Keltbray Holdings Limited announces 2021 Full Year Results

STRONG PERFORMANCE AS KELTBRAY RETURNS TO PROFIT

Keltbray, a leading UK specialist engineering and construction Group, today releases its Annual Report and Consolidated Financial Statements for the year ended 31^st October 2021.

The Group posted a solid financial performance, delivering strong order book growth despite the continuing uncertainties posed by the global challenges. Highlights include:

• Annual Turnover of £390.0m in line with Keltbray’s strategy of aligning capabilities with attractive UK growth sectors
• Group returns to adjusted Profit Before Interest, Tax and Exceptional Items of £5.7m, up from a £6.0m loss in FY2020
• Gross margin Pre-Exceptional Items increased to 13.6%
• Strong forward order book of £530.0m as at 31st March 2022, with significant growth across all targeted sectors, including over £100m of the following awards:
  • M621 Junctions 1-7 Improvement scheme for National Highways
  • Demolition, enabling and piling packages on The Network Building for Derwent
  • Heritage deconstruction package on The IBM Building, Southbank for developer Stanhope on behalf of client, Wolf
  • Structures package on the TV Centre Plot H for Kier
  • Complex integrated package for 2 Aldermanbury Square redevelopment in the City of London for Great Portland Estates PLC
  • 132kV connection package for the Limekiln Windfarm for SSE
  • 275Kv Overhead Line Electrification (OLE) XZ Route Project for SP Energy Networks.
• A substantial £4.0bn pipeline of addressable work providing strong forward visibility of future earnings
• Exceptional provision before tax of £8.7m reflecting costs associated with employee furlough, disposal of non-core activities and projected settlement of a regulatory industry investigation relating to historic activities.

Keltbray remains committed to redefining the way sustainable development is delivered and has made strong progress with its ambitious sustainability targets in line with the UN Sustainable Development Goals, Science Based Targets initiative (SBTi), UK Government industrial strategy targets and our customers’ environmental and social value objectives.

Brendan Kerr, Group Executive Chairman commented:

“I am extremely proud of our strong performance as we continue to demonstrate the agility and commitment necessary to deliver the essential services our customers require and that protect our business for the future.”

Darren James, Group Chief Executive said:

“We are pleased to have delivered good results with strong order book growth, as we return to profit.

We continue to make significant strategic progress to transition Keltbray into the UK’s leading specialist engineering and construction services provider.

“As a large and increasingly diverse engineering specialist, with a strong UK-wide brand and delivery footprint, we are well positioned to deliver on our core purpose to redefine the way sustainable development is delivered.”

Peter Burnside, Group Chief Financial Officer said:

“The Group has continued to work hard to face up to the prevailing social and economic challenges and posted an improved financial performance in the 2021 financial year.

“Our continued determination to be agile and innovative has ensured that our future pipeline of prospects is strong.”

Ends

 

The full 2021 Annual Report and Consolidated Financial Statements is now available to read and download on the Keltbray website (www.Keltbray.com)