Keltbray hails 2024 as “pivotal” year

Image: Keltbray

The company said it sold Infrastructure Division to private equity firm EMK Capital, now operating independently under the name Aureos. #

Finalised in August 2024, the transaction forms part of a broader strategic shift by the engineering and construction group.

Keltbray said the deal was delivered with minimal disruption and allows it to sharpen its focus on technically complex, regulated market sectors. 

While the sale prompted an expected reduction in overall group revenue, Keltbray reported a stronger financial performance from its retained operations.

Gross margin rose from 10.4% to 11.3%, while operating profit increased from 0.6% to 1.7%, excluding exceptional costs related to the CMA case, the long-running investigation by the UK Competition and Markets Authority (CMA).

The group also improved its net cash position by £40 million, ending the year with £20.6 million in cash and strengthening its balance sheet from approximately £28 million to £39 million.

Looking ahead, Keltbray said it entered the 2025 financial year with a secured order book of £302 million and a revenue forecast of £350 million. The company said trading is on track and that further profit margin growth is expected in its full-year accounts.

To support working capital and future growth, Keltbray has also secured a new banking facility with Metro Bank, providing access to up to £30 million in liquidity.

“The business is focused on quality of earnings, operational discipline and growth in adjacent regulated markets,” the company said. “We’re entering the new financial year from a position of strength.”