CommercialBattersea, London, UK
In last year's statement, I spoke of the importance of resilience and adaptability in a changing market. For Keltbray, 2024 has indeed been a year of transition.
The sale of our Infrastructure Division was a significant milestone, requiring careful planning and execution to ensure a smooth separation from the retained Keltbray Group. Transitions of this scale are rarely straightforward, but thanks to the dedication and hard work of our team, we have navigated this period with minimal disruption while maintaining the strength of our core business.
Performance
With the departure of our Infrastructure Division, our aggregated annual revenue for 2024 at Group level is naturally lower compared to 2023. For the retained group, our gross margin has increased from 10.4% to 11.3% year-on-year, while our Operating Profit (excluding regulatory and exceptional costs) has risen from 1% to 1.7%. Our project pipeline remains strong, with London's commercial sector continuing to play a vital role in our portfolio. However, we are committed to continued diversification of our operations to reduce our reliance on London and seize opportunities across the UK.
Strategy
Looking ahead, we have developed a robust five-year strategy aimed at building sustainable growth and reinforcing our resilience. Key priorities include succession planning, refining our business strategy, and leveraging the solid foundation Keltbray has built.
Corporate governance
Strong corporate governance remains a cornerstone of the retained Keltbray Group. In 2024, we launched our new Business Management System, providing a centralised platform for all company policies and procedures. This initiative enhances accessibility, streamlines governance, and ensures compliance across the business.
Social mobility
Social mobility is a cause that holds deep personal significance for me, and I am proud to see it embedded within Keltbray's ethos. As part of our Social Value initiatives, Keltbray generated £74 million in social value in 2024 — our highest achievement to date. Our commitment to social mobility is not just a corporate responsibility; it is a core principle that drives positive change across our industry and beyond.
Brendan Kerr
Owner and Executive Chairman
I am immensely proud of the Keltbray team's performance over the past year. In a year marked by change and relative market uncertainty, the resilience, adaptability, and determination of our people has stood out.
Our people
In 2024, we significantly invested in Learning, Development, and Training to empower our teams and build a strong leadership pipeline. A notable highlight was the launch of our annual Executive Leaders Mini MBA programme, in partnership with Ulster University.
We also made meaningful progress in our commitment to inclusion and diversity. Our 2024 Gender Pay Gap Report shows a 10% increase in female representation compared to 2023, with our mean gender pay gap improving to 26.9%. While we recognise there is more work to be done, these results reflect a positive cultural shift — one where opportunities at Keltbray are accessible to all, regardless of gender, ethnicity, background, or age.
Health and safety
Through our Promote Health, Prevent Harm strategy, we continue to foster a culture of care, vigilance, and continuous improvement. In 2024, we further strengthened our safety performance, with our Accident Frequency Rate improving from 0.11 to 0.10. Our in-house Occupational Health service, KML, delivered 1,887 Occupational Health Assessments across the organisation — ensuring early intervention, risk mitigation, and the promotion of long-term health for all employees.
Work winning and delivery excellence
In 2024, through a merged ambition approach, we focused on diversifying our portfolio beyond our core London development sector workload, and this strategy has delivered strong results. The divestment of our Infrastructure Division has enabled a sharper focus on key growth areas within the built environment.
Outlook
Looking ahead, we remain focused on sustainable growth, operational excellence, and developing our people. We shall continue to remain flexible and agile so as to be able to proactively respond to any material changes in market conditions or opportunities.
Vince Corrigan
Chief Executive Officer
