US and Spain a drag for Keller

17th Dec 2010 07:44

Ground preparation engineer Keller has seen little improvement in trading since it predicted last month that full-year results will be at the bottom end of expectations. The global recession has been particularly acute in the US residential market and in Spanish construction, the company said. 'In both markets, the short term prospects are no better than a year ago and only a slow recovery is expected over time,' the company said. 'As a consequence, the full year 2010 results will include non-cash goodwill impairment charges in respect of Suncoast, our business most exposed to the US residential market, and Keller-Terra in Spain.'These charges should amount to between £20m and £25m, the company said. Since the November update, Keller has completed the refinancing of its main central banking facilities, replacing £145m of committed facilities due to expire in the summer of 2011 with a new £170m revolving credit facility, expiring in April 2015.