Keltbray Marks Transformational 2024 with Strategic Realignment and Strengthened Financial Performance

2024 marked a pivotal chapter in Keltbray’s evolution – one defined by bold decisions, financial discipline, and a renewed focus on core strengths. The year saw the culmination of several long-term strategic initiatives that have reshaped the business and positioned it for sustainable growth.

Strategic Reset Positions Keltbray for Sustainable Growth

The most significant milestone in 2024 was the successful sale of Keltbray’s Infrastructure Division to EMK Capital, now operating as an independent entity under the name Aureos. This complex transaction, three years in the making, was delivered with minimal disruption to operations and signified a deliberate strategic repositioning of the Group.

Concurrently, Keltbray concluded a long-running matter with the Competition and Markets Authority (CMA), achieving a final settlement. This resolution brings closure to a challenging chapter, allowing the Group to move forward with renewed focus.

Robust Financials and Operational Maturity

Following the Infrastructure Division divestment in August 2024, a natural recalibration of Group revenue was expected in the financial results. However, the retained business delivered a strong financial performance:

• Gross margin improved from 10.4% to 11.3%
• Operating profit increased from 0.6% to 1.7% (excluding CMA-related exceptional costs)
• Net Cash (Cash – Debt) increased by £40m
• Balance sheet strengthened significantly, rising from c.£28m to £39m

These improvements reflect the success of Keltbray’s Integrated Projects model, which continues to drive delivery certainty and margin improvement through self-delivery and single-point accountability.

Notably, the Group successfully completed full repayment of its external debt, eliminating the burden of high interest costs, transitioning it to a net cash position of £20.6m. This, alongside a shareholder-led recapitalisation, leaves Keltbray debt-free and financially agile heading into FY25.

Outlook: A Focused Path to Profitable Growth

With £302m of secured workload as it entered its 2025 financial year and £350m in forecast revenue for FY25, Keltbray enters the new financial year from a position of strength. The business remains focused on high-quality, technically demanding, and safety-critical projects, particularly within adjacent regulated markets. Mid-year results are on track, with further profit margin growth expected in its full-year accounts.

In a further show of financial strength, Keltbray has recently secured a new banking partnership with Metro Bank, providing access to up to £30m in working capital facilities. This agreement significantly enhances the Group’s liquidity headroom at a time when financial resilience is more critical than ever in the UK construction and infrastructure sectors.

Supported by a blue-chip client base and a disciplined strategy centred on quality of earnings, Keltbray is well-placed to deliver sustainable, long-term value while maintaining its commitment to operational excellence and strategic agility.