Total current liabilities	(775.6)	(754.4)
Non-current liabilities
Loans and borrowings	(281.2)	(307.1)
Retirement benefit liabilities	(15.4)	(15.2)
Deferred tax liabilities	(9.4)	(9.4)
Provisions	(85.3)	(89.3)
Other liabilities	(17.3)	(18.6)
Total non-current liabilities	(408.6)	(439.6)
Total liabilities	(1,184.2)	(1,194.0)
Net assets	644.2	596.7
Equity
Share capital	7.3	7.3
Share premium account	38.1	38.1
Capital redemption reserve	7.6	7.6
Translation reserve	(5.0)	16.2
Other reserve	56.9	56.9
Hedging reserve	1.5	1.8
Retained earnings	535.0	465.8
Equity attributable to equity holders of the parent	641.4	593.7
Non-controlling interests	2.8	3.0
Total equity	644.2	596.7

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Profit before taxation	186.4	183.9
Non-underlying items	10.9	7.5
Finance income	(4.5)	(6.6)
Finance costs	25.4	27.8
Underlying operating profit	218.2	212.6
Depreciation/impairment of property, plant and equipment	109.0	108.7
Amortisation of intangible assets	0.1	0.1
Share of underlying post-tax results of joint ventures	(0.8)	(0.5)
Profit on sale of property, plant and equipment	(4.7)	(12.8)
Other non-cash movements (including charge for share-based payments)	5.3	4.0
Foreign exchange losses/(gains)	2.2	(4.2)
Operating cash flows before movements in working capital and other underlying items	329.3	307.9
(Increase)/decrease in inventories	(8.0)	10.4
Increase in trade and other receivables	(42.5)	(54.4)
Increase in trade and other payables	37.4	71.7
Increase in provisions net of insurance receivables, retirement benefit and other non-current liabilities	15.3	30.9
Cash generated from operations before non-underlying items	331.5	366.5
Cash outflows from non-underlying items: ERP costs	(9.7)	(4.9)
Cash outflows from non-underlying items: restructuring costs	(0.9)	(4.9)
Cash inflows from non-underlying items: claims for closed businesses	-	1.4
Cash generated from operations	320.9	358.1
Interest paid	(17.6)	(20.4)
Interest element of lease rental payments	(6.4)	(6.2)
Income tax paid	(38.5)	(65.6)
Net cash inflow from operating activities	258.4	265.9
Cash flows from investing activities
Interest received	4.0	5.8
Proceeds from sale of property, plant and equipment	12.9	29.0
Proceeds from sale of other non-current assets	2.7	-
Disposal of businesses	0.2	(2.6)
Acquisition of businesses, net of cash acquired	(0.6)	(0.9)
Acquisition of property, plant and equipment	(90.3)	(89.0)
Acquisition of other intangible assets	(0.1)	-
Net cash outflow from investing activities	(71.2)	(57.7)
Cash flows from financing activities
Debt issuance costs	(0.5)	(3.5)
Repayment of borrowings	(0.3)	(59.0)
Payment of lease liabilities	(31.1)	(28.0)
Purchase of own shares for ESOP trust	(3.6)	(20.1)
Purchase of own shares	(38.9)	-
Dividends paid	(36.7)	(34.6)
Net cash outflow from financing activities	(111.1)	(145.2)
Net increase in cash and cash equivalents	76.1	63.0
Cash and cash equivalents at beginning of year	207.7	149.0
Effect of exchange rate movements	(2.3)	(4.3)
Cash and cash equivalents at end of year	281.5	207.7

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	3,237.6	3,087.3	2,986.7
Adjusted EBITDA	343.8	327.3	321.4
Adjusted operating profit	233.5	218.2	212.6
Operating profit	222.5	207.3	205.1
Operating profit to net income
Finance costs	(25.0)	(25.4)	(27.8)
Profit before tax	202.3	186.4	183.9
Tax	(46.7)	(43.3)	(41.2)
Net income (owners)	155.6	142.7	142.3
Per share
EPS basic	224.1p	202.4p	197.4p
EPS diluted	220.5p	198.7p	193.3p
Dividend per share	80.8p	70.4p	49.7p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1,608.0	+10%	1,629.6	1,457.7
Adjusted EBITDA	171.7	+11%	172.1	155.2
Adjusted operating profit	117.9	+15%	115.6	102.6
Operating profit	112.5	+16%	110.0	97.3
Operating profit to net income
Finance costs	(12.3)	−3%	(12.7)	(12.7)
Profit before tax	103.3	+18%	99.0	87.4
Tax	(23.9)	+17%	(22.8)	(20.5)
Net income (owners)	79.3	+19%	76.3	66.4
Per share
EPS basic	115.1p	–	109.0p	93.4p
EPS diluted	113.6p	–	106.9p	91.8p
Dividend per share	28.7p	–	52.1p	18.3p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	268.4	258.4	265.9
Interest paid	(17.9)	(17.6)	(20.4)
Tax paid	(26.9)	(38.5)	(65.6)
Investing activities
Capex (PP&E)	(95.8)	(90.3)	(89.0)
Capex (intangibles)	–	(0.1)	–
Financing activities
Lease principal paid	(33.4)	(31.1)	(28.0)
Lease interest paid	(6.4)	(6.4)	(6.2)
Dividends paid	(49.1)	(36.7)	(34.6)
Share buybacks	(57.9)	(38.9)	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	51.8	+24%	216.6	41.8
Interest paid	(8.3)	+4%	(9.6)	(8.0)
Tax paid	(17.0)	−41%	(9.9)	(28.6)
Investing activities
Capex (PP&E)	(42.0)	+15%	(53.8)	(36.5)
Capex (intangibles)	(0.1)	–	–	–
Financing activities
Lease principal paid	(17.4)	+15%	(16.0)	(15.1)
Lease interest paid	(3.2)	0%	(3.2)	(3.2)
Dividends paid	(35.7)	+53%	(13.4)	(23.3)
Share buybacks	(44.2)	+75%	(13.7)	(25.2)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	102.8	111.2
Property, plant & equipment	458.2	456.9	461.4
Associates & JVs	7.9	5.9	4.8
Non-current assets	721.6	715.0	727.2
Current assets
Inventories	124.0	86.8	81.6
Trade receivables	797.1	735.7	759.1
Cash	209.7	281.5	207.7
Current assets	1,146.2	1,113.4	1,063.5
Total assets	1,867.8	1,828.4	1,790.7
Current liabilities
Trade payables	658.3	628.9	608.7
Borrowings, current	31.5	29.2	27.5
Current liabilities	808.8	775.6	754.4
Non-current liabilities
Borrowings, non-current	280.8	281.2	307.1
Pension surplus / (deficit)	(15.2)	(15.4)	(15.2)
Non-current liabilities	405.5	408.6	439.6
Total liabilities	1,214.3	1,184.2	1,194.0
Equity
Non-controlling interests	2.9	2.8	3.0
Total equity	653.5	644.2	596.7
Net cash and other figures
Net cash / (debt) ex leases	(15.9)	59.7	(29.5)
Net cash / (debt) incl. leases	(102.6)	(28.9)	(126.9)
Undrawn facilities	446.1	447.1	–
Order book	1,900.0	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	–	102.8	–	111.2
Property, plant & equipment	458.2	456.9	440.9	461.4
Associates & JVs	7.9	5.9	4.8	4.8
Non-current assets	721.6	715.0	666.8	727.2
Current assets
Inventories	124.0	86.8	104.3	81.6
Trade receivables	797.1	735.7	794.7	759.1
Cash	209.7	281.5	156.6	207.7
Current assets	1,146.2	1,113.4	1,060.5	1,063.5
Total assets	1,867.8	1,828.4	1,727.3	1,790.7
Current liabilities
Trade payables	658.3	628.9	605.9	608.7
Borrowings, current	31.5	29.2	29.1	27.5
Current liabilities	808.8	775.6	730.9	754.4
Non-current liabilities
Borrowings, non-current	280.8	281.2	281.0	307.1
Pension surplus / (deficit)	(15.2)	(15.4)	(15.3)	(15.2)
Non-current liabilities	405.5	408.6	417.7	439.6
Total liabilities	1,214.3	1,184.2	1,148.6	1,194.0
Equity
Non-controlling interests	2.9	2.8	3.4	3.0
Total equity	653.5	644.2	578.7	596.7
Net cash and other figures
Net cash / (debt) ex leases	(15.9)	59.7	(61.5)	(29.5)
Net cash / (debt) incl. leases	(102.6)	(28.9)	(153.5)	(126.9)
Undrawn facilities	446.1	447.1	–	–
Order book	1,900.0	–	1,600.0	–

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