Keller, a UK-listed construction firm specializing in geotechnical groundworks and one of the largest in the world by sector, has outlined plans for significant expansion through a targeted acquisition strategy, particularly focusing on the United States market. The company revealed this approach during a recent capital markets event, emphasizing its intention to build on current growth and maintain strong profit margins.

Currently valued at approximately £2.1 billion and ranked among the 150 largest companies on the London Stock Exchange, Keller has experienced substantial share price growth over the past three years, with shares quadrupling in value. This momentum follows the appointment of James Wroath as chief executive a year ago, who succeeded in driving operational progress after previously leading logistics firm Wincanton.

Keller reported annual revenue growth expectations of 5 to 7 percent from its existing project pipeline, with operating margins projected to remain near 7 percent—well above sector averages, which typically operate with slimmer earnings. The company operates on a global scale with a 12 percent market share, executing around 5,500 projects annually.

Wroath indicated that acquisitions would be a key component in Keller’s growth strategy moving forward. While the firm has not undertaken any transactions exceeding £50 million since 2018 and has made no acquisitions since 2022, it is now actively pursuing opportunities to acquire smaller companies to complement its portfolio. Keller has identified as many as 1,000 potential acquisition targets to address gaps, or “white space,” in its geographic and service coverage.

The United States accounts for roughly two-thirds of Keller’s business, where the company has benefited from increased demand tied to construction projects for data centers driven by the artificial intelligence sector. In contrast, Keller’s presence in the UK remains more limited. This is due in part to the vertical integration of large UK construction firms that typically maintain their own groundworks divisions, calling upon Keller mainly for specialised services such as drilling, piling, and soil compaction during early-stage infrastructure projects like HS2.

Analysts forecast that, excluding contributions from acquisitions, Keller’s revenue will rise by about one-sixth to exceed £3.5 billion, with pre-tax profits expected to increase by more than 20 percent to around £240 million. Despite adopting a more acquisitive stance, Wroath emphasized that the company does not plan to pursue transformational deals but rather a series of smaller bolt-on mergers to sustain steady, incremental growth.