Keller AGM update

Keller’s AGM update is reassuringly uneventful — and for a company that has spent recent years rebuilding investor trust on execution, that is exactly the point. Trading in the first four months is described as strong year-on-year and in line with expectations, with North American foundations once again carrying the load. The order book has firmed to c.£1.7bn at end-April, providing solid forward visibility, while management notes that price pass-through mechanisms are absorbing energy and material cost pressure — a useful reminder that Keller’s contract structure is more inflation-resilient than the headline cyclicality implies.

The capital return story continues to compound. With the 2025 £50m buyback complete, the £100m programme launched on 30 March is already c.£18m through (~834,000 shares retired). Crucially, H1 net debt/EBITDA is expected at around 0.2x, materially below the 0.5–1.5x target range, leaving ample headroom for bolt-on M&A alongside continued buybacks.

There are no negative surprises here and arguably few positive ones either — the Capital Markets Day on 14 October looks the more meaningful catalyst. For now, this update simply de-risks consensus and reinforces the steady-compounder thesis. Strong hold imho