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  • Writer's pictureSafer Highways

Keltbray Holdings Limited announces 2022 Full Year Results

Keltbray, a UK-leading specialist construction engineering and infrastructure services company, today releases its Annual Report and Consolidated Financial Statements for the year ended 31st October 2022.

Performance at a glance

The Group posted a resilient financial performance, delivering strong order book growth despite the continuing uncertainties posed by the global challenges. Highlights include:

  • Annual Turnover increased 35 per cent to £527.8m reflecting high quality contract wins underpinned by tighter governance in opportunity selection and project delivery

  • Operating Profit increased 388 percent to £5.2M, representing a year-on-year £7.0m uplift on FY2021 loss of £1.78M. This is primarily attributable to lower-level exposure to exceptional costs in the period, which have impacted previous years’ performances in FY21 and FY22

  • Gross Margin decreased to 10.6% largely due to acquisition and integration of new highways business, supply chain price inflation and front loading of costs as new contracts mobilise into delivery phase

  • Improved Group Cash Headroom position of £38.1m comprising cash balances and unused bank facilities, providing platform for continued growth

  • 70 per cent growth in secured Order Book to £526.4m at FY22, representing one year’s annual revenue

  • A healthy sales opportunity pipeline of addressable work of £4.3bn providing good line of sight to future earnings.

  • Industry-leading customer satisfaction levels with Net Promoter Score of 54, equivalent to 85% customer satisfaction rate, placing Keltbray in top quartile of most recommended companies in the UK construction industry.

  • Strong workforce engagement with leading indicator of 4.35 / 5 good days at work recorded across our employee population.

Operational and Financial Performance

Keltbray has delivered a strong operational performance, resulting in underlying year-on-year increases to revenue, operating profit post exceptional items and the order book. These improvements demonstrate our continued efforts to focus on delivering project certainty for clients, enabled through our corporate governance and increasing business resilience.

The year-end order book is significantly ahead of the prior year-end, largely due to the return on investments made in our business development and technical disciplines over the past three years. The Group continues to de-risk the order book across its portfolio by focusing on robust selection governance, targeting projects with acceptable terms, conditions and financial margins, which benefit from our integrated, self-delivery approach.


Keltbray continues to invest in enhancing the effectiveness of its business model and can confirm it had a strong sustainability performance, with 100% of its fixed locations now using renewable energy, and circular economy practices driving low carbon delivery on major projects including The IBM Building, 2 Aldermanbury Square and the Woolgate Exchange.

Keltbray has also made strong progress in line with the UN Sustainable Development Goals, Science Based Targets initiative (SBTi), UK Government industrial strategy targets and our stakeholders’ environmental and social value ambitions.


Looking forward, the economic outlook remains uncertain, and it is unclear how long the conflict in Ukraine, impact on energy prices and the resulting inflationary pressures will persist. Despite these external forces, our improved, de-risked and diversified sales order pipeline and increasing operational focus in key areas of efficiency, effectiveness and control gives us the confidence that we will continue to make strong progress with our strategy to deliver sustainable, managed growth in a highly controlled manner.

Brendan Kerr, Group Executive Chairman commented:

“Innovation in Engineering has long been our mantra, and this has never been

more relevant than in today's dynamically changing marketplace.

“Despite another challenging year for the whole industry, I am extremely proud of the significant efforts of my executive leadership team and all my colleagues across Keltbray as they continually demonstrated the agility and commitment necessary to deliver the essential services our customers require and that protect our business for the future.”

Darren James, Group Chief Executive said:

“During the financial full year 2022, Keltbray delivered a resilient financial performance, posting strong growth in the order book, with some exceptionally high-quality contract wins, and growth in revenues, operating profit and group cash headroom, achieved against the backdrop of continued trading challenges

“Our reputation for complex engineering excellence, supply chain operations and our delivery culture, combined with the attractive fundamentals of our core markets, gives us a strong platform to ‘unleash our potential’ and realise our ambitions for the future growth of Keltbray, even in the face of continued headwinds.”

Peter Burnside, Group Chief Financial Officer said:

“These results reflect the inherent strength of our diverse business portfolio, enhanced governance and the commitment and hard work of all our people.”

“The Group has faced into the prevailing social and economic challenges, enabling the posting of a resilient financial and operating performance in FY2022.”

The full 2022 Annual Report and Consolidated Financial Statements is now available to read and download on the Keltbray website ( or via this link

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