Keltbray Built Environment Ltd – Full Year Results 2025

11/05/2026, London – Keltbray Built Environment Limited today announces its financial results for the year ended October 2025, reporting an underlying pre‑tax profit of £5.3 million, excluding Group‑level corporate restructuring adjustments. This represents an improvement on the £3.2 million pre‑tax profit reported in 2024.

While revenue reduced year on year, margin performance improved, supported by the continued application of the Integrated Project Model. This approach enables more efficient and controlled delivery through the coordinated use of Keltbray’s specialist engineering services, creating clearer accountability and improved project outcomes for clients.

Cash performance also strengthened during the year, with period‑end cash increasing by £3.5 million to £11.4 million. This improvement reflects stronger profit conversion and continued discipline in managing working capital. The business remains debt‑free and benefits from access to the Keltbray Group’s £30 million Metro Bank facility, further underpinning its financial resilience.

Karl Goose, Chief Executive Officer of Keltbray, said:

“This has been a year of transition and progress for Keltbray Built Environment. Despite a more subdued market backdrop, we have improved profitability, strengthened margins and reinforced the fundamentals of the business. Our Integrated Project Model continues to differentiate us, enabling better control, clearer accountability and consistent delivery for our clients. Just as importantly, we exited the year with a stronger balance sheet, improved cash performance and a solid platform from which to deliver our longer‑term five‑year strategy, focused on disciplined growth, resilience and sustainable value creation.”

The statutory results for the year benefit from the corporate restructuring completed at Group level in 2025, which included the transfer of a number of dormant legacy entities outside Keltbray Group Limited. This resulted in the recognition of a £14.8 million gain on intercompany debt release in the statutory accounts.

As a result of the restructuring and improved trading performance, the balance sheet strengthened materially, with net assets increasing from £11.4 million in October 2024 to £30.3 million in October 2025.

Looking Ahead and Outlook

The Group enters 2026 with a high‑quality order book of £244 million, reflecting current conditions in the London commercial market, including planning delays and continued investor caution. Despite these headwinds, Keltbray has maintained a disciplined approach to work winning, prioritising sustainable margins over volume through the robust governance of its Executive Investment Panel.

Targeted investment during 2026 will focus on strengthening commercial and pre‑construction capabilities to support entry into adjacent markets. This includes continued investment in digitalisation and the early deployment of artificial intelligence to improve data visibility, front‑end discipline and informed commercial decision‑making, with a clear emphasis on control, governance and long‑term value creation.

Keltbray expects 2026 to be a transitional year. Performance in the first half of the year is in line with budget expectations, reflecting lower revenue levels identified early, which enabled proactive cost base adjustments. The impact of these actions is reflected in exceptional redundancy costs of £1 million reported in the 2025 results. While some margin compression is expected, the business remains confident of delivering profitability in 2026.

Looking further ahead, Keltbray is well positioned for growth in 2027, supported by expansion across the National Infrastructure, Renewables and Data Centre markets. Revenues are expected to exceed £400 million, with increasing scale supporting progress towards the shareholder’s medium‑term operating profit target of 5%. Backed by a committed shareholder, a strengthened leadership team, and strong support from its banking partner Metro Bank, alongside surety and credit insurance providers, the business has a strong platform to deliver sustainable long‑term growth.

For media enquiries, or more information please contact:

Kelly March, Head of Communications

Kelly.march@keltbray.com