TIDMKLR
11 April 2023
Keller Group plc
Annual Report and Accounts for the year ended 31 December 2022 and Notice of
2023 Annual General Meeting
Keller Group plc ("Keller", the "Company") announces that its Annual General
Meeting will be held at 11.00am on Wednesday 17 May 2023 ("AGM 2023") at the
offices of DLA Piper UK LLP, 160 Aldersgate Street, London EC1A 4HT.
In connection with this, the following documents have been posted or otherwise
made available to shareholders:
· Annual Report and Accounts for the year ended 31 December 2022 ("Annual
Report 2022")
· Notice of AGM 2023
· Proxy Form (for shareholders on the register of members)
· Form of Direction (for employee shareholders)
· Notice of Availability
In compliance with Listing Rule 9.6.1R, copies of these documents have been
submitted, where appropriate, to the National Storage Mechanism via the FCA's
Electronic Submission System and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
We have also submitted the Annual Report 2022 in the electronic reporting
format required by Disclosure Guidance and Transparency Rule ("DGTR") 4.1.14R;
and the Annual Report 2022 and the Notice of AGM 2023 are now available to view
on the Company's website at www.keller.com.
Should shareholders wish to ask any questions of the Board relating to the
business of the AGM 2023, they are encouraged to email their questions in
advance to secretariat@keller.com or send them by post to the Company's
registered office for the attention of the Group Company Secretary and Legal
Advisor.
In accordance with DGTR 6.3.5R, this announcement contains information in the
Appendix about the principal risks and uncertainties, the Directors'
responsibility statement and note 29 to the accounts on related party
transactions. This information has been extracted in full unedited text from
the Annual Report 2022. This material should be read in conjunction with and is
not a substitute for reading the full Annual Report 2022. References to page
numbers and notes in the Appendix refer to those in the Annual Report 2022. A
condensed set of financial statements was appended to the Keller's preliminary
results announcement issued on 7 March 2023.
For further information, please contact:
Keller Group plc www.keller.com
Kerry Porritt, Group Company Secretary and Legal Advisor 020 7616
7575
Silvana Glibota-Vigo, Group Head of Secretariat
Notes to editors:
Keller is the world's largest geotechnical specialist contractor providing a
wide portfolio of advanced foundation and ground improvement techniques used
across the entire construction sector. With around 10,000 staff and operations
across five continents, Keller tackles an unrivalled 6,000 projects every year,
generating annual revenue of more than £2bn.
LEI number: 549300QO4MBL43UHSN10
DGTR 6 Annex 1 Classification: 1.1 (Annual financial and audit reports)
Appendix
Principal risks and uncertainties
The tables on pages 37 to 43 list the principal risks and uncertainties as
determined by the Board that may affect the Group and highlight the mitigating
actions that are being taken. The content of the tables, however, is not
intended to be an exhaustive list of all the risks and uncertainties that may
arise.
Link to strategy
1 Balanced portfolio 2 Engineered solutions
3 Operational excellence 4 Expertise and scale
Risk movement since 2021 and link to viability
A Increased risk B Constant risk C Reduced risk D
Link to Viability
Timeframe
Short Medium Long
Financial risks
1. Inability to finance our business
Description and Causes Mitigation and internal controls Movement since
impact 2021
Failure to · Failure to · Centralised Treasury Increased Risk
sufficiently and accurately function that is responsible for Robust internal
effectively manage forecast managing key financial risks, controls within
the financial material including liquidity and credit Finance and
strength of the Group exposures and/or capacity. Treasury, along
could lead it to: manage the · Mixture of long-term with trading in
· Fail to meet financial committed debt with varying line with
required tests that resources of the maturity dates which comprise a £ expectations,
allow it to continue Group. 375m revolving credit facility demonstrate clear
to use the going with a maturity extended to ability to manage
concern basis in November 2025 and a US private existing and
preparing its placement debt of $75m maturing anticipated risks.
financial statements. in 2024. New $115m term loan in Looking forward,
· Fail to meet place, maturing in November 2024. we will closely
financial covenant · The Group maintains monitor this risk
tests, potentially significant undrawn facilities in relation to
leading to a default within a high quality RCF bank winning new work
event. syndicate, which underpin the orders on the NEOM
· Have a lack of liquidity requirements of the project and
available funds Group. subsequent
restricts investment · Strong free cash flow requirements for
in growth profile - flexibility on capital increased capital
opportunities, expenditure and ability to reduce expenditure and
whether through dividends. working capital.
acquisition or · Embedded procedures to
innovation. monitor the effective management
· Be unable to of cash and debt, including
meet dividend payment weekly cash reports and regular
requirements. cash flow forecasting to ensure
compliance with borrowing limits
and lender covenants.
· Culture focused on actively
managing our working capital and
monitoring external factors that
may affect funding availability.
Link to strategy Link to viability
Timeframe
3 / 4
Yes Med / Long Term
Market risks
2. A rapid downturn in our markets
Description and Causes Mitigation and internal controls Movement since
impact 2021
Inability to maintain · Customers · The diverse markets in which Constant Risk
a sustainable level postponing or the Group operates, both in terms The Group has a
of financial reducing of geography and market segment, very strong order
performance investment in provide protection to individual book across all
throughout the ongoing and new geographic or segment slowdowns. divisions, with
construction industry projects. · Leveraging the global scale significant
market cycle, which · Impact of of the Group, talent and opportunities on
grows more than many increasing resources can be redeployed to the NEOM project
other industries inflation, other parts of the company during in Saudi Arabia.
during periods of especially in individual market slowdowns. However, due to
economic expansion steel, cement · Having strong local increasing
and falls more harder and energy. businesses with in-depth inflation and
than many other · Political knowledge of the local markets interest rates, as
industries when the instability enables early detection and well as
economy contracts. leading to response to market trends. geopolitical
Any significant, disruption in · The diverse customer base, uncertainty, we
sustained reduction supply chains with no single customer are starting to
in the level of impacting both accounting for more than 6% of see some early
customer activity availability and Group revenue, reduces the signs of customers
could adversely price. potential impact of individual delaying project
affect the Group's customer failure caused by an starts and
strategy, reducing economic downturn. investment.
revenue and
profitability in the
short and medium
term, and negatively
impact the
longer-term viability
of the Group.
Link to strategy Link to viability
Timeframe
1 / 2
Yes Med / Long Term
Strategic risks
3. Failure to procure new contracts while maintaining appropriate margins
Description and impact Causes Mitigation and internal Movement since
controls 2021
Failure to negotiate · Increased · A focus on understanding Constant Risk
satisfactory and competition customer requirements and While we continued
appropriate contractual especially in competitor capabilities. to see a strong
terms may result in: tight or · Structured bid review order book during
· Delays and contracting processes in operation 2022, we are also
disputes during project markets. throughout the Group with seeing increased
delivery, negatively · Failure to well-defined selection criteria competition on
impacting our fully understand that are designed to ensure we contracts within
relationships with our and/or ability to take on contracts only where we our markets with
customers and the meet customer understand and can manage the increased pressure
Group's reputation for requirements. risks involved. on bid pricing
delivering quality · Inadequate · The Project Lifecycle from our customers
products and solutions. resources in Management (PLM) Standard has that along with
· Adversely place (physical introduced more rigour into how inflationary
impacting Group assets and risks are considered during the pressures could
strategy leading to people). opportunity, contract approval potentially erode
reduced revenue and · Failure to and project execution phases. contract margins.
profitability and understand and · Sales training - focus on
negatively impacting engage with the contractual and commercial
the Group's ability to customer on terms.
fund its strategic balanced approach · Continuous monitoring of
objectives. to allocation or market trends and their
sharing of risk potential impact.
in the contract. · Continuous monitoring of
order book wins and losses.
Link to strategy Link to viability
Timeframe
1 / 2 / 3 / 4 No
Short / Med / Long Term
4. Losing our market share
Description and impact Causes Mitigation and internal Movement since
controls 2021
Inability to achieve · Increased · A clear business strategy Constant Risk
sustainable growth, competitor with defined short, medium and Robust internal
whether through activity long-term objectives, which is controls within
acquisition, new especially in monitored at local, divisional Finance and
products, new tight or and Group level. Treasury, along
geographies or contracting · Continued analysis of with trading in
industry-specific markets. existing and target markets to line with
solutions, may: · Failure to ensure opportunities that they expectations,
· Jeopardise our adjust to offer are understood. demonstrate clear
position as the changing customer · An opportunities pipeline ability to manage
preferred international demands or fully covering all sectors of the existing and
geotechnical specialist understand and construction market. anticipated risks.
contractor. meet their · A wide-ranging local
· Lead to requirements. branch network which
inefficiencies and · Inability to facilitates customer
increased operating identify changes relationships and helps secure
costs, which in turn in market repeat work.
could impact our demands, · Continually seeking to
ability to deliver including changes differentiate our offering
balanced profitable to promote through service quality, value
growth, which is a key sustainability. for money and innovation.
component of our · North American businesses
strategy. reorganisation delivering on
· Failure to deliver cross-selling opportunities.
on our key strategic · Minimising the risk of
objective may result in acquisitions, including getting
the loss of confidence to know a target company in
and trust of our key advance, often working in joint
stakeholders including venture, to understand the
investors, financial operational and cultural
institutions and differences and potential
customers. synergies, as well as
undertaking these through due
diligence and structured and
carefully managed integration
plans.
Link to strategy Link to viability
Timeframe
1 / 2
Yes Short / Med / Long Term
5. Ethical misconduct and non-compliance with regulations
Description and impact Causes Mitigation and internal Movement since
controls 2021
Keller operates in many Failure to comply · A Code of Business Conduct Increased Risk
different jurisdictions with the Code of that sets out minimum A financial
and is subject to Business Conduct expectations for all colleagues reporting fraud
various rules, or related in respect of ethics, integrity was discovered in
regulations and other policies and and regulatory requirements, the Austral
legal requirements procedures could that is updated annually and is business unit (BU)
including those related stem from: backed by a training programme in Australia. As a
to anti-bribery and · Failure to to ensure that it is fully result, management
anti-corruption. establish robust embedded across the Group. commissioned an
Failure to comply with corporate · Ethics and Compliance external forensic
the Code of Business culture. Officers in every business unit investigation
Conduct or other · Failure to who support the ethics and which reported to
regulations could leave adopt a compliance culture and ensure the ARC in
the Group exposed to: compliance risk best practice developed by the February 2023. It
· Instances of approach. Group is communicated and concluded that the
bribery and corruption. · Failure to embedded into local business fraudulent
· Fraud and embed the Group's practices. activity had not
deception. values and · Regular workshops across resulted in a cash
· Human rights behaviours across the Group to ensure compliance loss for the
abuses, such as modern the entire risks are identified and Group. A specific
slavery, child labour organisation, addressed. controls response
abuses and human including any · Ethics and Compliance plan has also been
trafficking. joint ventures. updates to the Audit and Risk developed covering
· Unfair competition · Failure to Committee semi-annually. both control
practices. have a robust · An independent third-party failings in
· Unethical training and whistleblowing helpline that is Austral and a
treatment within our monitoring actively promoted. Complaints wider review
supply chain. programme in are independently investigated across Keller.
These failures could place. by the Compliance and Internal Progress against
result in legal · Deliberate Audit teams and appropriate plan will be
investigations, leading non-compliance. action taken where necessary. reported to the
to fines and penalties, ARC. See the
reputational damage and committee's report
business losses. on page 107 for
more information.
Link to strategy Link to viability
Timeframe
3 / 4
Yes Short Term
6. Inability to maintain our technological product advantage
Description and impact Causes Mitigation and internal Movement since
controls 2021
Keller has a history of · Failure to · Innovation initiatives Constant Risk
innovation that has maintain developed at both Group and
given us a investment in divisional level to ensure a
technological advantage innovation and structured approach to
which is recognised by digitisation. innovation is in
our clients and · Increased place across the Group.
competitors. Failure to competitor · Digitisation initiatives
maintain this advantage investment in focusing on strategy of
through the continued innovative facilitating equipment and
technological solutions. operational data capture,
advancements in our · Failure to bringing information together
equipment, products and continue to and making it accessible on a
solutions may: invest in our single platform. It will
· Impact our people. include all technical
position in the market. information from Keller and
· Not being selected third-party sources at each
for key complex, stage of delivery, including
high-value projects data analysis and
that support the Group visualisations where possible,
strategy. and it will also be
· Make it more BIM-compatible.
difficult to attract · We take a leadership role
and retain the best in the geotechnical industry,
talent. with many of our team playing
· Result in the loss key roles in professional
of reputation for associations and industry
delivering the best activities around the world.
engineered solutions. · Global product teams set
standards, provide guidance and
disseminate best practice
across the Group.
· Continued investment in
both external and internal
equipment manufacture.
Link to strategy Link to viability
Timeframe
1 / 2
No Med / Long Term
7. Climate change
Description and impact Causes Mitigation and internal Movement since
controls 2021
Climate change is a global · Failure · Sustainability Steering Constant Risk
threat and failure to to update Committee that is responsible Starting to win
manage and mitigate it product for integrating sustainability project
could lead to: offerings targets and measures into the opportunities
· Inability to achieve in line with group business plan to related to
Keller's commitment to both successfully drive changes climate impact.
deliver solutions in an legislation important to the company. Focus remains on
environmentally conscious and customer · Collaboration with the delivering
manner, which may in turn demand. University of Surrey's Centre sustainability
have a negative impact on for Environment and targets and
our reputation, affect Sustainability to apply meeting TCFD
employee morale and lead to sustainability best practice to reporting
a loss of confidence from all business functions. requirements.
our customers, suppliers · Scope 1 and 2 carbon
and investors. emissions verified by
· Product offerings accredited external third party
becoming obsolete because (Carbon Intelligence).
they are no longer · Carbon calculator tool
compliant with used to identify/improve carbon
environmental standards. efficiency.
· Remediation of · Cross-functional team
non-compliant work at our created to develop and embed
own expense to maintain processes to meet TCFD
compliance. requirements. See page 90 for
our Organisational and
reporting structure for climate
governance.
Link to strategy Link to viability
Timeframe
1 / 2 / 3 / 4
Yes Short / Med / Long Term
Operational risks
8. Service or solutions failure
Description and impact Causes Mitigation and internal Movement since
controls 2021
In designing a product or a · · Continuing to enhance Constant Risk
solution for customers many Misinterpretation our technological and
factors need to be of client operational capabilities
considered, including client requirements or through investment in our
requirements, site and miscommunication product teams, project
loading conditions and local of requirements managers and our engineering
constraints (eg neighbouring by the client may capabilities.
buildings, other underground lead to a poorly · Employing geotechnical
structures). Inadequate designed solution engineers that are focused
design of a customer product and consequently purely on design.
and/or solution may lead to: failure. · Disaster Recovery/
· Inability to achieve Business Continuity Plans in
the required standard. place and reviewed across the
· Failure to meet quality Group.
standards, damaging our · The global product teams
reputation, giving rise to set standards, provide
regulatory action and legal guidance and disseminate best
liability, and ultimately practice across the
impact financial organisation for our eight
performance. key products.
· A negative impact on · We seek to agree
long-term profitability from liability limits in our
poorly designed product/ contracts with customers.
solution as they are · Insurance solutions are
generally covered by a in place to limit financial
liability limitation period exposure of a potential
of 12 years. customer claim.
Link to strategy Link to viability
Timeframe
2 / 4 Yes
Short / Med / Long Term
9. Ineffective execution of our projects
Description and Causes Mitigation and internal controls Movement since
impact 2021
Inability to · Failure to · Ensuring we understand all of Constant Risk
successfully manage our our risks through the bid appraisal Number of projects
deliver projects in projects to process and applying rigorous not executed to
line with the ensure that they policies and processes to manage expectations in
agreed customer are delivered on and monitor contract performance. 2022 above the
requirements may time and to · Ensuring we have high-quality long-term average.
result in: budget due to people delivering projects. Adversely impacted
· Cost overruns, unforeseen Keller's Project Management Academy by persistently
contractual ground and site and Field Leadership Academy are high inflation
disputes and conditions, designed to create project managers across North
reputational weather-related with a consistent skill set across America and
damage. delays, the entire organisation. The Europe.
· Ineffective unavailability academies cover a broad range of
project delivery of key topics including contract
may also expose the materials, management, planning, risk
Group to long-term workforce assessment, change management,
obligations shortages or decision-making and finance.
including legal equipment · KDAQ system enabling
action and breakdowns. comparison of performance across
additional costs to · Lack of sites using similar products,
remedy solution comprehensive identification of areas of best
failure. understanding of practice and quickly raising
contract awareness of where improvement is
obligations. needed.
· Inadequate · Safety Standards for
resources operations (eg platform, cage
(people, handling), Equipment Standards and
physical assets fleet renewal.
and materials). · The PLM Standard aims to drive
a consistent approach to project
delivery with robust controls at
every project phase.
· A formal, structured approach
to Lean and 5S is being rolled out
across the organisation, which is
improving processes and
strengthening Keller's working
culture.
Link to strategy Link to viability
Timeframe
3 / 4
Yes Short Term
10. Supply chain - partners fail to meet the Group's operational expectation
and contractual obligations (including capacity, competency, quality, financial
stability, safety, environmental, social and ethical)
Description and Causes Mitigation and internal Movement since 2021
impact controls
Failure to manage · Failure to · The Group has Constant Risk
suppliers embed the Group's developed long-term Supply chain issues,
effectively could expectation within partnerships with key including both scarcity
lead to: the procurement suppliers, working of certain materials
· Delays to process. closely with them to (steel, cement and
executing · Inadequate understand their energy) and the pricing
projects waiting assessment of operations, but is not impact of this, are
for materials and supply chain over-reliant on any beginning to show signs
ongoing business partner single one, with an of easing. While
disruption. capabilities extensive network of pressure remains as a
· Additional during bidding approved suppliers in result of the
costs to find phase. place across the geopolitical
alternative · Lack of organisation to support uncertainty following
suppliers. supplier its strategic Russia's invasion of
· Becoming resilience due to ambitions. Ukraine, it is being
involved in legal rising costs of · A Supply Chain better managed as
disputes and energy as a result Code of Business demand cools across
potentially fines of geopolitical Conduct that sets out North America and
and penalties. uncertainty. minimum expectations Europe. It will
· Damaging our · Lack of for all suppliers in continue to be closely
reputation and supply respect of ethics, monitored and action
potentially being availability due integrity and taken to mitigate
barred from to increased regulatory impacts.
bidding on future demand from and requirements, that is The Group is committed
contracts. too little supply. updated annually. to ensuring slavery and
· Human rights · Inflation · Working group forced labour is not
abuses, such as driving up prices. established, reporting taking place in its
modern slavery, · Logistical to the Group Company business or supply
child labour impact causing Secretary and Legal chain. Following a
abuses and human delays due to lack Advisor, to drive recent issue with a
trafficking. of HGV drivers. minimum standards both contractor's use of
contractually and overseas recruitment
behaviourally across agents, we are
key labour suppliers. undertaking a modern
slavery assessment of
our labour only
contractors to ensure
they are complying with
our standards.
Link to strategy Link to viability
Timeframe
3 / 4
Yes Short / Med Term
11. Causing a serious injury or fatality to an employee or a member of the
public
Description and impact Causes Mitigation and internal Movement since
controls 2021
Failure to maintain · Inadequate · Board-led commitment to Constant Risk
high standards of risk drive health and safety
health and safety, and identification, programmes and performance with
an increase in serious assessment and a vision of zero harm.
injuries or fatalities, management. · An emphasis on safety
leading to: · Lack of leadership to ensure both HSEQ
· Erosion of trust clear leadership professionals and operational
of employees and driving the leaders drive implementation
potential clients. safety culture. and sustainment of our safety
· Damage to staff · Lack of standards through ongoing site
morale, an increase in employee presence, using safety tours,
employee turnover rates competency. safety audits, safety action
and a decrease in · Poorly groups and mandatory employee
productivity. designed training.
· Threat of processes that do · Ongoing improvement of
potential criminal not eliminate or existing HSEQ systems to
prosecutions, fines, mitigate risk. identify and control known and
disbarring from future · Lack of emerging HSEQ risks, which
contract bidding and focus on the conform to internal standards.
reputational damage. wellbeing and · Incident Management
mental health of Standard and incident
employees and JV management software driving a
partners. robust and consistent
management process across the
organisation that ensures the
cause of the incident is
identified and actions are put
in place to prevent recurrence.
Link to strategy Link to viability
Timeframe
3
Yes Short Term
12. Not having the right skills to deliver
Description and impact Causes Mitigation and internal Movement since
controls 2021
Failure to attract and · Inability to · Continuing to invest in Constant Risk
develop excellent recruit our people and organisation in While we are still
people to create a and retain strong line with the four pillars of witnessing
high-quality, vibrant, performers. the Keller People agenda as inflationary
diverse and flexible · Lack of a noted below. pressure on pay
workforce could: diverse · Ensuring that the 'Right across many
· Harm the Group's workforce. Organisation' is in place with locations where
ability to win or · Failure to people having clear Keller operates,
execute specific maintain accountabilities; each the pressure on
high-value, complex and promote the organisational unit is properly competition for
projects. Keller culture. configured with a matrix of skilled personnel
· Fail to meet · Overheating line management, functional is beginning to
strategic objectives to of market causing support and product expertise. ease. Focus
grow the business and significant · As an industry leader, remains on
lose key stakeholder increase in that Keller is made up of retaining staff
confidence within the demand 'Great People' that are well with the right
market. or competition trained, motivated and have skills to deliver.
for people. opportunities to develop to
· Lack of their full potential. Project
visibility of managers and field employees
long-term receive comprehensive training
pipeline for programmes which cover a broad
career range of topics including
progression contract management, planning,
resulting in risk assessment, change
existing management, decision?making and
employees leaving finance.
the business. · A strong focus on the
· Post 'Exceptional Performance' of
COVID-19 recovery employees in delivering
driving increase commercial outcomes safely for
in attrition Keller based upon project
or people leaving successes for our customers.
the sector. Business leaders are
· Pressure incentivised to deliver their
from annual financial and safety
wage inflation commitments to the Group.
and increased · The 'Keller Way' provides
offers guidance to the company's
from competition. employees and leaders to comply
with local laws and work within
Keller's values and Code of
Business Conduct.
Link to strategy Link to viability
Timeframe
2 / 3 / 4
No Short / Med Term
13. Cyber security
Description and impact Causes Mitigation and internal Movement since
controls 2021
Risk of potential · Poor · The Group has a cyber Constant Risk
disruption in the internal security and information
business operations, governance. assurance team and is utilising
reputational damage and · Failure to zero trust layered technology.
/or loss or corruption embed · Creation of an Information
of data could lead to: preventative Security Management System
· Loss of culture. framework, referencing industry
intellectual property · Lack of or standards to ensure appropriate
and competitive inadequate governance, control and risk
advantage. training and management and then onward
· Operational impact awareness. management for compliance,
restricting ability to · Increased maturity and development of
carry out business exposure to service.
critical activities. phishing attacks · Introduction of technical
· Potential fines and ransomware capabilities and services to
and penalties. due to increased further enable prevention,
· Reputational use of personal detection, prediction and
damage leading to loss devices and response services.
of market and customer remote working. · Multi-factor
confidence. · Inconsistent authentication for all users
approach to data prevents unauthorised access to
security, Keller's networks and
especially with applications.
JV partners and · Advanced threat protection
external third on all IT equipment delivers
parties. comprehensive, ongoing and
· Increased real-time protection against
use of cloud viruses, malware and spyware.
services without · Data protection framework
equivalent to ensure compliance with the
investment in GDPR and other standards of
modern threat data protection.
prevention. · Independent third-party
· Cyber review of our approach to cyber
attacks. security and the adequacy of
the control environment.
Link to strategy Link to viability
Timeframe
3 / 4
No Short Term
Responsibility statement of the Directors in respect of the Annual Report and
the financial statements
We confirm that to the best of our knowledge:
· the financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company and the undertakings
included in the consolidation as a whole; and
· the Strategic report and the Directors' report, including content contained
by reference, includes a fair review of the development and performance of the
business and the position and performance of the company and the undertakings
included in the consolidation taken as a whole, together with a description of
the principal risks and uncertainties that they?face.
The Board confirms that the Annual Report and the financial statements, taken
as a whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Group's position and performance,
business model and strategy.
Related party transactions
Transactions between the parent, its subsidiaries and joint operations, which
are related parties, have been eliminated on consolidation. Other related party
transactions are disclosed below:
Compensation of key management personnel
The remuneration of the Board and Executive Committee, who are the key
management personnel, comprised:
2022 2021
£m £m
Short-term employee benefits 4.5 8.2
Post-employment benefits 0.3 0.3
Termination payments 0.4 0.4
5.2 8.9
Other related party transactions
As at 31 December 2022, there was a net balance of £0.1m owed by (2021: £0.1m
owed by) the joint venture. These amounts are unsecured, have no fixed date of
repayment and are repayable on demand.
END
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