Miami slowdown hits UK engineer

ENGINEER Keller Group has seen its North American business hit by a slowdown in spending on high-end flats.

The division’s revenue was down 10pc during the half year with profit also slumping from £33.6m to £28.6m as construction slowed in its key markets in Chicago and Miami.

Results were dragged down by their Case Foundation and HJ Foundation divisions in those cities. Chief executive Alain Michaelis said: ‘We are seeing something similar in other parts of the world – people are rowing back on these projects. And I think Miami got a bit too hot.’

Keller built the foundations for the London 2012 Olympic stadium and upgraded Victoria Station. Michaelis said he felt good about its position in the US, with its largest division Hayward Baker seeing a rise in revenue and profit.

Keller posted strong results with profit up 20pc to £93.3m. It has an all-time high order book of more than £1.1bn, which is 20pc higher than last year. Bosses plan to pay a 9.7p interim dividend for the first half of the year, up 5pc on the year.