Annual Report and Accounts 2021
Building the foundations
for a sustainable future
www.keller.com
Keller Group plc Annual Report and Accounts 2021

Keller Group plc
Resilient delivery
Contents
Strategic report
1 Highlights
2 At a glance
4 Investment case
6 Chairman’s statement
10 Our market
12 Business model
!$ ÌëìèéÎûèæø÷ìùèØĦæèõđöõèùìèú
18 Our strategy
20 North America
22 Europe
"$ Êöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¤ÊÖÎÊ¥
"& ÌëìèéÏìñäñæìäïØĦæèõđöõèùìèú
32 Principal risks and uncertainties
42 ESG and sustainability
&& ×òñ¡Ĥñäñæìäïõèóòõ÷ìñêö÷ä÷èðèñ÷
Governance
68 Chairman’s introduction
70 Board of Directors
72 Executive Committee
74 Board leadership and purpose
76 Section 172 statement
'( Ðòùèõñäñæèéõäðèúòõî
(" Ëòäõçæòðóòöì÷ìòñöøææèööìòñ
äñçèùäïøä÷ìòñ
84 Environment Committee report
86 Social and Community Committee report
88 Nomination and Governance Committee
report
90 Audit and Risk Committee report
96 Annual statement from the Chair
òé÷ëèÛèðøñèõä÷ìòñÌòððì÷÷èè
98 Remuneration in context
100 Remuneration at a glance
102 Annual remuneration report
112 Directors’ report
115 Statement of Directors’ responsibilities
Financial statements
116 Independent auditor’s report to
the members of Keller Group plc
127 Consolidated income statement
128 Consolidated statement of
comprehensive income
129 Consolidated balance sheet
130 Consolidated statement of
æëäñêèöìñèôøì÷ü
!#! Ìòñöòïìçä÷èçæäöëĥòúö÷ä÷èðèñ÷
!#" ×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäï
statements
175 Company balance sheet
!'& Ìòðóäñüö÷ä÷èðèñ÷òéæëäñêèöìñèôøì÷ü
!'' ×ò÷èö÷ò÷ëèæòðóäñüĤñäñæìäï
statements
Other information
185 Adjusted performance measures
188 Financial record
189 Contacts
189 Cautionary Statement
keller.com/investors
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Contacts
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Keller Group plc
2 Kingdom Street
L
ondon W2 6BD
Telephone: +44 20 7616 7575
www.keller.com
North America Division
Keller Management Services, LLC
7550 Teague Road
Üøì÷è# Ñäñòùèõ
Öäõüïäñç"! '&
Telephone: +1 410 551 1938
www.keller-na.com
Europe Division
K
eller Holding GmbH
Kaiserleistrasse 8
&# &'Øģèñåäæë
Germany
Telephone: +49 69 80510
www.kellerholding.com
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Keller Middle East
ÙäïäæèÝòúèõö!
ÍøåäìÜìïìæòñØäöìö¤ÍÜØ¥
PO Box 111323
ÍøåäìÞÊÎ
Telephone: +971 4213 58 00
www.kellerme.com
Secretary and advisers
Group Company Secretary
and Legal Advisor
Kerry Porritt FCG LLB (Hons)
5HJLVWHUHGRƯFH
2 Kingdom Street
L
ondon W2 6BD
Registered number
2442580
Joint brokers
Investec Bank plc
30 Gresham Street
London EC2V 7QP
Peel Hunt LLP
Öòòõ Ñòøöè !" Õòñçòñ àäïï
London EC2Y 5ET
Financial advisers
Rothschild & Co.
×èúÌòøõ÷Ü÷Üúì÷ëìñđöÕäñè
L
ondon EC4N 8AL
Legal advisers
DL
A Piper UK LLP
160 Aldersgate Street
London EC1A 4HT
Financial public relations advisers
FTI Consulting
200 Aldersgate Street
London EC1A 4HD
Registrars
Equiniti Limited
Êöóèæ÷ÑòøöèÜóèñæèõÛòäç
Õäñæìñêàèö÷Üøööèû
BN99 6DA
Cautionary statement
Ýëìö çòæøðèñ÷ æòñ÷äìñö æèõ÷äìñ éòõúäõç¡ïòòîìñê ö÷ä÷èðèñ÷ö úì÷ë
õèöóèæ÷ ÷ò Ôèïïèõđö Ĥñäñæìäï æòñçì÷ìòñ õèöøï÷ö òé òóèõä÷ìòñö äñç
åøöìñèöö äñç æèõ÷äìñ òé Ôèïïèõđö óïäñö äñç òåíèæ÷ìùèö úì÷ë õèöóèæ÷
to these items.
Ïòõúäõç¡ïòòîìñê ö÷ä÷èðèñ÷ö äõè öòðè÷ìðèö åø÷ ñò÷ äïúäüö ìçèñ÷ìĤèç
åü ÷ëèìõ øöè òéäçä÷è ìñ ÷ëè éø÷øõè òõ öøæë úòõçö äö Đäñ÷ìæìóä÷èöđ Đäìðöđ
Đçøèđ Đúìïïđ Đæòøïçđ Đðäüđ Đöëòøïçđ Đèûóèæ÷öđ Đåèïìèùèöđ Đìñ÷èñçöđ Đóïäñöđ
Đóò÷èñ÷ìäïđ Đõèäöòñäåïü óòööìåïèđ Đ÷äõêè÷öđ Đêòäïđ òõ Đèö÷ìðä÷èöđ Ëü ÷ëèìõ
ùèõü ñä÷øõè éòõúäõç¡ïòòîìñê ö÷ä÷èðèñ÷ö äõè ìñëèõèñ÷ïü øñóõèçìæ÷äåïè
speculative and involve risk and uncertainty because they relate to
èùèñ÷ö äñç çèóèñç òñ æìõæøðö÷äñæèö ÷ëä÷ úìïï òææøõ ìñ ÷ëè éø÷øõè
There are a number of factors that could cause actual results and
çèùèïòóðèñ÷ö÷òçìģèõðä÷èõìäïïüéõòð÷ëòöèèûóõèööèçòõìðóïìèçåü
÷ëèöèéòõúäõç¡ïòòîìñêö÷ä÷èðèñ÷ö
Ýëèöèéäæ÷òõöìñæïøçèåø÷äõèñò÷ïìðì÷èç÷òæëäñêèöìñ÷ëè
èæòñòðìèöäñçðäõîè÷öìñúëìæë÷ëèÐõòøóòóèõä÷èöæëäñêèöìñ÷ëè
õèêøïä÷òõüäñçæòðóè÷ì÷ìòñéõäðèúòõîöìñúëìæë÷ëèÐõòøóòóèõä÷èö
÷ëèìðóäæ÷òéïèêäïòõò÷ëèõóõòæèèçìñêöäêäìñö÷òõúëìæëäģèæ÷÷ëè
Ðõòøóäñçæëäñêèöìñìñ÷èõèö÷äñçèûæëäñêèõä÷èö Ïòõäðòõè
çè÷äìïèççèöæõìó÷ìòñòé÷ëèöèõìöîöøñæèõ÷äìñ÷ìèöäñçò÷ëèõéäæ÷òõö
please see the risk management approach and principal risks section
of the strategic report.
Êïïúõì÷÷èñòõùèõåäïéòõúäõç¡ïòòîìñêö÷ä÷èðèñ÷öðäçèìñ÷ëìö
çòæøðèñ÷òõðäçèöøåöèôøèñ÷ïüúëìæëäõèä÷÷õìåø÷äåïè÷òÔèïïèõòõ
any other member of the Group or persons acting on their behalf are
èûóõèööïüôøäïìĤèçìñ÷ëèìõèñ÷ìõè÷üåü÷ëèéäæ÷òõöõèéèõõèç÷òäåòùè
Ôèïïèõçòèöñò÷ìñ÷èñç÷òøóçä÷è÷ëèöèéòõúäõç¡ïòòîìñêö÷ä÷èðèñ÷ö
×ò÷ëìñêìñ÷ëìöçòæøðèñ÷öëòøïçåèõèêäõçèçäöäóõòĤ÷öéòõèæäö÷
Ýëìöçòæøðèñ÷ìöñò÷äñòģèõ÷òöèïïèûæëäñêèòõ÷õäñöéèõäñü
securities of Keller Group plc or any of its subsidiaries and is not
öòïìæì÷ìñêäñòģèõ÷òóøõæëäöèèûæëäñêèòõ÷õäñöéèõöøæëöèæøõì÷ìèöìñ
äñüíøõìöçìæ÷ìòñÜèæøõì÷ìèöðäüñò÷åèòģèõèçöòïçòõ÷õäñöéèõõèçìñ
÷ëèÞñì÷èçÜ÷ä÷èöäåöèñ÷õèêìö÷õä÷ìòñòõäñäóóïìæäåïèèûèðó÷ìòñéõòð
÷ëèõèêìö÷õä÷ìòñõèôøìõèðèñ÷öòé÷ëèÞÜÜèæøõì÷ìèöÊæ÷
Keller Group plc
2 Kingdom Street
L
ondon W2 6BD
+44 20 7616 7575
info@keller.com
www.keller.com
Ýëìöõèóòõ÷ìöóõìñ÷èçòñ! ]õèæüæïèçóäóèõðäçèéõòðóòö÷¡æòñöøðèõúäö÷èËò÷ë÷ëèðìïïäñç
óõìñ÷èõäõè ÏÜÌĂæèõ÷ìĤèçäñçéòïïòúÒÜØ!$ !èñùìõòñðèñ÷äïóõòæèçøõèöØøõóõìñ÷èõìöäïöò
èïèðèñ÷äïæëïòõìñèéõèèäñçøöèöùèêè÷äåïèåäöèçìñîöÝëèïäðìñä÷ìòñòñ÷ëèæòùèõæòðèöéõòðä
öøö÷äìñäåïèõèöòøõæèäñçì÷öðäìñæòðóòñèñ÷ìöñò÷çèõìùèçéõòðéòööìïéøèïöÒ÷æòðóïìèöúì÷ë÷ëè
Òñ÷èõñä÷ìòñäïÜ÷äñçäõçÊÜÝÖÍ&)%$òñðòïèæøïäõúèìêë÷æäõåòñüïìñçèû¤ÌÒ¥äñçèæò¡÷òûìæì÷üäñçìö
æòñöìö÷èñ÷úì÷ëäðìæõòóïäö÷ìæ¡éõèèñòñ¡÷òûìæçèêõäçä÷ìòñóõòæèööìñäææòõçäñæè÷ò÷ëèèæò÷òûìæì÷ü
õèôøìõèðèñ÷öòé÷ëèØÎÌÍ" '""""!!äñç" "ö÷äñçäõçö
Keller Group plc Annual Report and Accounts 2021 189Other Information
Every day, people around
the world live, work and play on
ground prepared by Keller, the
world’s largest geotechnical
specialist contractor.
Whatever the size of the project,
we have the people, expertise,
experience and financial stability
to respond quickly with the
optimum solution, execute it
safely and see it through to a
successful conclusion.

Highlights
£2,224.4m
£
92.8m£62.1m
4.2%£119.4m
88.4p 35.9p
£
1.3bn
Revenue
(2020: £2,062.5m)
8QGHUO\LQJRSHUDWLQJSURƬW
(2020: £110.1m)
6WDWXWRU\SURƬWDIWHUWD[
(2020: £41.1m)
Underlying operating margin
(2020: 5.3%)
Net debt
1
(2020: £120.9m)
Dividend
(2020: 35.9p)
Diluted underlying earnings per share
(2020: 96.3p)
Order book
(2020: £1.0bn)
8%
16% 51%
30%
110 bps 1%
8% No change
Underlying Statutory
2021 2020 2021 2020
Øóèõä÷ìñêóõòĤ÷¤|ð¥ 92.8 110.1 80.5 77.0
Operating margin (%) 4.2 5.3 3.6 3.7
Return on capital employed (%) 14.4 16.4 12.5 11.5
ÙõòĤ÷äé÷èõ÷äû¤|ð¥ 63.8 68.6 62.1 41.1
Net debt (£m) 119.4¹ 120.9¹ 193.3² 192.5²
! ×è÷çèå÷ìöòñäæòùèñäñ÷åäöìöÛèæòñæìïìä÷ìòñ÷òö÷ä÷ø÷òõüñøðåèõöìööè÷òø÷ìñ÷ëèäçíøö÷èçóèõéòõðäñæèðèäöøõèööèæ÷ìòñòñóäêè!(%
" ×è÷çèå÷òñäö÷ä÷ø÷òõüåäöìöìööè÷òø÷ìñ÷ëèäçíøö÷èçóèõéòõðäñæèðèäöøõèööèæ÷ìòñòñóäêè!(%
Financial highlights
Group highlights
Keller Group plc Annual Report and Accounts 2021 Strategic Report 01

At a glance
For more information
See page 18
At its simplest, we get ground ready to build on, providing
solutions to geotechnical challenges across the entire
construction sector. We have the people, expertise,
H[SHULHQFHDQGƬQDQFLDOVWDELOLW\WRUHVSRQGTXLFNO\
and see projects through safely and successfully.
Our purpose
Ëøìïçìñê÷ëèéòøñçä÷ìòñö
éòõäöøö÷äìñäåïèéø÷øõè
Strategy
Ýòåè÷ëèóõèéèõõèçìñ÷èõñä÷ìòñäïêèò÷èæëñìæäï
öóèæìäïìö÷æòñ÷õäæ÷òõéòæøöèçòñöøö÷äìñäåïè
markets and attractive projects generating
öøö÷äìñèçùäïøèéòõòøõö÷äîèëòïçèõö
Our local businesses will leverage the Group’s
öæäïèäñçèûóèõ÷ìöè÷òçèïìùèõèñêìñèèõèç
öòïø÷ìòñöäñçòóèõä÷ìòñäïèûæèïïèñæè
driving market share leadership in our
selected segments.
Our values
Our values are what we have judged as most
important to how we work with colleagues
and customers across the globe.
Êåäïäñæèçóòõ÷éòïìò
Engineered solutions
Øóèõä÷ìòñäïèûæèïïèñæè
Îûóèõ÷ìöèäñçöæäïè
Our vision
Ýòåè÷ëèïèäçìñêóõòùìçèõòé
specialist geotechnical solutions.
established employees acquisitions since 2000
Integrity Collaboration ([FHOOHQFH
1860 c10,000 25
Keller Group plc Annual Report and Accounts 2021 Strategic Report02

North-East
South-East
Florida
Central
West
Canada
Specialty Services
Moretrench Industrial
Suncoast
Central Europe
North-East Europe
South-East Europe and
Nordics
South-West Europe
UK
ASEAN
Austral
India
Keller Australia
ÖìççïèÎäö÷äñçÊéõìæä
For more information
See page 20
For more information
See page 22
For more information
See page 24
What we do
Þöìñêòøõìñçøö÷õü¡ïèäçìñêóòõ÷éòïìò
òé÷èæëñìôøèöòøõèñêìñèèõöæäñ
design the best solutions that
reduce materials, cost and time
éòõòøõæïìèñ÷ö
Our organisation
Deep
foundations
Grouting
Marine
Earth
retention
Instrumentation
and monitoring
Ground
improvement
Post-tension
systems
Industrial
services
19
business units
6,000
æòñ÷õäæ÷öèûèæø÷èç
äüèäõ
NWRP
typical range in
project value
N
average project value
North America Europe AMEA
¤Êöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¥
For more information
See page 12
Keller Group plc Annual Report and Accounts 2021 Strategic Report 03

Investment case
40
CAGR 8%
0
2021
2012
£260m 140%
0%
£0
,QKHUHQWO\VWURQJFDVKƮRZFKDUDFWHULVWLFV
Operating margin
Keller has a higher margin versus
general contractors (10-year average)
Resilient
revenues
• Operating globally in a number of
sectors gives us the resilience to trade
through national cyclicality
• Good access to all markets with no
overweight exposure
•
Geopolitically secure
Sustainable
margins
Cash
generative
)LUPIRXQGDWLRQV
2021
Diverse geographies (2021):
'LYHUVHUDQJHRIFRQWUDFWYDOXHV
Diverse market sectors (2021):
Diverse products (2021):
100
100
100
100
100
0
0
0
0
0
20
20
20
20
20
40
40
40
40
40
60
60
60
60
60
80
80
80
80
80
North America Europe AMEA
Below £250k
Above £5m
£250k to £1m
£1m to £5m
Below £250k
Above £5m
£250k to £1m
£1m to £5m
Deep Foundations
Ground improvement
Specialty grouting
Instrumentation and
monitoring
Marine
Earth Retention
Post-tensioning
'LYHUVHQXPEHURIFRQWUDFWV
by value (2021):
Market Size – Room to grow
Òñéõäö÷õøæ÷øõè¦Ùøåïìæåøìïçìñêö
Ùòúèõ¦Òñçøö÷õìäï
ØĦæè¦Ìòððèõæìäï
Marine
Residential
Keller 5% General contractors 0.9%
8%
0
-2%
×è÷æäöëéõòðòóèõä÷ìñêäæ÷ìùì÷ìèö
åèéòõèñòñ¡øñçèõïüìñêì÷èðö
Underlying EBITDA
Cash conversion
Dividend CAGR
\HDUVRIXQLQWHUUXSWHGGLYLGHQG
payments since listing
Dividend per share (p)
1994
Robust asset backed balance sheet
ZLWKVLJQLƬFDQWIXQGLQJKHDGURRP
Balance sheet strength
• Strong working capital controls aligned to
óèõéòõðäñæè÷äõêè÷ö
• Historically strong cash conversion
Comparison to general contractor
• ßìõ÷øäïïüñòäçùäñæè¦óõèóäüðèñ÷öõèæèìùèç
éõòðæøö÷òðèõö
• High volume short duration contracts
• Minimal inventory
&OLHQWULVNPDQDJHPHQW
• Õäõêèäñçêèòêõäóëìæäïïü¦ìñçøö÷õüçìùèõöè
client base
• Thorough credit review process and strong
customer relationships
• Credit insurance cover
Credit rating
• NAIC 2c rating (equivalent to Investment Grade)
4XDOLW\OHQGHUEDVHDQGVWURQJOLTXLGLW\
• |#'%ðÛÌÏéøñçìñê
• $75m US Private Placement
• |'&ðò÷ëèõåòõõòúìñêéäæìïì÷ìèö
• ! ¡üèäõæäöëæòñùèõöìòñõä÷èòé! ]
• 10-year aggregate underlying EBITDA
òé|!&! ð
• ! ¡üèäõäêêõèêä÷èæäöëéõòðòóèõä÷ìòñö
åèéòõèñòñ¡øñçèõïüìñêì÷èðöòé|!&!(ð
Keller ground
engineering
• Early stage
• Lower cyclicality
• Specialist design
capability
• Êðìûòéæòñ÷õäæ÷ö
• Higher margin
• Resource base
• Positive working
capital
General construction
• Longer, larger
projects
• ×ä÷ìòñäïéòæøö
• Higher cyclicality
• Integration
òéðøï÷ìóïè
suppliers and
subcontractors
•
Low asset base
• Low to negative
working capital
Keller versus general contractor –
business model
6SHFLDOLVWSURMHFWSURƬOH
• Geotechnical solutions: niche
sub-sector with operating margins
of 5%+ (10-year average)
• Typically geotechnical contracting is
around 0.5% of the construction market
Proprietary equipment and specialist skills
• àòõïçđöïäõêèö÷èôøìóðèñ÷ĥèè÷úì÷ëĥèûìåìïì÷ü
to move between markets to match local
demand
• 1,500 geotechnical engineers; over 200
éòæøöèçóøõèïüòñçèöìêñ
• % ]òéóõòíèæ÷öäõèĐçèöìêñäñçåøìïçđúëèõè
value engineering can reduce cost by up to
40% and save time
• Öäñøéäæ÷øõìñêäñçöèõùìæìñêòéòøõòúñ
equipment where there is competitive
advantage to do so
£35bn
Global geotechnical
contracting market
£2bn
Keller today
Keller Group plc Annual Report and Accounts 2021 Strategic Report04

• Construction sector relevant
post-COVID
• Growing urbanisation
• Growing infrastructure spend
• Increased focus on ESG
• Urbanisation and renewal demand
more sophisticated solutions
¢ Ùòóøïä÷ìòñêõòú÷ëäñçäêìñêìñéõäö÷õøæ÷øõè
– Larger, taller structures requiring
÷èæëñìæäïïüçèðäñçìñêéòøñçä÷ìòñö
– Cramped inner-city construction
requiring innovative and sustainability
techniques
– Geotechnical solutions key to
çèùèïòóðèñ÷óò÷èñ÷ìäïòéåõòúñĤèïçöì÷èö
Favourable
market trends
Strong
governance
Focused
strategy
6XVWDLQDEOHIXWXUH
Ýòåè÷ëèóõèéèõõèçìñ÷èõñä÷ìòñäï
êèò÷èæëñìæäïöóèæìäïìö÷æòñ÷õäæ÷òõéòæøöèç
on sustainable markets and attractive
óõòíèæ÷öêèñèõä÷ìñêïòñê÷èõðùäïøèéòõ
our stakeholders
Our local businesses will leverage the
Ðõòøóđööæäïèäñçèûóèõ÷ìöè÷òçèïìùèõ
engineered solutions and operational
èûæèïïèñæèçõìùìñêðäõîè÷öëäõè
leadership in our selected segments
,QGXVWU\OHDGLQJKHDOWKDQGVDIHW\
SHUIRUPDQFH(See pages 58 to 61)
6XVWDLQDELOLW\tRXUGHƬQLWLRQDQGIRFXV
(See page 42 for our ESG and
sustainability report)
Engineered solutions
àèòģèõ÷ëèåèö÷öòïø÷ìòñö÷òòøõæøö÷òðèõö
by providing alternatives and value engineering,
and invest in innovation and digitisation
Operational excellence
We are the operational leader providing
öäéèèĦæìèñ÷òñ¡÷ìðèäñçëìêëôøäïì÷ü
delivery and relentlessly strive to improve
our operational capability
Expertise and scale
We develop our people, processes and assets
äñçïèùèõäêè÷ëèêïòåäïö÷õèñê÷ëòéòøõ
technical, operational, commercial and
Ĥñäñæìäïõèöòøõæèö
Balanced portfolio
We select sustainable markets (geography,
sector and products) in which to set up base
businesses, and attractive projects
We operate in nearly all major
metropolitan areas around the world
DQGKDYHWKHUHVRXUFHVDQGVNLOOVWR
deliver to this scale and complexity.
Our objectives
$FFLGHQWIUHTXHQF\UDWH
6WURQJ%RDUGDQGH[SHULHQFHG
management
Íìùèõöèäñçèûóèõìèñæèç÷èäðöìñ
óïäæèéòõñèû÷óëäöèòéêõòú÷ë
Board
• See pages 70, 71 and 82
éòõËòäõçèûóèõìèñæè
• Four nationalities
• %']éèðäïèõèóõèöèñ÷ä÷ìòñ
Executive Committee
• Üèèóäêèö'"äñç'#éòõÎûèæø÷ìùè
Ìòððì÷÷èèèûóèõìèñæè
• Five nationalities
• !(]éèðäïèõèóõèöèñ÷ä÷ìòñ
20212012
1.2
0
Keller Group plc Annual Report and Accounts 2021 Strategic Report 05

A resilient year
Keller undoubtedly proved its resilience in 2021,
overcoming the many challenges posed by
ÌØßÒÍ¡!)úëìïö÷éøõ÷ëèõõä÷ìòñäïìöìñê÷ëè
åøöìñèööóòõ÷éòïìòæòðóïè÷ìñêäñøðåèõòé
bolt-on acquisitions, delivering another strong
öè÷òéõèöøï÷öúëìæëúèõèäëèäçòéðäõîè÷
èûóèæ÷ä÷ìòñöäñçðäìñ÷äìñìñê÷ëèçìùìçèñç
This time last year, the world was gripped by the
æëäïïèñêèöòé÷ëèêïòåäïóäñçèðìæäñçúèúèõè
correct when we said that the late cycle nature
òéòøõåøöìñèööðäçèøöæäø÷ìòøöäåòø÷÷ëè
associated short-term economic impact as
we went into 2021. Whilst the pandemic
continued to impact the Group during the year,
úèöøææèööéøïïüñäùìêä÷èçòøõúäü÷ëõòøêëä
ðüõìäçòéæëäïïèñêèöäæõòööòøõêèòêõäóëìèö
protecting our employees at the same time
as progressing our projects, large and small,
while still delivering on our strategy. We made
good progress during the year, delivering a
ö÷õòñêĤñäñæìäïóèõéòõðäñæèäåòùèðäõîè÷
èûóèæ÷ä÷ìòñöäñççèðòñö÷õä÷ìñê÷ëèõèöìïìèñæè
òéòøõòóèõä÷ìñêðòçèï
Õèçäñçèûèæø÷èçåüòøõïèäçèõöëìó÷èäðúè
have made good progress delivering on our
ö÷õä÷èêü÷òåè÷ëèóõèéèõõèçìñ÷èõñä÷ìòñäï
êèò÷èæëñìæäïöóèæìäïìö÷æòñ÷õäæ÷òõéòæøöèç
on sustainable markets and attractive projects,
êèñèõä÷ìñêïòñê¡÷èõðùäïøèéòõòøõö÷äîèëòïçèõö
àèëäùèðäçèéøõ÷ëèõö÷õìçèöìñõä÷ìòñäïìöìñê÷ëè
óòõ÷éòïìòäöúèïïäöäöðäïïñøðåèõòéä÷÷õäæ÷ìùè
bolt-on acquisitions that all help advance our
strategy. In what was operationally another
challenging year, our successes can be attributed
÷òòøõïèäçèõöêïòåäïïüäñç÷ëèìõéòæøöòéïèäçìñê
åüèûäðóïèäñçèðóïòüìñêòøõæòõèùäïøèöòé
ìñ÷èêõì÷üæòïïäåòõä÷ìòñäçõìùèéòõõèöøï÷öäñç
òùèõäïïèûæèïïèñæèÒúòøïçïìîè÷ò÷ëäñîòøõ
èûæèó÷ìòñäïóèòóïèäõòøñç÷ëèúòõïçñò÷òñïüéòõ
÷ëèìõëäõçúòõîåø÷äïöòéòõ÷ëèìõõèöìïìèñæèäñç
determination which have ensured that we are
èðèõêìñêö÷õòñêèõéõòð÷ëèóäñçèðìæ
Ôèïïèõæòñ÷ìñøèç÷òêèñèõä÷èëèäï÷ëüæäöëĥòúö
that we have re-invested in our business as well
äöçèïìùèõìñêöøö÷äìñäåïèæäöëõè÷øõñöìñ÷ëèéòõð
òéçìùìçèñçö÷òòøõöëäõèëòïçèõö
Chairman’s statement
Peter Hill CBE
GHPRQVWUDWHGWKHUHPDUNDEOH
resilience of our company, this
stands us in good stead for 2022
and the years ahead.
Keller Group plc Annual Report and Accounts 2021 Strategic Report06

+HDOWKVDIHW\DQGZHOOEHLQJ
Ýëèëèäï÷ëöäéè÷üäñçúèïïåèìñêòéòøõ
èðóïòüèèöìöòéø÷ðòö÷ìðóòõ÷äñæèäñç÷ëè
õìêòøõ÷ëä÷ìöçèóïòüèçìñ÷ëìöäõèäìöõèĥèæ÷èç
in our continued overall improving trends. The
Ðõòøóđöäææìçèñ÷éõèôøèñæüõä÷è¤ÊÏÛ¥õèçøæèç
by 42% compared with 2020, and our AMEA
Division had an outstanding year, achieving an
ÊÏÛòéýèõòàèäõèùèõüóõòøçòéòøõìñçøö÷õü¡
ïèäçìñêóèõéòõðäñæèäñçìðóõòùìñê÷õäæîõèæòõç
Ñòúèùèõä÷÷ëèåèêìññìñêòé÷ëèüèäõä÷õäêìæ
éä÷äïì÷üòææøõõèçéòïïòúìñêäñäææìçèñ÷òñäöì÷èìñ
Austria in which we lost a long-serving and valued
employee. Whilst it has been determined Keller
úäöñò÷ä÷éäøï÷éòõ÷ëèäææìçèñ÷÷ëèìñæìçèñ÷ëäö
æäøöèçøö÷òõèçòøåïèòøõèģòõ÷öäñçúèëäùè
æòñ÷ìñøèç÷òäçùäñæèòøõöäéè÷üóõòêõäððèö
The global COVID-19 pandemic continued to
create operational challenges in 2021. The
Group has actively encouraged and supported
employees to become vaccinated against
COVID-19 wherever possible. However, I’m
greatly saddened that as a Group we have lost
eight colleagues due to COVID-19 related illness.
àëìïö÷úèåèïìèùèñòñèòé÷ëèöèæäöèöúèõè
related to the workplace, we have taken great
æäõèìñöøóóòõ÷ìñê÷ëèéäðìïìèö÷ëõòøêë÷ëèìõ
åèõèäùèðèñ÷öÝëèùäææìñä÷ìòñö÷ä÷øöòé÷ëòöè
÷ëä÷ëäùèçìèçìöæòñöìö÷èñ÷úì÷ë÷ëèèû÷èõñäï
benchmark globally and supports our active
äóóõòäæë÷òèñæòøõäêèòøõúòõîéòõæèìñ
becoming vaccinated.
Òñõèæòêñì÷ìòñòé÷ëèåèñèĤ÷òééõèèùäææìñä÷ìòñ
÷ëä÷ðäñüòé÷ëèÐõòøóđöèðóïòüèèöäñç÷ëèìõ
éäðìïìèöëäùèõèæèìùèçéõòð÷ëèìõñä÷ìòñäï
êòùèõñðèñ÷ö÷ëèËòäõçäóóõòùèçäéøñçìñê
æòñ÷õìåø÷ìòñòé|#  ÷òÞ×ÒÌÎÏđöÌØßÒÍ¡!)
ßäææìñèöÊóóèäïÝëìöäðòøñ÷äóóõòûìðä÷èïü
èôøä÷èö÷ò÷ëèæòö÷òéùäææìñä÷ìñê÷ëèÔèïïèõ
úòõîéòõæèäñç÷ëèìõìððèçìä÷èéäðìïìèöäñçìö
ëèïóìñêÞ×ÒÌÎÏçèïìùèõ!)åìïïìòñçòöèöòé
ùäææìñèöéòõ éõòñ÷ïìñèëèäï÷ëúòõîèõööòæìäï
workers, teachers and those at highest risk.
In an ever-changing world, it has never been
more important to support employee health and
úèïïåèìñêàèõèæòêñìöè÷ëìöäñç÷ëèõèéòõè
ïäøñæëèçòøõĤõö÷¡èùèõàèïïåèìñêÏòøñçä÷ìòñö
which helps our business units support and
develop the body, mind, community, growth
äñçĤñäñæìäïöèæøõì÷üúèïïåèìñêòéòøõ
employees worldwide.
Building on our Environmental,
Social and Governance (ESG) agenda
Êö÷ëèÍìõèæ÷òõõèöóòñöìåïèéòõÎÜÐäñç
sustainability on the Board, I am passionate and
æòððì÷÷èç÷ò÷ëìö÷òóìæÝòõèĥèæ÷÷ëèêõòúìñê
ìðóòõ÷äñæèòéÎÜÐðä÷÷èõöäñç÷òóõòùìçè
êõèä÷èõéòæøöäñçòùèõöìêë÷úèäññòøñæèçìñ
July that the Board had established two new
Board Committees: the Environment Committee
and the Social and Community Committee.
In addition, the Audit and the Nomination
Committees were renamed the Audit and Risk
Committee and the Nomination and Governance
Ìòððì÷÷èèõèöóèæ÷ìùèïü÷òåè÷÷èõõèĥèæ÷
their remits. Further detail with regard to the
ðèðåèõöëìóäñç÷èõðöòéõèéèõèñæèéòõ÷ëèöè
Ìòððì÷÷èèöæäñåèéòøñçòñóäêè'(
àèçèĤñèÎÜÐäñçöøö÷äìñäåìïì÷üäææòõçìñê÷ò
òøõéòøõÙöÙïäñè÷ÙèòóïèÙõìñæìóïèöäñç
ÙõòĤ÷äåïèóõòíèæ÷öËèñèä÷ëèäæëÙúèëäùèä
ñøðåèõòéêïòåäïäñçïòæäïìñì÷ìä÷ìùèöäïìêñèç÷ò
the UN Sustainable Development Goals (SDGs).
Ýëèöèóõòùìçèäæòððòñïäñêøäêèéòõøö÷ò
communicate sustainability initiatives to our
ö÷äîèëòïçèõöúòõïçúìçèÒñ÷èõðöòéêïòåäï
ìñì÷ìä÷ìùèöøñçèõÙïäñè÷úèéòæøöòñæäõåòñ
õèçøæ÷ìòñ¤ÜÍÐ!#¥øñçèõÙèòóïèúèéòæøöòñ
öäéè÷ü¤ÜÍÐ#¥äñçêèñçèõèôøäïì÷ü¤ÜÍÐ%¥äñç
øñçèõÙõìñæìóïèöúèéòæøöòñêòòçêòùèõñäñæè
¤ÜÍÐ!&¥Òñäççì÷ìòñ÷ëèõèäõèäñøðåèõòéò÷ëèõ
SDG initiatives that are being supported at local
business level that are relevant and appropriate
÷ò÷ëèìõæòððøñì÷üæòñ÷èû÷Ïøõ÷ëèõçè÷äìïæäñåè
éòøñçòñóäêè$"
Òðóòõ÷äñ÷ïüìñõèöóèæ÷òéæäõåòñõèçøæ÷ìòñ
úèëäùèöè÷äðåì÷ìòøöäñçäæëìèùäåïèñè÷ýèõò
targets by 2050. We believe that carbon targets
are essential to mitigate global climate-related
risks while we pursue climate-related
opportunities in our operations and contracts.
We divide our emission targets using the scopes
set out in the Greenhouse Gas Protocol. We will
åèñè÷ýèõòäæõòööäïï÷ëõèèèðìööìòñöæòóèöåü
" % ñè÷ýèõòòñÜæòóè"åü" # ñè÷ýèõòòñ
Üæòóè!åü" $ äñçñè÷ýèõòåü" % òñ
Operational Scope 3. We have begun
implementing the short, medium and long-term
actions required to achieve these goals, helping
÷ëèÐõòøóïìùèøó÷òì÷öóøõóòöèòéĐåøìïçìñê÷ëè
éòøñçä÷ìòñöéòõäöøö÷äìñäåïèéø÷øõèđØøõéøïï
report on ESG and sustainability is set out on
pages 42 to 65.
Section 172 statement
and Code compliance
The Directors have acted to promote the
VXFFHVVRIWKHFRPSDQ\IRUWKHEHQHƬWRI
shareholders, whilst having regard to the
matters listed in section 172 of the
Companies Act 2006 during 2021.
In addition, the Board and the company
fully applied the principles and complied
with the provisions of the UK Corporate
Governance Code.
For more information
See pages 69 and 76
Keller Group plc Annual Report and Accounts 2021 Strategic Report 07

We are very proud of our dividend history,
we have consistently increased or
maintained the dividend over the last
\HDUVVLQFHƬUVWOLVWLQJRQWKH/RQGRQ
6WRFN([FKDQJHRQHRIRQO\DIHZ8.
listed companies to have achieved this.
Chairman’s statement continued
We have many ongoing initiatives under our
People agenda. Having launched our Inclusion
Ìòððì÷ðèñ÷öòøõéòæøöìñ" "!úäöòñêìùìñê
our teams the understanding and the means to
contribute to our aspiration to become a diverse,
equitable and inclusive workplace.
Êñìðóòõ÷äñ÷óäõ÷òéêòòçêòùèõñäñæèìö
ïìö÷èñìñê÷òäñçøñçèõö÷äñçìñê÷ëèùìèúöòéòøõ
ö÷äîèëòïçèõöÝòúäõçö÷ëèèñçòé÷ëèüèäõúè
commissioned a third party to undertake an
ìñçèóèñçèñ÷äøçì÷òéäñøðåèõòéìñùèö÷ðèñ÷
managers. The outcome has not only enabled
÷ëèËòäõç÷òòå÷äìñäçèèóèõïèùèïòé
øñçèõö÷äñçìñêòé÷ëèùìèúöòéòøõöëäõèëòïçèõö
and potential investors, but also gives the
Îûèæø÷ìùèðäñäêèðèñ÷äççì÷ìòñäïìñóø÷äö÷ëèü
éòõðøïä÷è÷ëèö÷õä÷èêüéòõ÷ëèðèçìøð÷èõð
àèúìïïõèóèä÷÷ëèèûèõæìöèìñ÷ëèéø÷øõèöò÷ëä÷
úèæäñðäìñ÷äìñäðòðèñ÷øðòéæòñ÷ìñøòøö
improvement and monitor our progress.
Developing our Board
When I arrived in 2016, I set out an ambition
÷òëäùèäËòäõçéõòððøï÷ìóïèìñçøö÷õìèöäñç
geographies that had varied and valuable
èûóèõìèñæèöäöúèïïäöêèñçèõäñçè÷ëñìæçìùèõöì÷ü
àèëäùèäæëìèùèç÷ëä÷êòäïÒåèïìèùè÷ëä÷çìģèõèñ÷
ùìèúóòìñ÷öäñçèûóèõìèñæèöèñöøõè÷ëä÷åè÷÷èõ
ìñéòõðèççèæìöìòñöäõèðäçèúëèñäóóïüìñê
judgements in challenging circumstances. We have
made great strides in achieving a diverse Board,
óäõ÷ìæøïäõïüìñõèöóèæ÷òééèðäïèõèóõèöèñ÷ä÷ìòñ
úëìæëúìïïö÷äñçä÷$#]éòïïòúìñê÷ëèÊÐÖ
àèëäùèðè÷òõèûæèèçèç÷ëèçìùèõöì÷ü÷äõêè÷öúè
set ourselves in the Board’s Diversity Policy and as
õèæòððèñçèçåü÷ëèÑäðó÷òñ¡Êïèûäñçèõäñç
ÙäõîèõÛèùìèúöúëìæëöè÷÷äõêè÷öòéä##]éèðäïè
öëäõèòéËòäõçÍìõèæ÷òõöåü" " äñçäðìñìðøð
òéòñèËòäõçÍìõèæ÷òõéõòðäñè÷ëñìæðìñòõì÷ü
background by 2022.
On 1 February, we announced the appointment
òéÓøäñÐÑèõñžñçèýÊåõäðöúëòëäöíòìñèç
÷ëèËòäõçäöäñìñçèóèñçèñ÷×òñ¡èûèæø÷ìùè
Íìõèæ÷òõäñçúìïïåèÌëäìõòé÷ëèÎñùìõòñðèñ÷
Committee. His biography is set out on page 70.
Óøäñåõìñêöõìæëäñççìùèõöèèûóèõìèñæè÷ò÷ëè
Board and I warmly welcome him to Keller.
Øñåèëäïéòé÷ëèËòäõçÒúòøïçïìîè÷òóäü÷õìåø÷è
÷ò×äñæüÝøòõÖòòõèéòõëèõöìêñìĤæäñ÷
contribution since joining the Board as a
×òñ¡èûèæø÷ìùèÍìõèæ÷òõìñ" !$äñçëèõùäïøäåïè
input at various committees – the Audit,
×òðìñä÷ìòñÛèðøñèõä÷ìòñäñçàòõîéòõæè
Îñêäêèðèñ÷äñçÌëäìõòé÷ëèÑèäï÷ëÜäéè÷ü
Environment and Quality Committee. The Board
äñç÷ëèúìçèõÐõòøóëäùèåèñèĤ÷÷èçêõèä÷ïü
éõòðëèõèû÷èñöìùèîñòúïèçêèäñçèûóèõìèñæè
óäõ÷ìæøïäõïüòé÷ëèÞÜèñêìñèèõìñêäñç
construction sector, and we wish her well.
Maintaining the dividend
àèäõèäïïùèõüóõòøçòéòøõçìùìçèñçëìö÷òõü
and recognise its importance to shareholders.
Even through very challenging times we have
consistently increased or maintained the
çìùìçèñçòùèõ÷ëèïäö÷"'üèäõööìñæèĤõö÷ïìö÷ìñê
òñ÷ëèÕòñçòñÜ÷òæîÎûæëäñêèòñèòéòñïüä
éèúÞÔïìö÷èçæòðóäñìèö÷òëäùèäæëìèùèç÷ëìö
Ýëèæòñ÷ìñøä÷ìòñòéçìùìçèñçóäüðèñ÷öçøõìñê
÷ëèæëäïïèñêìñêðäæõòèñùìõòñðèñ÷òé" " 
äñç" "!õèĥèæ÷èç÷ëèĤñäñæìäïö÷õèñê÷ëòé÷ëè
Ðõòøóì÷ööìêñìĤæäñ÷ïìôøìçì÷üóòöì÷ìòñäñç÷ëè
ïòñêèõ¡÷èõðæòñĤçèñæèìñ÷ëèóèõéòõðäñæè
òé÷ëèåøöìñèööÊöúèäçùäñæè÷ëõòøêë" ""
the Board will review recommencing a
progressive dividend.
ÝëèËòäõçìöõèæòððèñçìñê÷ëèóäüðèñ÷òéä
" "!Ĥñäïçìùìçèñçòé"##óóèõöëäõè¤" " 
23.3p per share) to be paid on 1 July 2022 to
öëäõèëòïçèõöòñ÷ëèõèêìö÷èõäöä÷÷ëèæïòöèòé
business on 6 June 2022.
Peter Hill CBE
Chairman
Êóóõòùèçåü÷ëèËòäõçòéÍìõèæ÷òõöäñç
äø÷ëòõìöèçéòõìööøèòñ'Öäõæë" ""
Keller Group plc Annual Report and Accounts 2021 Strategic Report08

Cutting carbon on Europe’s largest project
The team has also reduced cement
æòñöøðó÷ìòñúëèñêõòø÷ìñêõòæîĤööøõèö
äëèäçòéåòõèçóìïèäñççìäóëõäêðúäïï
æòñö÷õøæ÷ìòñÒñö÷èäçòéøöìñêðìæõòĤñè
cement grout to reduce permeability, they
used a cement bentonite grout and only
÷äõêè÷èç÷ëèïäõêèö÷Ĥööøõèöúëèõèïèäîäêè
òé÷ëèåèñ÷òñì÷èöøóóòõ÷ĥøìçúäöäõìöîÝëìö
meant much less cement was used overall.
Where Keller is installing large-diameter bored
óìïèö÷ëè÷èäðëäöéòøñçúäüö÷òõèæüæïèäñç
reuse waste bentonite, drastically reducing the
äðòøñ÷êòìñê÷òïäñçĤïïäñç÷ëèäööòæìä÷èç
æäõåòñèðìööìòñöòé÷õäñöóòõ÷ä÷ìòñ
Êïï÷ëèïèööòñöïèäõñ÷éõòð÷ëèöè÷õìäïöëäùè
been captured in a carbon reduction guide.
This will be shared with the wider organisation
÷òëèïóçõìùèÔèïïèõđöñè÷ýèõòæäõåòñö÷õä÷èêü
Case study
As a large-scale, long-term project,
with a sustainability-focused client,
HS2 provides the perfect
opportunity to explore various
carbon-reduction methods.
Sharing the lessons learnt will
help inform our colleagues on
other projects around the world
what is possible.”
David De Sousa Neto
Deputy UK Managing Director
Keller is trialling carbon reduction measures
on HS2, the next phase of the UK’s
high-speed rail network and Europe’s
largest infrastructure project.
Improvements include running static plant
with electricity where possible rather than
diesel, and replacing diesel with hydrotreated
vegetable oil (HVO) in several drilling rigs.
HVO can be used in regular diesel engines
and reduces CO
2
by a massive 90%.
Êñò÷ëèõæäõåòñöäùìñêëäöæòðèéõòð
òó÷ìðìöìñê÷ëèçèöìêñòéöòðèòé÷ëè
éòøñçä÷ìòñäïèïèðèñ÷ö÷òõèçøæè÷ëèøöèòé
æèðèñ÷úëìæëëäöäïäõêèæäõåòñéòò÷óõìñ÷
Ýëè÷èäðõèçøæèç÷ëè÷ëìæîñèööòé÷ëè
çìäóëõäêðúäïïóäñèïöéõòð!"ð÷ò!ð
without compromising quality. This also had
÷ëèçìõèæ÷åèñèĤ÷òéõèçøæèç÷ìðèäñçæòö÷
Keller Group plc Annual Report and Accounts 2021 Strategic Report 09

6KDUHRIDGGUHVVDEOHPDUNHWEQŭ
1 Sources: Keller accounts, IHS Global Insight, GlobalData and other local sources.
Keller
Bauer (contracting)
Üòïè÷äñæëè¦Ëäæëü¦Öèñäõç
Trevi (contracting)
General contracting-owned
Ìòøñ÷õü¦õèêìòñäïöóèæìĤæ
smaller players
Our market
Our purpose is to build the
foundations for a sustainable future.
While we are the world’s largest geotechnical specialist contractor,
ZHVWLOOKDYHSRWHQWLDOWRJURZRXUPDUNHWVKDUHLQRXUFKRVHQ
regions. Our business units are designed to understand their local
PDUNHWVZKLOVWOHYHUDJLQJWKH*URXSpVVFDOHDQGH[SHUWLVH7KLV
combination delivers the engineered solutions and operational
H[FHOOHQFHWKDWGULYHPDUNHWOHDGHUVKLS
9DULHW\RISURMHFWV
and sectors
Diverse global market
Our projects are spread across all
construction sectors and vary in scale,
location, end use and geotechnical
technique. Project value is typically
between £25k and £10m, usually short
duration and with an average value
òé|#'% 
6,000
projects per year
13%
market share in core markets
Market potential
A strong position but
óïèñ÷üòéõòòð÷òêõòú
£35bn
1. Global geotechnical
contracting market
£35bn
4. Keller today
£2bn
3. Core markets where
we choose to operate
£16bn
2. Addressable markets
£22bn
£22bn
£16bn
£2bn
Non-addressable markets are mainly China,
North and South Korea, Japan and Russia.
1 USD = 0.75 GBP
Global construction market £8,500bn 2020
Øóèõä÷ìñêêïòåäïïüìñçìģèõìñêæòøñ÷õìèö
and across the construction sectors,
éõòðõèöìçèñ÷ìäï÷òìñéõäö÷õøæ÷øõèêìùèö
us the resilience to trade through
national cyclicality. The geotechnical
market is estimated
1
to be around
£35bn worldwide, which includes China,
ÓäóäñÔòõèääñçò÷ëèõõèêìòñöòé÷ëè
world where we are not present. In the
countries where we choose to operate
our core markets are around £16bn.
We choose to operate in sustainable
ðäõîè÷ö÷ëä÷äóóõèæìä÷è÷ëèùäïøèòé÷ëè
products and services Keller provides,
ëäùèäæòñöìö÷èñ÷ðä÷èõìäïçèðäñçéòõ
those services, and an acceptable level
òéõìöîàì÷ëäñäññøäï÷øõñòùèõòéðòõè
÷ëäñ|"åñúèëäùèä!#]öëäõèòé
those core markets today, and plenty
òéòóóòõ÷øñì÷ü÷òöèæøõèêõèä÷èõ
ðäõîè÷öëäõè
Keller Group plc Annual Report and Accounts 2021 Strategic Report10

Our sectors
6KDUHRIRXUUHYHQXH
Òñéõäö÷õøæ÷øõè¦óøåïìæåøìïçìñêö
36%
ØĦæè¦æòððèõæìäï
21%
Ùòúèõ¦ìñçøö÷õìäï
21%
Residential
20%
Marine
2%
Fragmented competition
Niche sub-sector
£22bn
addressable markets
4.2%
Keller’s underlying operating
margin (2020: 5.3%)
Favourable market trends
Íèöóì÷è÷ëèìðóäæ÷òé÷ëèÌØßÒÍ¡!)óäñçèðìæ÷ëè
long-term trends in the global construction market
remain positive. Our Group strategy is designed to
capitalise on these trends.
,QIUDVWUXFWXUHUHQHZDO
As populations grow and
ìñéõäö÷õøæ÷øõèäêèö÷ëèõèđöäñ
imperative to invest in new and greater
capacity. Geotechnical solutions are
òé÷èñæòðóïèûäñçöòóëìö÷ìæä÷èçäñç
large-scale and cramped metropolitan
environments can present additional
technical challenges. We have the
resources and skills to deliver to this
öæäïèäñçæòðóïèûì÷üäõèóø÷ä÷ìòñéòõ
delivery and the proven ability to team
øóöøææèööéøïïüúì÷ëòøõæøö÷òðèõö
and partners.
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Geotechnical solutions increasingly
require multiple products. Our broad
óõòçøæ÷óòõ÷éòïìòèñöøõèöúèæäñ
çèöìêñäñèģèæ÷ìùèäñçèĦæìèñ÷
solution while our project management
capabilities mean we can integrate
other subcontractors and deliver
Đ÷øõñîèüđæòñ÷õäæ÷öÝëìöõèçøæèö
÷ëèñøðåèõòéìñ÷èõéäæèöéòõòøõ
customers to manage and reduces risk.
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The construction market is becoming
more digital and sites are increasing in
öòóëìö÷ìæä÷ìòñäñçæòðóïèûì÷üàè
ëäùèäö÷õòñêëìö÷òõüòéìññòùä÷ìòñ
We leverage our in-house equipment
ðäñøéäæ÷øõìñêæäóäæì÷ìèöäñççèùèïòó
market-leading data acquisition
systems to control and record our
óõòæèööèöäñçöëäõèìñéòõðä÷ìòñ
úì÷ëòøõæøö÷òðèõöäñç÷ëèõèö÷òé
the supply chain. We can integrate
instrumentation and monitoring
öòïø÷ìòñöäñçäõèËøìïçìñêÒñéòõðä÷ìòñ
Modelling (BIM) capable.
Urbanisation
Êöæì÷ìèöèûóäñç÷ëèüõèôøìõèðòõè
sophisticated solutions. Larger, taller
structures need more technically
çèðäñçìñêéòøñçä÷ìòñö÷òúì÷ëö÷äñç
the building loads and provide
resilience against climate change and
äæ÷öòéñä÷øõèöøæëäöõìöìñêúä÷èõ
levels or earthquakes. We have a
æòðóõèëèñöìùèñè÷úòõîòéõèêìòñäï
òĦæèöïòæä÷èçìñðäíòõðè÷õòóòïì÷äñ
areas. This local presence keeps us
close to our customers and the
opportunities.
Development land shortage
There is a desire to convert more
åõòúñĤèïçäñçðäõêìñäïïäñç
Ðèò÷èæëñìæäïöòïø÷ìòñöäõèä÷÷ëèéòõè
in releasing the development potential
òéò÷ëèõúìöèö÷èõìïèòõçèõèïìæ÷äõèäö
Our world-leading geotechnical
èñêìñèèõìñê÷èäðåõòäçóòõ÷éòïìòäñç
near shore marine capability, mean we
æäñæòóèúì÷ë÷ëèðòö÷æòðóïèû
challenges when working on
åõòúñĤèïçòõðäõêìñäïöì÷èö
We have a large client spread which
means we’re not overly reliant on a
éèúæøö÷òðèõöàèëäùèðäñüõèóèä÷
customers and, consistent with the
prior year, in 2021 our largest
æøö÷òðèõõèóõèöèñ÷èç#]òé÷ëè
Group’s revenue. We mostly serve as
äöøåæòñ÷õäæ÷òõúòõîìñêéòõäêèñèõäï
contractor; however, sometimes we
also contract directly with ultimate
client organisations.
3%
õèùèñøèéõòðïäõêèö÷æøö÷òðèõ
àèëäùè÷ëõèè÷üóèöòéæòðóè÷ì÷òõ
Type one is the global geotechnical
æòñ÷õäæ÷òõòéúëìæë÷ëèõèäõè÷ëõèè
but not all are present in all markets.
Type two is general contracting-
owned. Type three is local
competition with low overheads
operating in a small region.
Geotechnical specialist contracting
is an important but niche sub-sector
that commands higher margins than
general construction. Typically
geotechnical contracting is around
%]òé÷ëèæòñö÷õøæ÷ìòñðäõîè÷
'LYHUVHFXVWRPHU|EDVH
Keller Group plc Annual Report and Accounts 2021 Strategic Report 11

Business model
Ðè÷÷ìñê÷ëèóõòíèæ÷Đòø÷òé÷ëèêõòøñçđìöæõì÷ìæäï÷òòøõæøö÷òðèõöìñæòñ÷õòïïìñê÷ëè
èäõïüóëäöèöòé÷ëèóõòíèæ÷ðäñäêìñêõìöîööäùìñê÷ìðèäñçðòñèüäñçóõòùìçìñê
äöòøñçóïä÷éòõðéòõ÷ëèõèðäìñìñêúòõî
àèòé÷èñäööìö÷ìñ÷ëèçèöìêñäñççèùèïòóðèñ÷óëäöèúì÷ëòøõæøö÷òðèõöóõòùìçìñê
value engineering input and advising on construction processes.
Øøõóõòçøæ÷öäñçöèõùìæèöäõèñò÷øöèçíøö÷éòõéòøñçä÷ìòñö÷ëèüäõèäïöòøöèçéòõ
other applications including earth retention, urban redevelopment and near shore
marine structures.
We are at the beginning of
the construction cycle and
RIWHQRQHRIWKHƬUVW
contractors on site.
Our key resources
DQG|UHODWLRQVKLSV
What we need to make our business model work
Our people
Øøõ÷õäæîõèæòõçòéöøææèööéøïóõòíèæ÷öìöòñïüóòööìåïè
åèæäøöèòé÷ëèóäööìòñæòððì÷ðèñ÷äñçèñ÷ëøöìäöðòé÷ëè
æ!  óèòóïèúëòúòõîéòõÔèïïèõúòõïçúìçèàì÷ëèû÷èñöìùè
óõòçøæ÷îñòúïèçêèäñçäçèèóøñçèõö÷äñçìñêòé÷ëèìõïòæäï
markets, customers and ground conditions, our teams are
èðóòúèõèç÷òðäîèçèæìöìòñöĐæïòöè÷ò÷ëèêõòøñçđÝëìöìö
äöìêñìĤæäñ÷ðò÷ìùä÷òõúëìæëèñäåïèöøö÷òä÷÷õäæ÷äñçõè÷äìñ
öòðèòé÷ëèìñçøö÷õüđöåèö÷÷äïèñ÷Øñæèóèòóïèæëòòöè
÷òíòìñøö÷ëèüêèñèõäïïüæëòòöè÷òö÷äüðäñüéòõ÷ëèìõ
entire career.
Our customers
Øøõñè÷úòõîòéåõäñæëèöèñöøõèö÷ëä÷úèåøìïçö÷õòñêïòæäï
relationships with our customers that give us insight into
market developments and help us stay responsive and
æòðóè÷ì÷ìùèàèäìð÷òèñêäêèéõòð÷ëèèäõïìèö÷ö÷äêèòéä
óõòíèæ÷öòúèæäñäóóïüòøõèñêìñèèõìñêèûóèõ÷ìöè÷òçõìùèéòõ
ëìêë¡ùäïøèöòïø÷ìòñö÷ëä÷õèçøæè÷ëèæòö÷éòõæïìèñ÷öúëìïö÷
ìðóõòùìñêòøõòúñóõòĤ÷äåìïì÷ü
Our technology
àèëäùèäðäõîè÷¡ïèäçìñêóòõ÷éòïìòòéóõòçøæ÷öäñçöèõùìæèö
åäæîèçúì÷ëéøïïÌòðóø÷èõÊìçèçÍèöìêñ¤ÌÊÍ¥äñçËøìïçìñê
Òñéòõðä÷ìòñÖòçèïïìñê¤ËÒÖ¥æäóäåìïì÷üàèëäùèäĥèè÷
æòðóõìöìñêðòõè÷ëäñ!" õìêöäñçæõäñèöäñç÷ëèĥèûìåìïì÷ü
to move equipment between markets to match local
çèðäñçàèäïöòðäñøéäæ÷øõèäñçöèõùìæèòøõòúñöóèæìäïìö÷
equipment which provides us with a competitive advantage
in particular product streams.
2XUPDUNHWIRFXV
Ýäõêè÷ìñêóõòĤ÷äåïèðäõîè÷ö÷ëä÷ùäïøèêèò÷èæëñìæäï
öòïø÷ìòñöêèñèõä÷èöïòñê¡÷èõðùäïøèéòõòøõö÷äîèëòïçèõö
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Our strong balance sheet and cash generation allow us to
maintain key resources through the market cycle, reinvest
éòõêõòú÷ëäñçðäìñ÷äìñöëäõèëòïçèõçìö÷õìåø÷ìòñö
How we create and capture value
What we do
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Ðïòåäïö÷õèñê÷ëäñçïòæäïéòæøö
/RFDOIRFXV
• Our unrivalled branch network and
îñòúïèçêèòéïòæäïðäõîè÷öäñç
ground conditions means we’re
ideally placed to understand and
respond to a particular local
engineering challenge.
Global strength
• Our global knowledge base allows us
÷ò÷äóìñ÷òäúèäï÷ëòéèûóèõìèñæèäñç
the brightest minds in the industry,
÷òĤñç÷ëèòó÷ìðøðöòïø÷ìòñòé÷èñ
combining multiple products. This
ìðóõòùèöõèöøï÷öéòõæøö÷òðèõöäñç
óõòĤ÷äåìïì÷üéòõÔèïïèõ
Project Lifecycle Management
• Our local businesses
æïòöè÷ò÷ëèìõ
markets and with
enduring customer
õèïä÷ìòñöëìóöìçèñ÷ìéü
demand.
• A global network
supports cross-
border collaboration
on opportunities
(especially important
éòõðäíòõóõòíèæ÷ö¥
• Design engineers
äñçæòö÷èö÷ìðä÷òõö
with local ground
knowledge and
capacity create
optimum solutions.
• ÊöìêñìĤæäñ÷óòõ÷ìòñ
òéúòõîìöúòñåäöèç
òñçèöìêñäñçåøìïç
tenders.
• Supported by a
êïòåäïñè÷úòõîúëò
äööìö÷úì÷ëöòïø÷ìòñ
development.
ØøõÙõòíèæ÷Õìéèæüæïè
Management (PLM)
Standard ensures that
we implement adequate
procedures, reviews and
æòñ÷õòïöä÷äïïóëäöèöòé
÷ëèóõòíèæ÷ïìéèæüæïè
Opportunity
LGHQWLƬFDWLRQ
Proposal
preparation
Keller Group plc Annual Report and Accounts 2021 Strategic Report12

The best solutions
• Ýëõòøêëîñòúïèçêè÷õäñöéèõ
çèùèïòóðèñ÷òéèûìö÷ìñêäñç
äæôøìöì÷ìòñòéñèú÷èæëñìôøèö
innovation and digitisation, our
engineers have access to the
úìçèö÷õäñêèòéöòïø÷ìòñö÷ò
solve challenges across the
entire construction sector.
• We take a leadership role in the
geotechnical industry with many
òéòøõ÷èäðóïäüìñêîèüõòïèöìñ
óõòéèööìòñäïäööòæìä÷ìòñöäñç
industry activities around the world.
6DIHW\DQGVXVWDLQDELOLW\
• Øøõèûóèõìèñæèòéóõòíèæ÷æòñ÷õäæ÷ìñê
built over many decades, combined
with our Group scale, make us a trusted
and reliable partner.
• àèëäùèäóõòùèñ÷õäæîõèæòõçòéòñè
òé÷ëèïòúèö÷äææìçèñ÷éõèôøèñæüõä÷èö
in our industry.
• We are committed to better understand
our contribution to sustainable
development and work collaboratively
with our customers and stakeholders
to reduce potential impacts.
• Ìòððì÷ðèñ÷÷òóõòùìçèäöäéèúòõîóïäæèäñçóõòðò÷èðèñ÷äï
health and wellbeing.
• A diverse, inclusive environment in which employees can thrive
õèêäõçïèööòéåäæîêõòøñçìçèñ÷ì÷üäñçæìõæøðö÷äñæèö
• Stable employment with opportunities to develop and progress,
including internationally.
• Commercial teams
trained in relevant
local laws set up
contracts.
• Ùõòçøæ÷¡öóèæìĤæ
operations teams,
òé÷èñøöìñê
specialist
equipment, deliver
èĦæìèñ÷ïüäñç
èģèæ÷ìùèïü¤÷ò
quality and
schedule) and
respond to any
issues that arise.
• Project leadership
secures client
öìêñ¡òģäñç
payment.
• Lessons learnt
äõèõè÷äìñèçäñç
÷õäñöéèõõèç÷ò÷ëè
õèö÷òé÷ëèÐõòøó
Contract
agreement
Project
H[HFXWLRQ
Feedback
and learning
The value created
Long-term sustainable value
Employees
Customers
Shareholders
Communities
• ÊĐòñè¡ö÷òóöëòóđéòõæòö÷¡èģèæ÷ìùèêèò÷èæëñìæäïöòïø÷ìòñö
õèçøæìñê÷ëèìñ÷èõéäæèõìöîéòõæïìèñ÷öòéçèäïìñêúì÷ëðøï÷ìóïè
suppliers.
• Òñ¡çèó÷ëîñòúïèçêèòéïòæäïðäõîè÷öäñçêõòøñçæòñçì÷ìòñö
æòðåìñèçúì÷ëäúèäï÷ëòéèûóèõìèñæè÷ëõòøêëòøõêïòåäï
knowledge base.
• Õèäçìñêëèäï÷ëöäéè÷üäñçèñùìõòñðèñ÷äïóèõéòõðäñæè
• Stable business with a robust balance sheet.
• Òñëèõèñ÷ïüö÷õòñêæäöëĥòúæëäõäæ÷èõìö÷ìæö
• Êôøäïì÷üïèñçèõåäöèäñçöøåö÷äñ÷ìäïéäæìïì÷ìèö
• Ê"'¡üèäõëìö÷òõüòéøñìñ÷èõõøó÷èççìùìçèñçö
• Continued growth opportunities.
• Local employment opportunities, directly and indirectly.
• Êéòæøöòñ÷ëèÞñì÷èç×ä÷ìòñöÜøö÷äìñäåïèÍèùèïòóðèñ÷Ðòäïö
where we can have the greatest impact.
• Êæòððì÷ðèñ÷÷òõèçøæìñê÷ëèæäõåòñìñ÷èñöì÷üòéòøõúòõîäñç
ìñæõèäöìñê÷ëèôøäïì÷üäñçêõäñøïäõì÷üòéòøõæäõåòñõèóòõ÷ìñê
• Participation in many community and charitable events locally.
c10,000
(employed globally)
6,000
(contracts)
£25.9m
¤÷ò÷äïóõòóòöèçéøïï¡üèäõçìùìçèñç¥
B
(CDP score – above sector average)
Keller Group plc Annual Report and Accounts 2021 Strategic Report 13

Overview
In a year that has seen COVID-19 continue to
challenge our business in so many ways, I am
óõòøçòéëòú÷ëèÔèïïèõ÷èäðëäùèúòõîèç
together, demonstrating resilience and agility
ìñöäéèêøäõçìñêòøõóèòóïèúëìïèöøóóòõ÷ìñê
÷ëèæòñ÷ìñøìñêóèõéòõðäñæèäñççèùèïòóðèñ÷
òéòøõåøöìñèööàèëäùèëäçäöøææèööéøïüèäõ
çèïìùèõìñêĤñäñæìäïõèöøï÷öäëèäçòéðäõîè÷
èûóèæ÷ä÷ìòñöäñçöøææèööéøïïüèûèæø÷ìñêòøõ
strategy in very challenging market conditions.
àèäïöòðäçèéøõ÷ëèõóõòêõèööìñòóèõä÷ìòñäï
öäéè÷üúì÷ëä$"]ìðóõòùèðèñ÷ìñòøõòùèõäïï
äææìçèñ÷éõèôøèñæüõä÷è
Êöúèóõèçìæ÷èçìñ÷ëèöøððèõòé" " ÷ëè
èģèæ÷òé÷ëèÌØßÒÍ¡!)óäñçèðìæìðóäæ÷èç
Keller most markedly in 2021, later than other
sectors, evidenced by reduced market demand
and an associated operating margin
compression. We anticipated correctly the timing
òé÷ëèìñĥèæ÷ìòñóòìñ÷ðäõîìñê÷ëèøó÷øõñìñ
çèðäñçä÷äõòøñç÷ëèëäïéúäüóòìñ÷ìñ÷ëèüèäõ
We delivered a stronger volume growth than
äñ÷ìæìóä÷èçóäõ÷ìæøïäõïüìñ÷ëèöèæòñçëäïéúì÷ë
öìêñìĤæäñ÷æòñ÷õäæ÷úìñöäñçëèïóèçåü
äæôøìöì÷ìòñöåò÷ëòéúëìæëúìïïåèñèĤ÷
óèõéòõðäñæèìñ" ""Ñòúèùèõòøõ" "!
òóèõä÷ìñêóõòĤ÷úäöñèêä÷ìùèïüìðóäæ÷èç
primarily by the COVID-19 adverse pressure
on market pricing and operational disruption.
Êï÷ëòøêë÷ëèÐõòøóëäööøģèõèçëìêëèõðä÷èõìäï
äñçúäêèìñĥä÷ìòñòøõåøöìñèööèöëäùèåèèñ
ïäõêèïüöøææèööéøïìñóäööìñê÷ëèðäíòõì÷üòé÷ëèöè
increased costs to our customers, with the
èûæèó÷ìòñòéö÷èèïö÷õäñçìñ÷ëèÜøñæòäö÷
High-Rise business.
Notwithstanding the tougher market conditions,
÷ëèÐõòøóçèïìùèõèçäõèöìïìèñ÷óèõéòõðäñæèäñç
éøõ÷ëèõöìêñìĤæäñ÷ö÷õä÷èêìæóõòêõèööìñ÷ëèüèäõ
æòñ÷ìñøìñê÷òåõìñêðòõèéòæøö÷ò÷ëèóòõ÷éòïìòåü
èûì÷ìñêñòñ¡æòõèåøöìñèööèöäñçèûèæø÷ìñê
several acquisitions that build our market share in
our chosen markets. We have continued the
óõòêõèööìùè÷õäñöéòõðä÷ìòñòé
÷ëèÐõòøóìñ÷òäðòõèèĦæìèñ÷ðòõèéòæøöèç
higher-quality business, with industry-leading
margins, achieving sustainable operational
çèïìùèõüäñçæäöëêèñèõä÷ìòñàèèûóèæ÷÷òöèè
éøõ÷ëèõåèñèĤ÷öéõòð÷ëèöèìñ" ""Øøõõèæòõç
order book, now standing at £1.3bn, also gives
øöæòñĤçèñæèéòõ÷ëèéø÷øõè
ÌëìèéÎûèæø÷ìùèØĦæèõđöõèùìèú
0LFKDHO6SHDNPDQ
In a year that has seen COVID-19 continue
to challenge our business in so many ways,
I am proud of how the Keller team have
ZRUNHGWRJHWKHUGHPRQVWUDWLQJUHVLOLHQFH
and agility in safeguarding our people, while
supporting the continuing performance and
development of our business.
Keller Group plc Annual Report and Accounts 2021 Strategic Report14

)LQDQFLDOSHUIRUPDQFH
Group revenue was £2,224.4m, 13% up on the
prior year on a constant currency basis, driven
by increased activity as markets began to
õèæòùèõóäõ÷ìæøïäõïüçøõìñê÷ëèöèæòñçëäïé
úì÷ëöìêñìĤæäñ÷æòñ÷õäæ÷úìñö÷òêè÷ëèõúì÷ë÷ëè
åèñèĤ÷òéöèùèõäïåòï÷¡òñäæôøìöì÷ìòñö÷ëä÷äõè
èûóèæ÷èç÷òåèñèĤ÷÷ëèåò÷÷òðïìñèìñ" ""
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷çèæõèäöèç÷ò
|)"(ðäõèçøæ÷ìòñòé! ]ä÷æòñö÷äñ÷
currency, impacted primarily by the COVID-19
adverse pressure on market pricing and
operational disruption across our businesses.
Although the Group has seen higher than
èûóèæ÷èçðä÷èõìäïäñçúäêèìñĥä÷ìòñòøõ
åøöìñèööèöëäùèåèèñïäõêèïüöøææèööéøïìñ
óäööìñê÷ëèðäíòõì÷üòé÷ëèöèìñæõèäöèçæòö÷ö
÷òòøõæøö÷òðèõöúì÷ë÷ëèèûæèó÷ìòñòéö÷èèï
strand in the Suncoast High-Rise business.
In North America, disruption, supply chain issues
and labour availability caused adverse pressure
òñóõòĤ÷äåìïì÷üäñç÷ëèöèäõèèûóèæ÷èç÷òèäöè
êòìñêéòõúäõçØøõÎøõòóèÍìùìöìòñõèæòùèõèç
ìñóèõéòõðäñæèæòðóäõèçúì÷ë" " äñç
åèñèĤ÷÷èçóäõ÷ìæøïäõïüéõòðïäõêèæòñ÷õäæ÷úìñö
In AMEA, our Australia business was impacted
öìêñìĤæäñ÷ïüåüÌØßÒÍ¡!)ìðóòöèç÷õäùèï
õèö÷õìæ÷ìòñöØøõÖìççïèÎäö÷äñçÊéõìæäåøöìñèöö
äïöòëäçäñèû÷õèðèïü÷òøêëüèäõïäõêèïüçøè÷ò
ÌØßÒÍ¡!)çèöóì÷èòøõöøææèööéøïæïäìðòñòøõ
ÖòýäðåìôøèÕ×Ðæòñ÷õäæ÷àèäõè÷äîìñêäæ÷ìòñ
÷òìðóõòùèóõòĤ÷äåìïì÷üìñ÷ëä÷åøöìñèööìñ" ""
Êöäõèöøï÷òé÷ëèöèéäæ÷òõö÷ëèøñçèõïüìñê
operating margin was 4.2% compared with 5.3%
ìñ" " àèèûóèæ÷äõèæòùèõü÷òúäõçöòøõ
ëìö÷òõìæäïðäõêìñóõòĤïèìñ" ""
Underlying diluted earnings per share decreased
by 8% to 88.4p per share (2020: 96.3p per share),
õèĥèæ÷ìñêäçèæõèäöèìñòóèõä÷ìñêóõòĤ÷Ýëìöúäö
óäõ÷ìäïïüòģöè÷åüïòúèõĤñäñæìñêæòö÷öäñçä
ïòúèõ÷äûõä÷èõèĥèæ÷ìñê÷ëèõèæòêñì÷ìòñòéäóõìòõ
üèäõõèöèäõæëäñççèùèïòóðèñ÷÷äûæõèçì÷
in North America.
Despite the increased working capital
requirement the growth in revenue demanded,
the Group continued to generate a strong cash
ĥòúóèõéòõðäñæèìñ÷ëèüèäõÝëèéõèèæäöëĥòú
éøñçèçäïï÷ëèäæôøìöì÷ìòñöìñ÷ëèüèäõäñç
marginally reduced the Group’s net debt (on a
bank covenant IAS 17 basis) to £119.4m (2020:
|!" )ð¥Ýëìöõèöøï÷èçìñäñè÷çèå÷¦ÎËÒÝÍÊ
ïèùèõäêèõä÷ìòòé (û¤" "  'û¥¤òñäåäñî
æòùèñäñ÷ÒÊÜ!'åäöìö¥æòðéòõ÷äåïüúì÷ëìñòøõ
÷äõêè÷õäñêèòé %û¡!%ûäñçæòðóäõèç÷òòøõ
æòùèñäñ÷ïìðì÷òé# û
2SHUDWLRQDOSHUIRUPDQFH
Ýëèðäõîè÷èģèæ÷öòéÌØßÒÍ¡!)ëäçä
öìêñìĤæäñ÷ìðóäæ÷òñ÷ëèåøöìñèööóäõ÷ìæøïäõïü
early on in the year, with the macro uncertainty
driving customer behaviour to halt or delay a
ïäõêèñøðåèõòéóõòíèæ÷öàèäñ÷ìæìóä÷èç
æòõõèæ÷ïü÷ëè÷ìðìñêòé÷ëèìñĥèæ÷ìòñóòìñ÷
marking the upturn in demand at around the
ëäïéúäüóòìñ÷ìñ÷ëèüèäõÝëìöúäöõèĥèæ÷èçìñ
òøõõèæòõçòõçèõåòòîä÷÷ëèüèäõèñçòé|!#åñ
Whilst we delivered a stronger volume growth
÷ëäñäñ÷ìæìóä÷èçóäõ÷ìæøïäõïüìñ÷ëèöèæòñçëäïé
òøõòóèõä÷ìñêóõòĤ÷úäöñèêä÷ìùèïüìðóäæ÷èçåü
adverse pressure on market pricing and
operational disruption. Although the business
ëäööøģèõèçëìêëèõ÷ëäñèûóèæ÷èçðä÷èõìäïäñç
úäêèìñĥä÷ìòñòøõåøöìñèööèöëäùèåèèñïäõêèïü
öøææèööéøïìñóäööìñê÷ëèðäíòõì÷üòé÷ëèöè
increased costs to our customers, with the
èûæèó÷ìòñòéö÷èèïö÷õäñçìñ÷ëèÜøñæòäö÷
High-Rise business.
Òñ×òõ÷ëÊðèõìæäïèçåüÎõìæÍõòòģÙõèöìçèñ÷
North America, revenue increased by 15% (at
constant currency) to £1,323.1m and underlying
òóèõä÷ìñêóõòĤ÷çèæõèäöèçåü%&]¤ä÷æòñö÷äñ÷
æøõõèñæü¥÷ò|'# ðÝëèĤõö÷ëäïéóèõéòõðäñæè
åèñèĤ÷÷èçö÷õòñêïüéõòð÷ëèõèöòïø÷ìòñòéä
historical claim, whilst trading activity generally
was impacted by the COVID-19 slowdown in the
construction market. Business activity increased
äö÷ëèüèäõóõòêõèööèçéòïïòúìñê÷ëèöøææèööòé
vaccination and lockdown containment
programmes. This led to increased business
æòñĤçèñæèäñçìðóõòùèçðäõîè÷çèðäñç
Suncoast was impacted by the continued higher
æòö÷òéö÷èèïö÷õäñçóäõ÷ìäïïüðì÷ìêä÷èçåüö÷õòñê
çèðäñçéõòð÷ëèõèöìçèñ÷ìäïöìñêïèéäðìïüëòðè
ðäõîè÷Ýëèëìêëèõæòö÷òéö÷èèïö÷õäñçëäöåèèñ
unprecedented and directly impacted the
óõòĤ÷äåìïì÷üòé÷ëèÑìêë¡Ûìöèöèêðèñ÷çøõìñê
÷ëèüèäõêìùèñ÷ëèðäõîè÷óõäæ÷ìæèòéĤûèçóõìæè
æòñ÷õäæ÷öàèèûóèæ÷÷ëèäçùèõöèìðóäæ÷òñ
óõòĤ÷äåìïì÷ü÷òøñúìñççøõìñê" ""×òõ÷ë
ÊðèõìæäñóèõéòõðäñæèåèñèĤ÷÷èçéõòð÷ëè
ìñæïøöìòñòéöèùèõäïäæôøìöì÷ìòñöìñ÷ëèöèæòñç
ëäïéòé÷ëèüèäõ÷ëèïäõêèö÷åèìñêÛÎÌØ×
Services, Inc (RECON), a geotechnical and
industrial services company headquartered in
Ñòøö÷òñÝèûäöÜìðìïäõ÷òÔèïïèõđöèûìö÷ìñê
Florida-based Moretrench Industrial business,
ÛÎÌØ×ìöéòæøöèçòñèñùìõòñðèñ÷äï
remediation activities.
In Europe, led by Jim De Waele, President Europe,
revenue increased by 5% (at constant currency)
÷ò|%$)"ðäñçòóèõä÷ìñêóõòĤ÷ìñæõèäöèç#(]
(at constant currency) to £24.3m. Its markets
õèæòùèõèççøõìñê÷ëèæòøõöèòé÷ëèüèäõúì÷ë÷ëè
èäöìñêòéÌØßÒÍ¡!)õèïä÷èçöëø÷çòúñöäñç
÷õäùèïõèö÷õìæ÷ìòñöõèöøï÷ìñêìñëìêëèõïèùèïöòé
äæ÷ìùì÷üäñçæòñ÷õäæ÷óèõéòõðäñæèÙèõéòõðäñæè
äïöòåèñèĤ÷÷èçéõòðìðóõòùèçèĦæìèñæìèöòñ
öì÷èæòö÷öäùìñêöéòïïòúìñê÷ëèõèö÷õøæ÷øõìñê
activity in the previous year, as well as the
äçùäñæèðèñ÷òé÷ëèïäõêèÑìêëÜóèèç"¤ÑÜ"¥õäìï
project in the UK and Sandbukta-Moss-Sastad
(SMS2) rail project in Norway. We completed
éøõ÷ëèõõèö÷õøæ÷øõìñêúì÷ë÷ëèéòõðä÷ìòñòé÷ëè
ñèúÜòø÷ëàèö÷ÎøõòóèËøöìñèööÞñì÷éøõ÷ëèõ
streamlining the Europe Division. In line with our
strategy, our joint venture in Finland, KFS Finland
Oy, acquired NordPile, a driven and drilling
óìïìñêæòñ÷õäæ÷òõ
ÒñÊÖÎÊ¤Êöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¥
led by Peter Wyton, President AMEA, revenue
increased by 20% (at constant currency) to
|#%"!ðúëìïèòóèõä÷ìñêóõòĤ÷çèæõèäöèç'']
(at constant currency) to £3.4m. The division
úäö÷ëèðòö÷ìðóäæ÷èçåüÌØßÒÍ¡!)òéäïïòøõ
businesses during the year with countries and
regions, particularly Australia and the Middle
Îäö÷äñçÊéõìæäöøģèõìñêïòæîçòúñõèö÷õìæ÷ìòñö
ìñäçùäñæèòéùäææìñä÷ìòñóõòêõäððèö
Operational challenges caused by border
õèö÷õìæ÷ìòñöìñÔèïïèõÊøö÷õäïìääñçäçìĦæøï÷
trading environment in the Middle East and
Êéõìæäõèöøï÷èçìñåò÷ëåøöìñèööøñì÷öõèóòõ÷ìñê
äïòööéòõ÷ëèüèäõ×ò÷úì÷ëö÷äñçìñê÷ëèúìçèõ
issues in Australia, Austral had a strong
óèõéòõðäñæèçõìùèñåüðìñìñêäñçóòõ÷¡õèïä÷èç
óõòíèæ÷öìñ÷ëèÙìïåäõäõèêìòñÒñ÷ëèöèæòñçëäïé
òé÷ëèüèäõäöøåö÷äñ÷ìäïöè÷÷ïèðèñ÷äêõèèðèñ÷
úäööìêñèçúì÷ëòøõæïìèñ÷ìñÖòýäðåìôøèìñ
õèïä÷ìòñ÷ò÷ëèöøöóèñçèçïìôøèĤèçñä÷øõäïêäö
(LNG) project. This largely reversed the contract
loss incurred to date and protects the Group in
the event that the contract does not resume
ìñ÷ëèöëòõ÷÷òðèçìøð÷èõðíøö÷ìéüìñê÷ëè
approach we took to this contract and the
risk assessment undertaken.
Strategy
ÝëèÐõòøóđöæòõóòõä÷èóøõóòöèõèĥèæ÷öåò÷ë
÷ëèèùòïø÷ìòñòéòøõö÷õä÷èêüäñç÷ëèæëäñêìñê
environment in which we operate and ‘building
WKHIRXQGDWLRQVIRUDVXVWDLQDEOHIXWXUHp will
åèä÷÷ëèëèäõ÷òéèùèõü÷ëìñêúèçòìñ÷ëèéø÷øõè
Our vision WREHWKHOHDGLQJSURYLGHURI
specialist geotechnical solutions is
øñæëäñêèçäñççèöóì÷è÷ëèçìöõøó÷ìùèìðóäæ÷òé
the pandemic on change management activities,
we have made good progress with our objective
éòõÔèïïèõ÷òåèæòðèäðòõèéòæøöèçëìêëèõ¡
quality business achieving both sustainable
operational delivery and cash generation
whilst building on our industry-leading margins.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 15

ÒñÎøõòóèäöúèïïäöõìêë÷öìýìñê÷ëèçìùìöìòñäï
ëèäçòĦæèúèöìðóïìĤèç÷ëèö÷õøæ÷øõèòé÷ëè
çìùìöìòñåüõèçøæìñê÷ëèñøðåèõòéåøöìñèööøñì÷ö
éòïïòúìñê÷ëèðèõêèõòéÏõèñæëÜóèäîìñê
Countries with Iberia and Latin America, by
éòõðìñêòñèñèúÜòø÷ëàèö÷ÎøõòóèËøöìñèöö
Þñì÷÷ëìöåèæäðèèģèæ÷ìùèòñ!Óøïü" "!Îäõïü
úìñöéõòð÷ëìöö÷õä÷èêìæäæ÷ìòñìñæïøçèöèæøõìñê
work as a combined business unit that Keller
would not have won previously, and a reduction
ìñæòö÷ö
Our joint venture in Finland, KFS Finland Oy,
acquired NordPile, a driven and drilling piling
contractor, in September. This acquisition
õèìñéòõæèöÔÏÜđöóòöì÷ìòñäö÷ëèïäõêèö÷
geotechnical specialist contractor in the
õèêìòñòģèõìñê÷ëèúìçèö÷õäñêèòéöòïø÷ìòñö
6WUDWHJLFSULRULWLHVIRU
Öäõîè÷¡ïèäçìñêòóèõä÷ìòñäïèûèæø÷ìòñìö
imperative in order to remain competitive and
÷ëèõèéòõèèñëäñæìñêòóèõä÷ìòñäïèûæèïïèñæèìöä
îèüéòæøöéòõ÷ëèÐõòøóÍøõìñê" "!úè
èö÷äåïìöëèçäðøï÷ì¡éøñæ÷ìòñäï÷èäðòéèûóèõ÷ö
çõäúñéõòðäæõòöö÷ëèÐõòøó÷òìçèñ÷ìéüäñç
develop best practice in project management
and site support business processes that are
æøõõèñ÷ïüçèóïòüèçúì÷ëìñÔèïïèõÝëìöåäñîòé
knowledge will be leveraged by implementing
best practice standard templates across the
Group using a proven, cloud-based enterprise
resource planning (ERP) system. In doing so the
ìñì÷ìä÷ìùèúìïïèðåèçòóèõä÷ìòñäïèûæèïïèñæèìñ
óõòíèæ÷èûèæø÷ìòñäæõòöö÷ëèúëòïèÐõòøó
÷òêè÷ëèõúì÷ë÷ëèäööòæìä÷èçĤñäñæìäïåèñèĤ÷ö
Ò÷úìïïäïïòú÷ëèéøïïìñ÷èêõä÷ìòñòéóõòíèæ÷
management, supply chain, human resources,
equipment, operations which will all seamlessly
éèèç÷ëõòøêë÷òĤñäñæìäïöäñçóõòùìçèäöìñêïè
ö÷äñçäõçìöèçóïä÷éòõðéòõõòåøö÷öüö÷èðìæ
pre-emptive management controls, and a
convenient solution to the emerging requirement
éòõÞÔÜØáÝëèìñì÷ìä÷ìùèúìïïåèìðóïèðèñ÷èç
óõòêõèööìùèïüòùèõĤùèüèäõöåüäóõòíèæ÷÷èäð
÷ëä÷æòñöìö÷öòéöèäöòñèçåøöìñèööïèäçèõö
öøåíèæ÷ðä÷÷èõèûóèõ÷öäñçèûóèõìèñæèçÎÛÙ
global system implementers. We will leverage our
risk management processes to help control the
challenges associated with implementing the
óõòêõäððèòéúòõî
Êöúèèûèæø÷èòøõö÷õä÷èêüäñçéøõ÷ëèõóèñè÷õä÷è
our chosen local markets, we will continue to
pursue suitable bolt-on acquisition opportunities
and integrate them into the Group. RECON is
integrating well and during 2022 will, together with
Moretrench Industrial, be developed as we
establish and build our new environmental,
geotechnical and industrial services business that
will leverage our position in this large and growing
öèæ÷òõàèúìïïæòñ÷ìñøè÷òåèéòæøöèçäñç
disciplined in our acquisition process.
Environmental, Social and
Governance (ESG)
àèçèĤñèÎÜÐäñçöøö÷äìñäåìïì÷üäææòõçìñê
÷òòøõéòøõÙöÙïäñè÷ÙèòóïèÙõìñæìóïèöäñç
ÙõòĤ÷äåïèóõòíèæ÷öËèñèä÷ëèäæëÙúèëäùèä
ñøðåèõòéêïòåäïäñçïòæäïìñì÷ìä÷ìùèöäïìêñèç÷ò
the UN Sustainable Development Goals (SDGs).
Ýëèöèóõòùìçèäæòððòñïäñêøäêèéòõøö÷ò
communicate sustainability initiatives to our
ö÷äîèëòïçèõöúòõïçúìçèÒñ÷èõðöòéêïòåäï
ìñì÷ìä÷ìùèöøñçèõÙïäñè÷úèéòæøöòñæäõåòñ
õèçøæ÷ìòñ¤ÜÍÐ!#¥øñçèõÙèòóïèúèéòæøöòñ
öäéè÷ü¤ÜÍÐ#¥äñçêèñçèõèôøäïì÷ü¤ÜÍÐ%¥äñç
øñçèõÙõìñæìóïèöúèéòæøöòñêòòçêòùèõñäñæè
¤ÜÍÐ!&¥Òñäççì÷ìòñ÷ëèõèäõèäñøðåèõòéò÷ëèõ
SDG initiatives that are being supported at local
business level that are relevant and appropriate
÷ò÷ëèìõæòððøñì÷üæòñ÷èû÷
Ýëèöäéè÷üòéèùèõüìñçìùìçøäïìöòøõóõìòõì÷üàëìïè
òøõöäéè÷üóèõéòõðäñæèëäöìðóõòùèçúèäõè
not yet where we need to be. Making sure every
èðóïòüèèõè÷øõñöëòðèöäéèïüä÷÷ëèèñçòéèäæë
day drives our thinking and behaviours across
the Group. It is with this approach that we have
õèçøæèç÷ëèÐõòøóđöäææìçèñ÷éõèôøèñæüõä÷è
(AFR) by 42% compared with 2020, and our
AMEA Division had an outstanding year achieving
äñÊÏÛòéýèõòØøõ÷ò÷äïõèæòõçäåïèìñæìçèñ÷õä÷è
(TRIR) also improved by 32%.
Led by John Raine, Group HSEQ Director, we
ëäùèäñøðåèõòéöäéè÷üìñì÷ìä÷ìùèöøñçèõúäü÷ò
ïèùèõäêèòøõèûóèõìèñæèäñçöäéè÷üîñòúïèçêè
äæõòöö÷ëèÐõòøóÊöòøõñøðåèõòéõèæòõçäåïè
incidents decreases, it is more important than
èùèõ÷òéòæøöòñóõòäæ÷ìùèõèóòõ÷ìñêðèäöøõèö
÷òìçèñ÷ìéüäñçäççõèööëäýäõçòøööì÷øä÷ìòñö
óõè¡èðó÷ìùèïüåèéòõèäææìçèñ÷öòææøõúì÷ë÷ëèìõ
ìñëèõèñ÷óò÷èñ÷ìäïéòõäçùèõöèæòñöèôøèñæèö
Year-on-year near miss reports are increasing as
äæòñöèôøèñæèòé÷ëìöìñæõèäöèçèðóëäöìöäñç
leadership site interaction is strong, even with
the site access challenges created by COVID-19.
Øùèõäïï÷ëèöäéè÷üæøï÷øõèäñçäúäõèñèöö
continues to improve, and is clearly evidenced
in recent employee engagement surveys.
àèäõèùèõüóõòøçòéòøõìñçøö÷õü¡ïèäçìñê
óèõéòõðäñæèäñçìðóõòùìñê÷õäæîõèæòõçäñç
were devastated to lose a long-serving and
ùäïøèçèðóïòüèèèäõïüìñ" "!éòïïòúìñêäñ
accident on a site in Austria. Whilst it has been
çè÷èõðìñèçÔèïïèõúäöñò÷ä÷éäøï÷éòõ÷ëè
accident, the incident has caused us to re-double
òøõèģòõ÷öäñçúèëäùèæòñ÷ìñøèç÷òéøõ÷ëèõ
äçùäñæèòøõöäéè÷üóõòêõäððèöàèæòñ÷ìñøè
÷òöëäõèòøõöäéè÷üåèö÷óõäæ÷ìæèöúì÷ë÷õäçè
associations, so that the whole sector can
æòñ÷ìñøè÷òìðóõòùèëèäï÷ëäñçöäéè÷ü
àèëäùèæòñ÷ìñøèç÷òöøææèööéøïïüèûèæø÷èòñ
òøõö÷õä÷èêü÷òåè÷ëèóõèéèõõèçìñ÷èõñä÷ìòñäï
êèò÷èæëñìæäïöóèæìäïìö÷æòñ÷õäæ÷òõéòæøöèçòñ
sustainable markets and attractive projects,
êèñèõä÷ìñêïòñê¡÷èõðùäïøèéòõòøõö÷äîèëòïçèõö
Our local businesses leverage the Group’s scale
äñçèûóèõ÷ìöè÷òçèïìùèõèñêìñèèõèçöòïø÷ìòñö
äñçòóèõä÷ìòñäïèûæèïïèñæèçõìùìñêðäõîè÷
share leadership in our selected segments.
ØøõçìùèõöìĤèçðòçèïòéòóèõä÷ìñêìñäñøðåèõ
òéöèæ÷òõöäóóïìæä÷ìòñöäñçêèòêõäóëìèöëèïóö
to generate revenues that are resilient whilst
ïèööèñìñê÷ëèìðóäæ÷ö÷ëä÷æäñäõìöèéõòð
business cycles and geopolitics. In line with
òøõö÷õä÷èêüúèëäùèæòñ÷ìñøèç÷òéòæøö
on increased market penetration and
cost reduction.
Progress on strategic
SULRULWLHVIRU
Òñ×òõ÷ëÊðèõìæäúèéøõ÷ëèõèçòøõçõìùè÷òêäìñ
market share in our chosen markets with the
äæôøìöì÷ìòñìñÓøïüòéÛÎÌØ×ÜèõùìæèöÒñæ
(RECON), a geotechnical and industrial services
æòðóäñüëèäçôøäõ÷èõèçìñÑòøö÷òñÝèûäö
Üìðìïäõ÷òÔèïïèõđöèûìö÷ìñêÏïòõìçä¡åäöèç
Moretrench Industrial business, RECON is
éòæøöèçòñèñùìõòñðèñ÷äïõèðèçìä÷ìòñäæ÷ìùì÷ìèö
Ýëèêèòêõäóëìæóõòûìðì÷üòé÷ëè÷úòåøöìñèööèö
óõòùìçèöõèùèñøèöüñèõêìèöéõòðæõòöö¡öèïïìñê
opportunities, both between the two businesses
äñçäïöò÷ëèÔèïïèõéòøñçä÷ìòñöåøöìñèööèöäñç
some, primarily volume-based, cost synergies.
The additional revenue synergies provide the
opportunity to increase the Group’s overall
ðäõîè÷öëäõèìñ÷ëèìðóòõ÷äñ÷ÐøïéÌòäö÷äõèä
where Keller has historically been relatively
under-represented. The cash consideration on
an enterprise value basis was US$23m (£17m),
äñçäñòõìêìñäïðäûìðøðèäõñ¡òø÷òéÞÜz!%ð
¤|!!ð¥õèïä÷ìñê÷òöóèæìĤæéø÷øõèæòñ÷õäæ÷úìñö
Êöúèäñ÷ìæìóä÷èçÛÎÌØ×úäöäúäõçèçòñèòé
÷ëèöóèæìĤææòñ÷õäæ÷öìñÍèæèðåèõúòõ÷ë
äóóõòûìðä÷èïüÞÜz!& ð¤|!" ð¥ìñõèùèñøè
over two years, in connection with the
çèùèïòóðèñ÷òéäñèñèõêüéäæìïì÷üìñ÷ëè
ÐøïéÌòäö÷õèêìòñòé÷ëèÞÜÊ
In October, the North America Division acquired
Subterranean (Manitoba) Ltd, a small market-
ïèäçìñêêèò÷èæëñìæäïéòøñçä÷ìòñåøöìñèööìñ
Manitoba, Canada. In November 2021, the
division acquired Voges Drilling, a geotechnical
éòøñçä÷ìòñæòðóäñüåäöèçìñÝèûäö
ÌëìèéÎûèæø÷ìùèØĦæèõđöõèùìèú continued
Keller Group plc Annual Report and Accounts 2021 Strategic Report16

The global COVID-19 pandemic continued
to create operational challenges in 2021. The
Group has actively encouraged and supported
employees to become vaccinated against
COVID-19 wherever possible. However, I’m
greatly saddened that across the Group we have
lost eight colleagues due to COVID-19 related
ìïïñèööàëìïö÷úèåèïìèùèñòñèòé÷ëèöèæäöèö
were related to the workplace, we have taken
êõèä÷æäõèìñöøóóòõ÷ìñê÷ëèéäðìïìèö÷ëõòøêë
÷ëèìõåèõèäùèðèñ÷öÝëèùäææìñä÷ìòñö÷ä÷øöòé
those that have died is consistent with the
èû÷èõñäïåèñæëðäõîêïòåäïïüäñçöøóóòõ÷öòøõ
äæ÷ìùèäóóõòäæë÷òèñæòøõäêèòøõúòõîéòõæèìñ
becoming vaccinated.
Ê÷Ôèïïèõúèõèæòêñìöèöäéè÷üäñçúèïïåèìñêìö
more than just avoiding accidents and this year
úèïäøñæëèçòøõĤõö÷¡èùèõúèïïåèìñêéõäðèúòõî
This helps our business units support and
çèùèïòó÷ëèäöóèæ÷öòéúèïïåèìñêìðóòõ÷äñ÷
to our employees worldwide - body, mind,
æòððøñì÷üêõòú÷ëäñçĤñäñæìäïöèæøõì÷ü
wellbeing.
Having launched our Inclusion Commitments,
òøõéòæøöìñ" "!úäöòñêìùìñêòøõ÷èäðö÷ëè
understanding and the means to contribute to
our aspiration to become a diverse, equitable
and inclusive workplace.
Òñõèöóèæ÷òéæäõåòñõèçøæ÷ìòñ÷ëèÐõòøóëäö
öè÷äðåì÷ìòøöåø÷äæëìèùäåïèñè÷ýèõò÷äõêè÷ö
åü" % àèúìïïåèñè÷ýèõòäæõòööäïï÷ëõèè
èðìööìòñöæòóèöåü" % ñè÷ýèõòòñÜæòóè"
åü" # ñè÷ýèõòòñÜæòóè!åü" $ äñçñè÷
ýèõòåü" % òñØóèõä÷ìòñäïÜæòóè#¤æòùèõìñê
business travel, material transport and waste
disposal). We have already begun implementing
the substantive short-term actions to address
Scope 2 and are developing the medium and
ïòñê¡÷èõðäæ÷ìòñöéòõÜæòóè!äñç#÷ëä÷äõè
required to achieve these goals.
Good governance plays an essential role in how
we operate the business. During 2021, despite
the challenging backdrop, we continued to take
äñøðåèõòéö÷èóö÷òö÷õèñê÷ëèñòøõïèäçèõöëìó
our management controls, and our
øñçèõö÷äñçìñêòé÷ëèñèèçöòéòøõö÷äîèëòïçèõö
Ýëìöìñæïøçèçïìö÷èñìñê÷ò÷ëèùìèúöòéòøõóäö÷
æøõõèñ÷äñçóò÷èñ÷ìäïìñùèö÷òõöÊ÷÷ëèèñçòé÷ëè
üèäõúèæòðóïè÷èçäñìñùèö÷òõäøçì÷òéäñøðåèõ
òéîèüìñö÷ì÷ø÷ìòñöèñäåïìñêøö÷òçèèóèñòøõ
øñçèõö÷äñçìñêòé÷ëèùìèúöòéìñùèö÷òõö
Participation by those that took part was greatly
äóóõèæìä÷èçäñçúèúìïïäæ÷ìùèïüøöè÷ëèéèèçåäæî
äöúèðòùèéòõúäõçàèúìïïõèóèä÷÷ëèèûèõæìöè
ìñ÷ëèéø÷øõèöò÷ëä÷úèæäñðäìñ÷äìñä
ðòðèñ÷øðòéæòñ÷ìñøòøöìðóõòùèðèñ÷
and monitor our progress.
People
Øøõóèòóïèäõè÷ëèðäíòõçìģèõèñ÷ìä÷òõòé
our business and pivotal to everything we do.
I continue to be immensely impressed by the
çèçìæä÷ìòñäñç÷èñäæì÷üòéòøõ÷èäðÍèöóì÷è
÷ëèóõòïòñêèçä÷÷õì÷ìòñòéÌØßÒÍ¡!)ìñ÷èõðö
òéöòæìäïìöòïä÷ìòñäñçïòêìö÷ìæäïæëäïïèñêèö
èðóïòüèèöëäùèæòñ÷ìñøèç÷òêò÷òèû÷õäòõçìñäõü
ïèñê÷ëö÷òæòñ÷ìñøè÷òöäéèïüçèïìùèõóõòíèæ÷öéòõ
our customers. I would like to acknowledge this
èñçèäùòøõäñç÷ëäñîäïïÔèïïèõèðóïòüèèöéòõ
÷ëèìõæòððì÷ðèñ÷ëäõçúòõîäñçèûóèõ÷ìöè
during another very challenging year.
Øñ÷ëèÎûèæø÷ìùè÷èäðÓäðèöÑìñçÍìùìöìòñäï
Ùõèöìçèñ÷òéÔèïïèõ×òõ÷ëÊðèõìæäõè÷ìõèçä÷÷ëè
èñçòé" "!äé÷èõ!(üèäõöđöèõùìæèÓäðèöúäö
äëìêëïüèģèæ÷ìùèðèðåèõòé÷ëèÎûèæø÷ìùè÷èäð
éõòðëìöäóóòìñ÷ðèñ÷ìñ" #äöÏìñäñæè
Íìõèæ÷òõòéÔèïïèõÐõòøóóïæäñçäñÎûèæø÷ìùè
Director on the Board until 2020, through to his
most recent appointment as Divisional President
òéÔèïïèõ×òõ÷ëÊðèõìæääóòö÷ëèëèïçöìñæè
2018. Under his leadership and with the support
òéäö÷õòñêÎûèæø÷ìùè÷èäðÔèïïèõ×òõ÷ëÊðèõìæä
ëäöøñçèõêòñèöìêñìĤæäñ÷÷õäñöéòõðä÷ìòñúì÷ë
greatly enhanced organisational capability and
äææèïèõä÷èçæòïïäåòõä÷ìòñÎõìæÍõòòģóõèùìòøöïü
ÌëìèéØóèõä÷ìñêØĦæèõÔèïïèõ×òõ÷ëÊðèõìæä
has succeeded James. Over the 29 years Eric
has been with Keller North America he has
demonstrated his strong leadership capabilities
across the organisation and his dedication,
óäööìòñäñççèó÷ëòéêèò÷èæëñìæäïèûóèõìèñæè
made him the best person to lead Keller
North America.
We are deeply concerned about the military
ìñùäöìòñòéÞîõäìñèäñç÷ëèøñéòïçìñê
humanitarian crisis. Whilst we have no projects in
÷ëèæòøñ÷õüäñç÷ëèõèéòõè÷ëèõèìöñòðä÷èõìäï
impact on our business, we have two employees
based in Ukraine and over 20 Ukrainian nationals
úòõîìñêéòõøöìñòøõ×òõ÷ëÎäö÷ÎøõòóèËøöìñèöö
Unit. Furthermore, many colleagues across Keller
have connections with people in Ukraine. Our
Ĥõö÷÷ëòøêë÷öäõèúì÷ë÷ëèðäñç÷ëèìõéäðìïìèö
Our team in Poland has been providing practical
support including help at the border with
transport, accommodation and medical supplies.
Îùèñ÷öäõèøñéòïçìñêõäóìçïüòñ÷ëèêõòøñçäñç
accordingly we continue to evaluate where to
best deploy our Group support to most
èģèæ÷ìùèïüäööìö÷÷ëèëøðäñì÷äõìäñõèïìèéèģòõ÷
Dividend
ÝëèËòäõçìöõèæòððèñçìñê÷ëèóäüðèñ÷òéä
" "!Ĥñäïçìùìçèñçòé"##óóèõöëäõè¤" " 
23.3p per share) to be paid on 1 July 2022 to
shareholders on the register as at the close
òéåøöìñèööòñ&Óøñè" ""àèäõèùèõü
óõòøçòéòøõçìùìçèñçëìö÷òõüäñçõèæòêñìöè
its importance to shareholders.
Even through very challenging times we have
consistently increased or maintained the
çìùìçèñçòùèõ÷ëèïäö÷"'üèäõööìñæèĤõö÷ïìö÷ìñê
òñ÷ëèÕòñçòñÜ÷òæîÎûæëäñêèòñèòéòñïüä
éèúïìö÷èçæòðóäñìèö÷òëäùèäæëìèùèç÷ëìö
Ýëèæòñ÷ìñøä÷ìòñòéçìùìçèñçóäüðèñ÷öçøõìñê
÷ëèæëäïïèñêìñêðäæõòèñùìõòñðèñ÷òé" " äñç
" "!õèĥèæ÷èç÷ëèĤñäñæìäïö÷õèñê÷ëòé÷ëè
Ðõòøóì÷ööìêñìĤæäñ÷ïìôøìçì÷üóòöì÷ìòñäñç÷ëè
ïòñêèõ¡÷èõðæòñĤçèñæèìñ÷ëèóèõéòõðäñæèòé
the business. As we advance through 2022 the
Ëòäõçúìïïõèùìèú÷ëèóõòêõèööìòñòéòøõçìùìçèñç
Outlook
àèëäùèëäçäöøææèööéøïüèäõêìùèñ÷ëè
èû÷õèðèïüæëäïïèñêìñêåøöìñèööèñùìõòñðèñ÷
The year developed largely as we anticipated at
òøõ" " ìñ÷èõìðõèöøï÷öäñçúëìïö÷ìñĥä÷ìòñäõü
ìðóäæ÷öúèõèïäõêèõ÷ëäñèûóèæ÷èç÷ëèõèöìïìèñæè
òé÷ëèÐõòøóëäöðèäñ÷÷ëä÷÷ëèĤñäñæìäï
óèõéòõðäñæèéòõ÷ëèüèäõúäöö÷ìïïäëèäçòé
ðäõîè÷èûóèæ÷ä÷ìòñöàèëäùèæòñ÷ìñøèç÷ò
implement strategic actions to shape Keller’s
éø÷øõèúëìïèçèïìùèõìñêõòåøö÷òóèõä÷ìòñäïäñç
Ĥñäñæìäïõèöøï÷öåøìï÷òñäö÷õòñêåäïäñæèöëèè÷
We have a clear strategy and increasing
operational momentum with a record order book
òé|!#åñÝëìö÷òêè÷ëèõúì÷ë÷ëèðäìñ÷èñäñæè
òé÷ëèçìùìçèñçèùìçèñæèöòøõæòñĤçèñæèìñ÷ëè
medium term.
àëìïö÷úèäõèðìñçéøïòé÷ëèõèæèñ÷ïüìñæõèäöèç
geopolitical and macroeconomic uncertainty and
ìñĥä÷ìòñäõüóõèööøõèöòøõèûóèæ÷ä÷ìòñöéòõ" ""
are unchanged. We remain strategically well
óïäæèç÷òåèñèĤ÷éõòð÷ëèäñ÷ìæìóä÷èç
macroeconomic recovery and increasing levels
òéóøåïìæìñéõäö÷õøæ÷øõèöóèñçìñêìñòøõæëòöèñ
markets, although this recovery will naturally vary
by geography as countries progressively manage
COVID-19 as an endemic rather than pandemic
challenge.
Our leading market positions and the strategic
actions we have taken to improve the Group’s
óèõéòõðäñæè÷òêè÷ëèõúì÷ëòøõĤñäñæìäï
õèöìïìèñæèúìïïäïïòúøö÷òåèñèĤ÷éõòð÷ëè
ïòñêèõ¡÷èõðö÷õøæ÷øõäïêõòú÷ëçõìùèõöéòõêïòåäï
ìñéõäö÷õøæ÷øõèäñçøõåäñìöä÷ìòñìñ÷ëèüèäõö
äëèäçàè÷ëèõèéòõèõèðäìñæòñĤçèñ÷ìñòøõ
ability to deliver increasing shareholder returns
÷ëõòøêëøñçèõïüìñêóõòĤ÷êõòú÷ëäñçòøõ
progressive dividend policy.
Michael Speakman
ÌëìèéÎûèæø÷ìùèØĦæèõ
Êóóõòùèçåü÷ëèËòäõçòéÍìõèæ÷òõöäñç
äø÷ëòõìöèçéòõìööøèòñ'Öäõæë" ""
Keller Group plc Annual Report and Accounts 2021 Strategic Report 17

Our strategy
Keller’s strategy is to be
the preferred international
geotechnical specialist contractor
focused on sustainable markets
and attractive projects.
Our local businesses will leverage the Group’s scale and expertise to
GHOLYHUHQJLQHHUHGVROXWLRQVDQGRSHUDWLRQDOH[FHOOHQFHGULYLQJPDUNHW
share leadership in our selected segments.
,QZHFRQWLQXHGWRPDNHSURJUHVVLQJHQHUDWLQJVXVWDLQDEOH
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the products and services Keller provides, have a consistent, material
GHPDQGIRUWKRVHVHUYLFHVDQGDQDFFHSWDEOHOHYHORIJHRSROLWLFDOULVN
Strategic lever What we achieved in 2021
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• $FTXLUHG5(&21LQWKH86DGGLQJWRRXUH[LVWLQJUHPHGLDWLRQ
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• $FTXLUHG6XEWHUUDQHDQVWUHQJWKHQLQJRXUSRVLWLRQLQWKH
Canadian Prairies.
• $FTXLUHG9RJHV'ULOOLQJDJHRWHFKQLFDOIRXQGDWLRQFRPSDQ\
based in Texas.
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a driven and drilling piling contractor.
• Executed an impressive 6,000 projects around the world despite
the challenge of COVID-19.
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of 0.07.
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latest Tier 4 and Tier 5 engines.
• Continued to embed 5S and other lean manufacturing tools on
our sites and in our yards.
• &RQWLQXHGVKDULQJSURGXFWDQGVDIHW\NQRZOHGJHDQGLQQRYDWLRQV
through our global product teams.
• &RQWLQXHGRXUHƪRUWVRQZRUNIRUFHHQJDJHPHQWFRPSOHWLQJ
engagement surveys and team action planning in multiple business units.
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Started a reverse mentoring programme.
• /DXQFKHGZHOOEHLQJIUDPHZRUNDQGOHDGHUVKLSWRRONLW
• Delivered both face-to-face and online training programmes.
A balanced
SRUWIROLR
We select sustainable
markets (geography,
sector and products)
in which to set up base
businesses and
attractive projects.
Engineered
solutions
àèòģèõ÷ëèåèö÷
solutions to our
customers by providing
alternatives and value
engineering, and invest
in innovation and
digitisation.
Operational
H[FHOOHQFH
We are the operational
leader providing safe,
èĦæìèñ÷òñ¡÷ìðèäñç
high-quality delivery,
and relentlessly strive
to improve our operational
capability.
([SHUWLVH
and scale
We develop our people,
processes and assets and
leverage the global
strength of our technical,
operational, commercial
äñçĤñäñæìäïõèöòøõæèö
Keller Group plc Annual Report and Accounts 2021 Strategic Report18

Outlook KPIs
We will
• 5HPDLQFXVWRPHUIRFXVHGWKURXJKRXUEUDQFKVWUXFWXUH
DQGGULYHIRUDOHDGLQJVKDUHLQRXUFKRVHQPDUNHWV
• $LPWREHSURƬWDEOHWKURXJKWUDGLQJF\FOHVDVZHVXVWDLQ
our revenue streams.
• Continue to introduce new products where we are already
established.
• &RQWLQXHWRRƪHURXUFXVWRPHUVDOWHUQDWLYHGHVLJQVDQG
HQJLQHHUHGVROXWLRQVWKDWPHHWWKHLUVSHFLƬFDWLRQVZKLOVW
reducing costs.
• 5HWDLQRXUWHFKQLFDODGYDQWDJHE\LQYHVWLQJLQRXUSHRSOH
DQGFRQWLQXLQJWRLQƮXHQFHDFURVVRXUVHFWRU
• Continue to secure complex, high-value projects.
• 0DNHFRQWLQXRXVLQFUHPHQWDOLPSURYHPHQWVWRUHPDLQ
FRPSHWLWLYHLQRXUFKRVHQPDUNHWV
• Deliver Platform For Success as we migrate to one integrated
D365 solution across the Keller world.
• Continue to share best practice in operations, technical
NQRZOHGJHJRYHUQDQFHDQGFRPSOLDQFH
2.9%
21%
12%
42%
Market share in core markets
Üëäõèòéòøõæòõèðäõîè÷ö
Operating margins¹
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷èûóõèööèç
äöäóèõæèñ÷äêèòéõèùèñøè
Return on capital employed¹
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷äöäñè÷õè÷øõñ
òñæäóì÷äïèðóïòüèç
$FFLGHQWIUHTXHQF\UDWH
Êææìçèñ÷éõèôøèñæüóèõ!  ëòøõöïòö÷÷ìðè
injuries are calculated as any incident over one day
! Þñçèõïüìñêðèäöøõèöäïïòúðäñäêèðèñ÷äñçìñùèö÷òõö÷òæòðóäõèóèõéòõðäñæèúì÷ëòø÷÷ëèóò÷èñ÷ìäïïüçìö÷òõ÷ìñêèģèæ÷öòéòñè¡òģì÷èðöòõñòñ¡÷õäçìñêì÷èðö
ÍèĤñì÷ìòñöòéøñçèõïüìñêðèäöøõèöæäñåèéòøñçøñçèõäçíøö÷èçóèõéòõðäñæèðèäöøõèöòñóäêè!(%
13.3%
¤" " !#']¥
4.2%
(2020: 5.3%)
14.4%
¤" " !&$]¥
0.07
(2020: 0.12)
Keller Group plc Annual Report and Accounts 2021 Strategic Report 19

2021
2021
2021
2021
2021
2020
2020
2020
2020
2020
5.5
0.03
787.0
1,227.5
6.8
0.08
83.2
593.9
KPIs
1,323.1 73.0
5HYHQXHP
Underlying operating margin (%)
$FFLGHQWIUHTXHQF\UDWH
8QGHUO\LQJRSHUDWLQJSURƬWP
2UGHUERRNP
North America
2021
P
2020
£m
Constant
currency
Revenue 1,323.1 1,227.5 +15.4%
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷ 73.0 83.2 -5.6%
Underlying operating margin 5.5% 6.8%
Order book¹ 787.0 593.9 +32.5%
1 Comparative order book stated at constant currency.
Business units
1RUWK(DVW
South-East
Florida
Central
West
Canada
Specialty Services
Moretrench Industrial
Suncoast
In North America, revenue increased by 15.4%, on
a constant currency basis, with improved
ðòðèñ÷øðäæõòööäïïðäõîè÷öäñç÷ëèäççì÷ìòñòé
the recently acquired RECON Services, Inc
¤ÛÎÌØ×¥åøöìñèööìñÝèûäöúëìæëúìïïæòñ÷õìåø÷è
÷òóõòĤ÷öìñ" ""Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷
decreased by 5.6% on a constant currency basis
to £73.0m, driven by market pricing pressures and
÷ëèìðóäæ÷òéëìêëèõæòö÷öòéðä÷èõìäïöäñçïäåòøõ
Ýëèöèúèõèóäõ÷ïüòģöè÷åü÷ëèåèñèĤ÷éõòð÷ëè
õèöòïø÷ìòñòéäëìö÷òõìæäïæïäìð¤æ|'ð¥ìñÑ!äñç
strong growth at Moretrench Industrial. The
underlying operating margin decreased to 5.5%
éõòð&(]ìñ÷ëèóõìòõüèäõóõìðäõìïüçøè÷ò÷ëè
ìðóäæ÷òé÷ëèìñæõèäöèçæòö÷òéö÷èèïö÷õäñçìñ÷ëè
Suncoast High-Rise business and pressure on
óõòĤ÷äåìïì÷üçøè÷òïäåòøõäñçðä÷èõìäïöëòõ÷äêèö
and the associated operational disruptions. Our
æòñ÷ìñøèçéòæøöòñöäéè÷üöäúòøõîèüðè÷õìæ
äææìçèñ÷éõèôøèñæüõä÷èéäïïéõòð  (ìñ" " ÷ò
 #éòõ" "!ä&#]ìðóõòùèðèñ÷
Øñäïìîè¡éòõ¡ïìîèåäöìöèûæïøçìñêäæôøìöì÷ìòñöäñç
disposals on a constant currency basis, revenue
éòõ÷ëèüèäõìñæõèäöèçåü!!]äñçòóèõä÷ìñê
óõòĤ÷çèæõèäöèçåü!$]
In 2021 the construction industry in the US
grew 8%, driven by a 12% increase in residential
construction. Non-residential construction
grew 2%.
As anticipated, we had a slow start to the year
éòïïòúìñê÷ëèæòñ÷ìñøèçìðóäæ÷òé÷ëèÌØßÒÍ¡!)
pandemic which curtailed sentiment and activity
ìñ÷ëèöèæòñçëäïéòé" " ÷ëõòøêë÷òèäõïü" "!
In March, trading accelerated and we began to
operate more normally given the combination
òéìñæõèäöèçùäææìñä÷ìòñõä÷èöäæõòöö÷ëè×òõ÷ë
American population and reduced restrictions
and lockdowns.
Ýëèéòøñçä÷ìòñöåøöìñèööçèðòñö÷õä÷èç
ì÷öõèöìïìèñæèúì÷ëäĥä÷üèäõ¡òñ¡üèäõóõòĤ÷
óèõéòõðäñæèúì÷ëðäõêìñöìðóäæ÷èçåüðäõîè÷
pricing pressure and higher input costs.
Our Canadian business delivered a strong
óèõéòõðäñæèìñ÷èõðöòéõèùèñøèäñçóõòĤ÷
åèñèĤ÷÷ìñêéõòðäõèö÷õøæ÷øõìñêäñçä
ö÷õèñê÷ëèñìñêòé÷ëèðäñäêèðèñ÷÷èäðìñ
" " äöúèïïäö÷ëèäæôøìöì÷ìòñòéÜøå÷èõõäñèäñ
(Manitoba) Ltd, a small, market-leading
êèò÷èæëñìæäïéòøñçä÷ìòñöåøöìñèööéòõ
äæäöëæòñöìçèõä÷ìòñòé|'(ð
Suncoast, the Group’s post-tension business
serving mostly the residential construction market,
èûóèõìèñæèçëìêëùòïøðèöúì÷ëõèùèñøèäëèäçòé
the prior year. The high-rise sector continued to be
æëäïïèñêèçåü÷ëèìñæõèäöèçæòö÷òéìðóòõ÷èçäö
well as domestic, steel strand, Suncoast’s main raw
material, which negatively impacted operating
óõòĤ÷Ýëèõèæèñ÷øñóõèæèçèñ÷èçìñæõèäöèìñ÷ëè
æòö÷òéö÷èèïìöèûóèæ÷èç÷òæòñ÷ìñøè÷òìðóäæ÷
ðäõêìñöìñ÷ëèñèäõ÷èõðàèèûóèæ÷÷ëèäçùèõöè
ìðóäæ÷òñóõòĤ÷äåìïì÷ü÷òøñúìñççøõìñê" ""
Keller Group plc Annual Report and Accounts 2021 Strategic Report20

Keller’s Canadian business has seen a
remarkable turnaround over the last 18
months, moving from a struggling business
÷òäóõòĤ÷äåïèéòæøöèçæòðóäñü
We acquired our Canadian business in 2013
úëèñ÷ëèõèêìòñúäöõìçìñê÷ëèæõèö÷òéäñòìï
åòòðÓøö÷äéèúüèäõöïä÷èõ÷ëèóõìæèòéòìï
éèïïåüëäïéäñçúì÷ëäéõäæ÷ìòñòé÷ëèúòõî
òøõõèùèñøèöéèïï÷òò
The Prairie, Vancouver and Toronto
businesses were restructured and merged
with our Geo Foundations business. And, with
÷ëèõè÷ìõèðèñ÷òé÷ëèéòõðèõóõèöìçèñ÷ä÷
÷ëèèñçòé" !)Ìøõ÷ìöÌòòîúëòóõèùìòøöïü
oversaw Hayward Baker operations in Florida
äñç÷ëèÐøïéÌòäö÷÷òòîòùèõ
A united team
ēÐè÷÷ìñêäïïòøõòĦæèöäñçåõäñæëèöóøöëìñê
in the same direction was key,” says Curtis.
“We aligned key processes and developed
a national team that shares resources and
collaborates on key issues. This included
õìêë÷öìýìñêòøõèôøìóðèñ÷ĥèè÷äñçòħòäçìñê
under-used, unreliable equipment.
ēàì÷ëäéòæøöòñôøäïì÷üäñçöäéè÷üúèđõèñòú
ðäîìñêöøõèúèđõèåìççìñêòñ÷ëèõìêë÷îìñçòé
work where we have a competitive advantage.
That means projects where we can play to our
strengths: more early-contract involvement
and value engineering to build strong client
partnerships.
Building collaboration
Keller Canada is also increasing collaboration
with other business units in North America
and looking at acquisitions where they make
sense. In October, it acquired Subterranean
(Manitoba) Ltd, another highly respected
geotechnical contractor with more than
% üèäõöòéèûóèõìèñæè
.HOOHU&DQDGD$FOHDUSODQIRUWKHIXWXUH
Case study
Moretrench Industrial, which operates in the
highly regulated industrial and power segments,
óèõéòõðèçúèïïúì÷ëìñæõèäöèçõèùèñøèäñç
óõòĤ÷çõìùèñåü÷ëèÏïòõìçäìñçøö÷õìäïðäõîè÷
ÝëèÑäðó÷òñÛòäçöËõìçêèÝøññèïÎûóäñöìòñ
Project in Virginia, USA, cUS$120m two-year
contract is c65% complete. Work on the South
Island has concluded and the team has
commenced work on the North Island.
ÒñÓøïü" "!úèäññòøñæèç÷ëèäæôøìöì÷ìòñòé
RECON, an environmental, geotechnical and
industrial services company headquartered in
Ñòøö÷òñÝèûäöÛÎÌØ×ìöäöóèæìäïìö÷
geotechnical environmental remediation and
industrial services contractor working principally
éòõìñçøö÷õìäïæïìèñ÷öðäñüìñ÷ëèóè÷õòæëèðìæäï
öèæ÷òõóõèçòðìñäñ÷ïüäïòñê÷ëèÐøïéäñçÎäö÷
æòäö÷öòé÷ëèÞñì÷èçÜ÷ä÷èöÜìðìïäõ÷òÔèïïèõđö
èûìö÷ìñêÏïòõìçä¡åäöèçÖòõè÷õèñæëÒñçøö÷õìäï
åøöìñèööÛÎÌØ×ìöéòæøöèçòñèñùìõòñðèñ÷äï
remediation activities and the geographic
óõòûìðì÷üòé÷ëè÷úòåøöìñèööèöóõòùìçèö
õèùèñøèöüñèõêìèöéõòðæõòöö¡öèïïìñê
opportunities, both between the two businesses
äñçäïöò÷ëèÔèïïèõéòøñçä÷ìòñöåøöìñèööèö
The additional revenue synergies provide the
opportunity to increase the Group’s overall
ðäõîè÷öëäõèìñ÷ëèìðóòõ÷äñ÷ÐøïéÌòäö÷äõèä
where Keller has historically been relatively
øñçèõ¡õèóõèöèñ÷èçäñçúëèõèäöìêñìĤæäñ÷
óìóèïìñèòéñèúóõòíèæ÷öìöóõòíèæ÷èçåü÷ëè
petrochemical sector. Cost synergies will also
be achieved through this acquisition. The cash
consideration on an enterprise value basis was
ÞÜz"#ð¤|!'ð¥äñçäñòõìêìñäïðäûìðøð
èäõñ¡òø÷òéÞÜz!%ð¤|!!ð¥õèïä÷èç÷òöóèæìĤæ
éø÷øõèæòñ÷õäæ÷úìñöÊöúèäñ÷ìæìóä÷èçìñ
December 2021 RECON was awarded a contract
úòõ÷ëäóóõòûìðä÷èïüÞÜz!& ð¤|!" ð¥ìñ
revenue over a two years, in connection with the
çèùèïòóðèñ÷òéäñèñèõêüéäæìïì÷üìñ÷ëèÐøïé
Ìòäö÷õèêìòñòé÷ëèÞÜÊÛÎÌØ×ìöìñ÷èêõä÷ìñê
well and, during 2022, will together with
Moretrench Industrial, be developed as we
establish and build our new environmental,
geotechnical and industrial services business
that will leverage our position in this large and
growing sector.
On 1 November 2021, the division acquired
ßòêèöÍõìïïìñêäêèò÷èæëñìæäïéòøñçä÷ìòñ
æòðóäñüåäöèçìñÝèûäöéòõæäöëæòñöìçèõä÷ìòñ
òé|!$ðäñçäéøõ÷ëèõçèéèõõèçæòñöìçèõä÷ìòñ
òé| (ðìöóäüäåïèòùèõ÷ëõèèüèäõö
Ýëèòõçèõåòòîéòõ×òõ÷ëÊðèõìæää÷÷ëèóèõìòç
end was at £787.0m, up 32.5% (on a constant
æøõõèñæüåäöìö¥éõòð÷ëèæïòöìñêóòöì÷ìòñä÷÷ëè
èñçòé" " Ýëèìñæõèäöèüèäõ¡òñ¡üèäõìö
predominantly driven by the newly signed
RECON contract worth £120m ($160m) over
two years.
We have a great team who are
proud to work for Keller and that’s
made it easier to move the business
forward. Combined with lower
overheads, a clear strategy that
everyone works to, and a larger
footprint in our target markets, we
ëäùèðäçèäõèæòõçóõòĤ÷÷ëìöüèäõĔ
Curtis Cook
Senior Vice President
Canada
Keller Group plc Annual Report and Accounts 2021 Strategic Report 21

2021
P
2020
£m
Constant
currency
Revenue 549.2 538.5 +5.2%
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷ 24.3 18.4 +38.2%
Underlying operating margin 4.4% 3.4%
Order book² 332.7 220.3 +51.0%
! Òñ×òùèðåèõ" " ì÷úäöäññòøñæèç÷ëä÷éõòð!Óäñøäõü" "!÷ëèÖÎÊåøöìñèööúòøïçåè÷õäñöéèõõèç÷ò÷ëèÊÙÊÌçìùìöìòñ
æõèä÷ìñê÷ëèÊöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¤ÊÖÎÊ¥Íìùìöìòñäñç÷ëèõèðäìñìñêÎÖÎÊÍìùìöìòñåèæòðìñêÎøõòóèÝëè
æòðóäõä÷ìùèĤñäñæìäïöéòõ" " äõèòñäóõòéòõðäåäöìöäïìêñèçúì÷ëòøõñèúö÷õøæ÷øõè
2 Comparative order book stated at constant currency.
2021
2021
2021
2021
2021
2020
2020
2020
2020
2020
549.2
4.4
0.24
24.3
332.7
538.5
3.4
0.18
18.4
220.3
KPIs
5HYHQXHP
Underlying operating margin (%)
$FFLGHQWIUHTXHQF\UDWH
8QGHUO\LQJRSHUDWLQJSURƬWP
2UGHUERRNP
Europe
1
In Europe, revenue increased by 5.2% on a
constant currency basis as markets recovered
with the COVID-19 related shutdowns and travel
restrictions easing as the year progressed.
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷úäö|"$#ðøó
#("]òñäæòñö÷äñ÷æøõõèñæüåäöìöõèĥèæ÷ìñê
÷ëèëìêëèõïèùèïòéäæ÷ìùì÷üìðóõòùèçèĦæìèñæìèö
òñöì÷èèñëäñæèçæòñ÷õäæ÷óõòĤ÷äåìïì÷üäñçæòö÷
öäùìñêöéòïïòúìñê÷ëèóõìòõüèäõõèö÷õøæ÷øõìñê
activity. As a result, the underlying operating
margin increased to 4.4% (2020: 3.4%).
Òñèäõïü" "!ä÷õäêìæéä÷äïì÷üòææøõõèçéòïïòúìñê
an accident on a site in Austria in which we lost
a long-serving employee. Whilst a thorough
investigation has determined Keller was
ñò÷ä÷éäøï÷éòõ÷ëèäææìçèñ÷úèëäùèæòñ÷ìñøèç
÷òäçùäñæèòøõöäéè÷üóõòêõäððèöÝëèäææìçèñ÷
éõèôøèñæüõä÷èúäöøóöïìêë÷ïüä÷ "$éõòð !(
in 2020.
Following a relatively slow start to the year due
to some harsh winter weather in some parts
òéÎøõòóèäñç÷ëèæòñ÷ìñøèçìðóäæ÷öòé÷ëè
pandemic, momentum built as markets opened
up with people and equipment permitted to
æõòööåòõçèõöðòõèèäöìïüäñç÷ëèüèäõĤñìöëèç
more strongly. Whilst the division was impacted
by both material and labour shortages, which
were operationally challenging, and the
úìçèïü¡óøåïìæìöèçìñĥä÷ìòñäõüóõèööøõèö
æòñ÷ìñøèç÷òåèéèï÷äæõòöö÷ëèæòñ÷ìñèñ÷÷ëè
çìùìöìòñêèñèõä÷èçäñèûæèó÷ìòñäïóèõéòõðäñæè
éõòðöèùèõäïðäíòõóõòíèæ÷ö
South-East Europe and Nordics delivered record
õèùèñøèúì÷ëöìêñìĤæäñ÷ìñæõèäöèöìñäæ÷ìùì÷ü
levels in Austria and Italy. The Scandinavian
õèêìòñäïöòæòñ÷ìñøèç÷òêõòúäñçåèñèĤ÷÷èç
éõòð÷ëèÜäñçåøî÷ä¡Öòöö¡Üäö÷äçõäìïóõòíèæ÷
(SMS2) in Norway. In September 2021, our joint
venture in Finland, KFS Finland Oy, acquired
NordPile, a driven and drilling piling contractor.
Ýëìöäæôøìöì÷ìòñõèìñéòõæèöÔÏÜđöóòöì÷ìòñäö÷ëè
largest geotechnical specialist contractor in the
õèêìòñòģèõìñê÷ëèåõòäçèö÷õäñêèòéöòïø÷ìòñö
äñçìöæòñöìö÷èñ÷úì÷ëòøõúìçèõö÷õä÷èêüòé
building market-leading shares in the regions
that play to our strengths.
The UK business, which was adversely impacted
in 2020 by the hesitant investment climate
éòïïòúìñê÷ëè" !)êèñèõäïèïèæ÷ìòñäñç
øñæèõ÷äìñ÷üäõòøñçËõèûì÷õèóòõ÷èçêòòç
õèùèñøèêõòú÷ëìñæïøçìñê÷ëèåèñèĤ÷éõòð
several contract awards on the High Speed 2 rail
project (HS2). Particularly noteworthy are the
Ì!óäæîäêèä÷äùäïøèòéæ|($ðäúäõçèçìñ
Ïèåõøäõü" "!äñç÷ëèðäìñóäæîäêèöòéúòõî
òñÌ"¦#ä÷äùäïøèòéæ|$(ðúëìæëúèõè
secured in April.
Business units
Central Europe
1RUWK(DVW(XURSH
South-East Europe
DQG1RUGLFV
South-West Europe
UK
Keller Group plc Annual Report and Accounts 2021 Strategic Report22

Keller brings RemediaClay
®
to Europe
Case study
Our businesses in Central Europe and North East
Europe were impacted by lower volumes at the
ö÷äõ÷òé÷ëèüèäõçøè÷ò÷ëèúèä÷ëèõäñçóõòíèæ÷
delays related to COVID-19. However, both
åøöìñèööèöĤñìöëèç÷ëèüèäõúì÷ëìðóõòùèç
activity levels and strong order books. At the end
òé" "!×òõ÷ëÎäö÷Îøõòóèöèæøõèçä~"&ðóìïìñê
æòñ÷õäæ÷éòõúòõîä÷äñòìïõèĤñèõüìñÙòïäñç
úëìæëìöèûóèæ÷èç÷òåèçèïìùèõèççøõìñê" ""
àèäõèäïöòèûóïòõìñê÷ëèËäï÷ìæõèêìòñéòõ
óò÷èñ÷ìäïèûóäñöìòñúì÷ëöòðèä÷÷õäæ÷ìùè
éø÷øõèóõòíèæ÷öìñ÷ëèóìóèïìñè
In July 2021, the new South West Europe
ËøöìñèööÞñì÷úäöéòõðèçéòïïòúìñê÷ëè
öøææèööéøïðèõêèõòéòøõÏõèñæëÜóèäîìñê
Countries and Iberia and Latin America
businesses. South West Europe was our
åøöìñèööðòö÷äģèæ÷èçåü÷ëèìðóäæ÷òé
ÌØßÒÍ¡!)ìñ÷ëèóèõìòçúì÷ëèû÷èñçèçæòøñ÷õü
lockdowns and delays to contract starts. In
äççì÷ìòñ÷ëèæòðóïè÷ìòñìñèäõïü" "!òéäñòìï
õèĤñèõüóõòíèæ÷ìñÖèûìæòæòñ÷õìåø÷èç÷òõèçøæèç
õèùèñøèäñçóõòĤ÷öæòðóäõèç÷ò÷ëèóõìòõüèäõ
The combined business unit is now being
ìñ÷èêõä÷èçäñçìöåè÷÷èõóòöì÷ìòñèç÷òåèñèĤ÷
éõòðêõòú÷ëòóóòõ÷øñì÷ìèöìñì÷öçòðèö÷ìæäñç
overseas markets.
ÝëèÎøõòóèäñóòõ÷éòïìòìöðòõèéòæøöèçéòïïòúìñê
÷ëèèûì÷éõòðÜòø÷ëÊðèõìæääñç÷ëèçìöóòöäïòé
ñòñ¡æòõèåøöìñèööèöçøõìñê" " Êöäõèöøï÷òé
these actions, we were also able to reduce the
çìùìöìòñäïòùèõëèäçÖòùìñêéòõúäõçúèúìïï
continue to review our various European markets
÷òèñöøõè÷ëä÷úèéòæøöòñïüòñöøö÷äìñäåïè
markets and attractive projects that generate
long-term returns.
The European core business continues to
õèæòùèõö÷èäçìïüäñçúèëäùèåèñèĤ÷÷èçéõòð
äñøðåèõòéïäõêèõóõòíèæ÷öäæõòöö÷ëèõèêìòñ
óäõ÷ìæøïäõïüìñìñéõäö÷õøæ÷øõèÕòòîìñêéòõúäõç
our success in the region will require those larger
projects to be replaced. However, our strong
regional approach coupled with our divisional
support will ensure we are well placed to pursue
new contract opportunities.
ÝëèÎøõòóèòõçèõåòòîä÷÷ëèèñçòé÷ëèóèõìòç
was £332.7m, up 51% (on a constant currency
basis) on the prior year, largely due to the HS2
contracts.
As climate change increasingly
äģèæ÷öæïäüöæäøöìñêðòõè
problems in roads and structures,
its remediation is becoming more
important. RemediaClay
®
could
åèöìêñìĤæäñ÷éòõøöìñäðäõîè÷
dominated by micropiling and
öòìïöøåö÷ì÷ø÷ìòñĔ
Serge Lambert
Ñèäçòé÷ëèÝèæëñìæäïÍèóäõ÷ðèñ÷
South-West Europe
A treatment developed by Keller in the US
to improve the stability of swelling clay soils
has been trialled in France. If successful,
it could open up a major new market in the
country – and tackle a growing problem.
Clay soils that swell and shrink due to moisture
äõèäðäíòõæäøöèòéö÷õøæ÷øõäïéòøñçä÷ìòñ
damage. Although watertight membranes,
çõäìñäêèäñç÷ëèõèðòùäïòéñèäõåüùèêè÷ä÷ìòñ
can provide initial protection, more drastic
øñçèõóìññìñêðè÷ëòçöäõèòé÷èññèèçèç
One common answer to the problem is
micropiling, but a less well-known and
potentially cheaper alternative involves
injecting soils with a potassium and
ammonium ion solution. This reacts with the
æïäüðòçìéüìñêì÷öåèëäùìòøõäñçðäîìñêì÷ïèöö
sensitive to swelling and has passed rigorous
öäéè÷üäñçèñùìõòñðèñ÷äï÷èö÷ö÷òöä÷ìöéü
European regulators.
Ôèïïèõëäöõèæèñ÷ïüæòðóïè÷èç÷ëèĤõö÷÷õìäïòé
its newly patented RemediaClay
®
technology in
Ïõäñæèòñ÷úò! ðö÷õè÷æëèöòéä
small road.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 23

2021
2021
2021
2021
2021
2020
2020
2020
2020
2020
352.1 3.4
177. 31.0
0
296.5
5.2
0.05
15.5
182.2
KPIs
5HYHQXHP
Underlying operating margin (%)
$FFLGHQWIUHTXHQF\UDWH
8QGHUO\LQJRSHUDWLQJSURƬWP
2UGHUERRNP
Êöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¤ÊÖÎÊ¥
1
In AMEA, revenues increased by 20.4% on a
constant currency basis, driven predominantly by
Êøö÷õäïìñÊøö÷õäïìääñçÒñçìäóäõ÷ïüòģöè÷åüä
çèæïìñèìñ÷ëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèöö
úëìæëúäö÷õäñöéèõõèçìñ÷ò÷ëèçìùìöìòñä÷÷ëè
åèêìññìñêòé" "!Øóèõä÷ìñêóõòĤ÷ìñ÷ëè
division as a whole decreased by 77.1% on a
constant currency basis to £3.4m, driven by
òóèõä÷ìòñäïçìöõøó÷ìòñäöäõèöøï÷òéÌØßÒÍ¡!)
óäõ÷ìæøïäõïüìñÔèïïèõÊøö÷õäïìääñçäñèû÷õèðèïü
challenging trading environment in the Middle
Îäö÷äñçÊéõìæäÝëèçìùìöìòñëäçäñò÷äåïè
äæëìèùèðèñ÷ìñì÷ööäéè÷üõèæòõçúì÷ëñò
öìêñìĤæäñ÷äææìçèñ÷öõèóòõ÷èçìñ÷ëèóèõìòç
õèöøï÷ìñêìñäýèõòäææìçèñ÷éõèôøèñæüõä÷è
Ýëèèģèæ÷öòé÷ëèÌØßÒÍ¡!)óäñçèðìæúèõèéèï÷
across all our markets in the division to varying
çèêõèèöÝëèÊÜÎÊ×åøöìñèööæòñ÷ìñøèç÷òéèèï
÷ëèìðóäæ÷òéÌØßÒÍ¡!)÷ëõòøêë÷ëè
óòö÷óòñèðèñ÷òéæòñ÷õäæ÷öäñçåòõçèõæïòöøõèö
However, trading levels improved in the second
ëäïéäñç÷ëèåøöìñèööçèïìùèõèçõèùèñøèêõòú÷ë
éòõ÷ëèüèäõÝëèåøöìñèööæòñ÷ìñøèç÷òåèñèĤ÷
éõòð÷ëèõèö÷õøæ÷øõìñêäæ÷ìùì÷üìñ" !)äñçìöúèïï
óïäæèçéòõ÷ëèéø÷øõèúì÷ëäö÷õòñêéòæøöòñ
ground improvement projects across the region.
Austral in Australia had another strong
óèõéòõðäñæèìñ÷èõðöòéõèùèñøèäñçóõòĤ÷
êõòú÷ëäöì÷ñèäõöæòðóïè÷ìòñòéÛìòÝìñ÷òđö
Cape Lambert Port in the Pilbara, Australia.
Ýëèåøöìñèööëäööèæøõèçäö÷õòñêóìóèïìñèòé
óõòíèæ÷öìñæïøçìñêäñøðåèõòéò÷ëèõðìñìñêäñç
port-related projects in the Pilbara region, and
æòñ÷ìñøèöì÷öçìùèõöìĤæä÷ìòñö÷õä÷èêüúì÷ëîèü
selected projects on Australia’s east coast.
Our Keller Australia business had a particularly
çìĦæøï÷üèäõðäîìñêäïòööìñ÷ëèóèõìòçÝëè
challenges posed by the COVID-19 travel
restrictions and state border restrictions in
Êøö÷õäïìäëäçäùèõüöìêñìĤæäñ÷ìðóäæ÷òñ
òóèõä÷ìòñöäñçóõòĤ÷öäðìçäæòñ÷ìñøèç
öòé÷ñèööìñöòðèðäõîè÷öÝëèúòõîéòõæèðòçèï
õèïìèöòñ÷ëèĥøìçðòùèðèñ÷òéèðóïòüèèöäñç
equipment around the country and the travel
õèö÷õìæ÷ìòñöðäçèðòùèðèñ÷ìðóòööìåïèéòõïòñê
óèõìòçöòé÷ìðèÖäñüèðóïòüèèöðäçèëøêè
óèõöòñäïöäæõìĤæèöìñæïøçìñêïòñêóèõìòçöäúäü
éõòðëòðèçøè÷ò÷ëèö÷õìæ÷ïòæîçòúñõøïèö
Tendering activity has substantially improved, the
management team has been strengthened and
the outlook is more positive as border
restrictions ease.
2021
P
2020
£m
Constant
currency
Revenue 352.1 296.5 +20.4%
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷ 3.4 15.5 -77.1%
Underlying operating margin 1.0% 5.2%
Order book² 177.3 182.2 -2.7%
! Òñ×òùèðåèõ" " ì÷úäöäññòøñæèç÷ëä÷òøõñèúïüéòõðèçÖìççïèÎäö÷äñçÊéõìæäËøöìñèööÞñì÷úòøïçæòðåìñèúì÷ëÊÙÊÌúì÷ë
èģèæ÷éõòð!Óäñøäõü" "!÷òæõèä÷èäñÊöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¤ÊÖÎÊ¥çìùìöìòñÝëìöåõìñêö÷òêè÷ëèõøñçèõòñè
ðäñäêèðèñ÷÷èäðäïïòéòøõåøöìñèööèöìñçèùèïòóìñêêèòêõäóëìèö÷ëä÷ëäùèöìðìïäõðäõîè÷æëäõäæ÷èõìö÷ìæöäñçæøö÷òðèõöúì÷ëä
êõèä÷èõéòæøöòñïäõêèæòñ÷õäæ÷öóäõ÷ìæøïäõïüìñ÷ëèõèöòøõæèööèæ÷òõÝëèæòðóäõä÷ìùèĤñäñæìäïöéòõ" " äõèòñäóõòéòõðäåäöìö
aligned with our new structure.
2 Comparative order book stated at constant currency.
Business units
$6($1
Austral
India
Keller Australia
Middle East and Africa
Keller Group plc Annual Report and Accounts 2021 Strategic Report24

ØøõÒñçìäåøöìñèööóèõéòõðèçö÷õòñêïüìñ÷èõðö
òéõèùèñøèäñçóõòĤ÷êõòú÷ëúì÷ëðäñäêèðèñ÷
öøææèööéøïïüðäñäêìñê÷ëèåøöìñèööìñäæòøñ÷õü
÷ëä÷ëäöåèèñöèùèõèïüìðóäæ÷èçåü÷ëèèģèæ÷ö
òéÌØßÒÍ¡!)Ýèñçèõìñêïèùèïöìðóõòùèçäñç
÷ëèõèäõèäñøðåèõòéêòòçóõòöóèæ÷öìñ÷ëè
pipeline.
ÝëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèööëäöåèèñ
÷ëèðòö÷æëäïïèñêèçõèêìòñìñ÷èõðöòéðäõîè÷
æïäõì÷üäñçõèæòùèõüéõòð÷ëèìðóäæ÷öòé
COVID-19, with many countries relying on
ïòæîçòúñöäñçõèö÷õìæ÷ìòñöìñäçùäñæèòé
ùäææìñä÷ìòñóõòêõäððèöÊ÷÷ëèèñçòé÷ëèüèäõ
we signed a substantial agreement with our
æïìèñ÷ìñÖòýäðåìôøèìñõèïä÷ìòñ÷ò÷ëè
suspended LNG project. This largely reversed
the contract loss incurred to date and protects
the Group in the event that the contract does
ñò÷õèöøðèÍèöóì÷è÷ëèöøææèööéøïÖòýäðåìôøè
õèöòïø÷ìòñ÷ëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèööäö
äúëòïèõèæòõçèçäïòööìñ÷ëèüèäõÝëèéòæøöìö
now on turning this business around post
COVID-19 and actions are being taken to deliver
this. Tendering activity in the region continues to
strengthen, though with more variability than
ò÷ëèõäõèäöòéÊÖÎÊ
The AMEA order book strengthened strongly
÷ëõòøêë÷ëèöèæòñçëäïéäñçä÷÷ëèèñçòé÷ëè
period was £177.3m, down 2.7% (on a constant
currency basis) on the prior year.
Every day across the world, Keller helps
construct major infrastructure projects that
drive economies and improve millions of
lives. One region where Keller is bringing
its expertise to power plants, highways,
rail lines and more is ASEAN.
In Indonesia, Keller already has huge
èûóèõìèñæèòéëìêë¡óõòĤïèìñéõäö÷õøæ÷øõè
projects, having contributed to the 1,000km-
long main Java highway and Jakarta airport
upgrade in recent years.
Ê÷÷ëèö÷äõ÷òé" "!úèĤñìöëèçäëèäùü
éòøñçä÷ìòñóõòíèæ÷éòõäðäíòõëìêë¡öóèèç
railway, and more recently, secured a
öìêñìĤæäñ÷æòñ÷õäæ÷éòõäóòúèõóïäñ÷ìñÓäùä
ēÝëìöìöäëøêèïüìðóòõ÷äñ÷äñçæòðóïèû
óõòíèæ÷òéñä÷ìòñäïìðóòõ÷äñæèĔöäüöâèõìîëò
Purba, Deputy Project Manager. “Originally the
óõòíèæ÷úäöçèöìêñèçéòõóìïìñêåø÷åüòģèõìñê
stone columns as an alternative, we were able
to reduce the cost by a quarter and provide
greater earthquake mitigation.”
Êïöòìñ" "!òñòñèòéòøõåìêêèö÷¡èùèõ
óõòíèæ÷öìñÒñçòñèöìäúèìñö÷äïïèçéòøñçä÷ìòñö
éòõäïìôøìçñä÷øõäïêäöóïäñ÷ìñäõèðò÷èäõèäòé
West Papua, using 6,000 bored piles and 700
corrugated sheet piles.
In neighbouring Malaysia, Keller worked on
äêõòøñç¡ìðóõòùèðèñ÷óõòíèæ÷éòõäïäõêè
petrochemical plant in the northwestern
ö÷ä÷èòéÜäõäúäîìñö÷äïïìñê&  ðòé
ö÷òñèæòïøðñöäñç$% ðòéëüåõìç
concrete columns.
Another huge project involved providing
êõòøñçìðóõòùèðèñ÷éòõäðäööõäóìç
÷õäñöóòõ÷öüö÷èð÷ëä÷úìïïöìêñìĤæäñ÷ïüøóêõäçè
Malaysia’s public transport and generate huge
èæòñòðìæåèñèĤ÷Ýëè÷èäðúòõîèçòñ÷ëè
Ĥõö÷ïìñèåè÷úèèñ" !"äñç" !$äñçëäöåèèñ
ìñùòïùèçìñ÷ëèöèæòñçéòõ÷ëèóäö÷Ĥùèüèäõö
We also helped support the embankments
éòõäñò÷ëèõõäóìç÷õäñöì÷öüö÷èðóõòíèæ÷ìñ
Üìñêäóòõè÷ëìöüèäõøöìñêçèèóöòìïðìûìñê
éòõ÷ëèĤõö÷÷ìðè
Keller ASEAN keeps busy
RQLQIUDVWUXFWXUHSURMHFWV
Case study
We are very proud to be
participating in projects that make
so many people’s lives better…
Ò÷đöêòòç÷òðäîèäçìģèõèñæè
ìñ÷ëèúòõïçĔ
KJ Tan
Business Development Manager
ASEAN
Keller Group plc Annual Report and Accounts 2021 Strategic Report 25

ÌëìèéÏìñäñæìäïØĦæèõđöõèùìèú
Revenue
Ûèùèñøèòé|"""$$ð¤" " |" &"%ð¥úäö
7.8% up on 2020, driven by increased activity
as markets began to recover, particularly in
÷ëèöèæòñçëäïéúì÷ëöìêñìĤæäñ÷æòñ÷õäæ÷úìñö
÷òêè÷ëèõúì÷ë÷ëèåèñèĤ÷òéöèùèõäïåòï÷¡òñ
acquisitions. At constant currency, revenue
increased by 13.4% and increased across all
three divisions.
North America reported an increase in revenue
òé!%$]¤ä÷æòñö÷äñ÷æøõõèñæü¥úì÷ëìðóõòùèç
momentum across all markets and the addition
òéöèùèõäïåòï÷¡òñäæôøìöì÷ìòñö÷ëèïäõêèö÷åèìñê
ÛÎÌØ×ÜèõùìæèöÒñæ¤ÛÎÌØ×¥Øé÷ëè!%$]
ìñæõèäöèìñõèùèñøè$!]úäöçèõìùèçéõòð
åøöìñèööèöäæôøìõèçìñ" "!äñç!!#]éõòð
÷ëèèûìö÷ìñêåøöìñèööÎøõòóèõèùèñøèìñæõèäöèç
by 5.2% (at constant currency) as markets
recovered with the COVID-19 related shutdowns
and travel restrictions easing as the year
progressed. AMEA revenue increased by 20.4%
(at constant currency) driven predominantly by
Êøö÷õäïìñÊøö÷õäïìääñçÒñçìäóäõ÷ïüòģöè÷åüä
çèæïìñèìñ÷ëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèöö
àèëäùèäæòñöìö÷èñ÷ïüçìùèõöìĤèçöóõèäçòé
revenues across geographies, product lines,
market segments and end customers.
Ìøö÷òðèõöäõèêèñèõäïïüðäõîè÷öóèæìĤæäñç
consistent with the prior year, the largest
æøö÷òðèõõèóõèöèñ÷èçïèöö÷ëäñ#]òé÷ëè
Group’s revenue. The top 10 customers
õèóõèöèñ÷!%]òé÷ëèÐõòøóđöõèùèñøè¤" " 
11%). The Group worked on more than 6,000
óõòíèæ÷öìñ÷ëèüèäõúì÷ë& ]òéæòñ÷õäæ÷öëäùìñê
a value between £25,000 and £250,000,
demonstrating a low customer concentration
äñçäúìçèóõòíèæ÷óòõ÷éòïìò
8QGHUO\LQJRSHUDWLQJSURƬW
Ýëèøñçèõïüìñêòóèõä÷ìñêóõòĤ÷òé|)"(ðúäö
15.7% down on prior year (2020: £110.1m),
which on a constant currency basis was 9.7%
down, impacted primarily by the COVID-19
adverse pressure on market pricing and
operational disruption across our businesses.
North America underlying constant currency
òóèõä÷ìñêóõòĤ÷çèæõèäöèçåü%&]÷ò|'# ð
driven by market pricing pressures and the
ìðóäæ÷òéëìêëèõæòö÷öòéðä÷èõìäïöäñçïäåòøõ
Òñóäõ÷ìæøïäõòóèõä÷ìñêóõòĤ÷ä÷Üøñæòäö÷
reduced by £15.3m, largely due to the increased
æòö÷òéö÷èèïö÷õäñçìñÑìêë¡ÛìöèÎøõòóè
æòñö÷äñ÷æøõõèñæüòóèõä÷ìñêóõòĤ÷ìñæõèäöèç
#("]õèĥèæ÷ìñê÷ëèëìêëèõïèùèïòéäæ÷ìùì÷ü
ìðóõòùèçèĦæìèñæìèöòñöì÷èèñëäñæèçæòñ÷õäæ÷
óõòĤ÷äåìïì÷üäñçæòö÷öäùìñêöéòïïòúìñê÷ëèóõìòõ
year restructuring activity. AMEA constant
æøõõèñæüòóèõä÷ìñêóõòĤ÷çèæõèäöèçåü''!]
to £3.4m, driven by operational disruption
äöäõèöøï÷òéÌØßÒÍ¡!)óäõ÷ìæøïäõïüìñÔèïïèõ
Êøö÷õäïìääñçäñèû÷õèðèïüæëäïïèñêìñê÷õäçìñê
èñùìõòñðèñ÷ìñ÷ëèÖìççïèÎäö÷äñçÊéõìæä
'DYLG%XUNH
2021
P
2020
£m
Revenue 2,224.4 2,062.5
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷
1
92.8 110.1
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷]
1
4.2% 5.3%
Non-underlying items (12.3) (33.1)
Ü÷ä÷ø÷òõüòóèõä÷ìñêóõòĤ÷ 80.5 77.0
Ü÷ä÷ø÷òõüòóèõä÷ìñêóõòĤ÷] 3.6% 3.7%
! Íè÷äìïöòéñòñ¡øñçèõïüìñêì÷èðöäõèöè÷òø÷ìññò÷è(÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öÛèæòñæìïìä÷ìòñö
÷òö÷ä÷ø÷òõüñøðåèõöäõèöè÷òø÷ìñ÷ëèäçíøö÷èçóèõéòõðäñæèðèäöøõèööèæ÷ìòñòñóäêè!(%
Keller Group plc Annual Report and Accounts 2021 Strategic Report26

Revenue increased to
£2,224.4m, up 13% (at
constant currency) as a
result of increased trading
activity, particularly during
the second half, and several
bolt-on acquisitions.
Revenue split by geography
P North America Europe
2
AMEA
2
Tota l
2021
H1 581.7 242.0 160.4 984.1
H2 741.4 307.2 191.7 1,240.3
Tot al 1,323.1 549.2 352.1 2,224.4
2020
H1 636.5 254.7 147.9 1,039.1
H2 591.0 283.8 148.6 1,023.4
Tot al 1,227.5 538.5 296.5 2,062.5
Year ended
Revenue
£m
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷
3
£m
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷ðäõêìñ
3
%
2021 2020 2021 2020 2021 2020
Division
North America 1,323.1 1,227.5 73.0 83.2 5.5% 6.8%
Europe
2
549.2 538.5 24.3 18.4 4.4% 3.4%
AMEA
2
352.1 296.5 3.4 15.5 1.0% 5.3%
Central – – (7.9) (7.0) – –
Group 2,224.4 2,062.5 92.8 110.1 4.2% 5.3%
" Ïõòð!Óäñøäõü" "!ÖìççïèÎäö÷äñçÊéõìæäåøöìñèööèö÷õäñöéèõõèç÷òÊÙÊÌÍìùìöìòñ÷òæõèä÷è÷ëèÊöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¤ÊÖÎÊ¥ÍìùìöìòñÝëèõèðäìñìñêÎÖÎÊçìùìöìòñåèæäðèòøõ
ÎøõòóèÍìùìöìòñÝëèæòðóäõä÷ìùèĤñäñæìäïöéòõ" " äõèòñäóõòéòõðäåäöìöäïìêñèçúì÷ëòøõñèúö÷õøæ÷øõè
# Íè÷äìïöòéñòñ¡øñçèõïüìñêì÷èðöäõèöè÷òø÷ìññò÷è(òé÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö
6KDUHRISRVWWD[UHVXOWV
IURPMRLQWYHQWXUHV
ÝëèÐõòøóõèæòêñìöèçäñøñçèõïüìñêóòö÷¡÷äû
óõòĤ÷òé| $ðìñ÷ëèüèäõ¤" " | (ð¥éõòðì÷ö
öëäõèòé÷ëèóòö÷¡÷äûõèöøï÷öéõòðíòìñ÷ùèñ÷øõèö
Ýëèöëäõèòé÷ëèóòö÷¡÷äûäðòõ÷ìöä÷ìòñæëäõêè
òé| &ðäõìöìñêéõòð÷ëèäæôøìöì÷ìòñòé×òõçÙìïè
by our joint venture KFS Oy is included as a
non-underlying item. No dividends (2020: £0.4m)
úèõèõèæèìùèçéõòðíòìñ÷ùèñ÷øõèöìñ÷ëèüèäõ
6WDWXWRU\RSHUDWLQJSURƬW
Ü÷ä÷ø÷òõüòóèõä÷ìñêóõòĤ÷æòðóõìöìñêøñçèõïüìñê
òóèõä÷ìñêóõòĤ÷òé|)"(ð¤" " |!! !ð¥äñç
ñòñ¡øñçèõïüìñêì÷èðöæòðóõìöìñêñè÷æòö÷öòé
£12.3m (2020: £33.1m), increased by 4.5% to
£80.5m (2020: £77.0m).
1HWƬQDQFHFRVWV
×è÷Ĥñäñæèæòö÷öçèæõèäöèçåü#"&]÷ò|()ð
(2020: £13.2m). The reduction has been driven
by the decrease in US LIBOR, which reduces the
æòö÷òé÷ëèÐõòøóđöóõìùä÷èóïäæèðèñ÷çèå÷äñç
a decrease in the average net debt levels through
÷ëèüèäõÝëèäùèõäêèñè÷åòõõòúìñêöèûæïøçìñê
IFRS 16 lease liabilities, during the year were
£147.6m (2020: £183.5m).
7D[DWLRQ
ÝëèÐõòøóđöøñçèõïüìñêèģèæ÷ìùè÷äûõä÷è
decreased to 24% (2020: 29%), largely due
÷òäóõìòõüèäõåèñèĤ÷ìñ×òõ÷ëÊðèõìæäéõòð
õèöèäõæëäñççèùèïòóðèñ÷÷äûæõèçì÷öÌäöë
÷äûóäìçìñ÷ëèüèäõòé|!%)ð¤" " |"$)ð¥
úäöäçèæõèäöèòé|) ðòùèõ÷ëèóõìòõüèäõ
äñçúäöðäìñïüä÷÷õìåø÷äåïè÷ò÷ëèìðóäæ÷òé÷ëè
äççì÷ìòñäïõèöèäõæëäñççèùèïòóðèñ÷÷äûæõèçì÷ö
Ø÷ëèõçìģèõèñæèöäõèðäìñïüçøè÷ò÷ëè÷ìðìñê
äñçóëäöìñêòé÷äûóäüðèñ÷öúëìæëçòñò÷
necessarily relate to the period in which the
óõòĤ÷öäõèèäõñèçÏøõ÷ëèõçè÷äìïöòñ÷äûäõè
öè÷òø÷ìññò÷è!!òé÷ëèæòñöòïìçä÷èç
Ĥñäñæìäïö÷ä÷èðèñ÷ö
Non-underlying items
Ýëèì÷èðöòñóäêè"(ëäùèåèèñèûæïøçèçéõòð
÷ëèøñçèõïüìñêõèöøï÷öäñçéøõ÷ëèõçè÷äìïöòé
non-underlying items are included in note 8
÷ò÷ëèĤñäñæìäïö÷ä÷èðèñ÷öÝëè÷ò÷äïóõè¡÷äû
non-underlying items in the year decreased to
£12.3m (2020: £33.1m), due to the reduction
in restructuring activity during the year.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 27

Dividend
ÝëèËòäõçëäöõèæòððèñçèçäĤñäïçìùìçèñçòé
23.3p per share (2020: 23.3p per share) which,
éòïïòúìñê÷ëèìñ÷èõìðçìùìçèñçéòõ" "!òé!"&ó
¤" " !"&ó¥åõìñêö÷ëè÷ò÷äïçìùìçèñçéòõ÷ëè
year to 35.9p (2020: 35.9p). The 2021 dividend
èäõñìñêöæòùèõåèéòõèñòñ¡øñçèõïüìñêì÷èðö
úäö"%û¤" " "'û¥
The Group’s dividend policy is to increase the
dividend sustainably whilst allowing the Group
to be able to grow, or as a minimum, maintain,
÷ëèïèùèïòéçìùìçèñç÷ëõòøêëðäõîè÷æüæïèö
Ýëèæòñ÷ìñøä÷ìòñòéçìùìçèñçóäüðèñ÷öçøõìñê
÷ëèæëäïïèñêìñêðäæõòèñùìõòñðèñ÷òé" " 
äñç" "!õèĥèæ÷ö÷ëèĤñäñæìäïö÷õèñê÷ëòé÷ëè
Ðõòøóì÷ööìêñìĤæäñ÷ïìôøìçì÷üóòöì÷ìòñäñç÷ëè
ïòñêèõ¡÷èõðæòñĤçèñæèìñ÷ëèóèõéòõðäñæè
òé÷ëèåøöìñèööÊöúèäçùäñæè÷ëõòøêë" ""
the Board will review recommencing the
progressive dividend.
ÔèïïèõÐõòøóóïæëäççìö÷õìåø÷äåïèõèöèõùèöòé
£122.9m at 31 December 2021 that are available
÷òöøóóòõ÷÷ëèçìùìçèñçóòïìæüúëìæëæòðéòõ÷äåïü
æòùèõö÷ëèóõòóòöèçéøïï¡üèäõçìùìçèñçéòõ" "!
òé|!&(ðÔèïïèõÐõòøóóïæìöäñòñ¡÷õäçìñê
ìñùèö÷ðèñ÷æòðóäñü÷ëä÷çèõìùèöì÷öóõòĤ÷ö
éõòðçìùìçèñçöóäìçåüöøåöìçìäõüæòðóäñìèö
Ýëèçìùìçèñçóòïìæüìö÷ëèõèéòõèìðóäæ÷èçåü÷ëè
óèõéòõðäñæèòé÷ëèÐõòøóúëìæëìööøåíèæ÷÷ò÷ëè
Group’s principal risks and uncertainties as well
äö÷ëèïèùèïòéëèäçõòòðòñ÷ëèÐõòøóđö
åòõõòúìñêéäæìïì÷ìèöäñçéø÷øõèæäöë
commitments and investment plans.
Ýëè|"(ðæëäõêèéòõäðòõ÷ìöä÷ìòñòéäæôøìõèç
intangible assets relates to the RECON,
Moretrench and Austral acquisitions.
Êðòõ÷ìöä÷ìòñòéíòìñ÷ùèñ÷øõèìñ÷äñêìåïèöòé
£0.6m relates to the NordPile acquisition
undertaken by our joint venture investment
KFS Finland Oy during the year.
Ìòñ÷ìñêèñ÷æòñöìçèõä÷ìòñòé| 'ðúäöõèæèìùèç
ìñõèöóèæ÷òé÷ëè" " àäññèñúè÷öæëçìöóòöäï
1RQXQGHUO\LQJWD[DWLRQ
Êñòñ¡øñçèõïüìñê÷äûæõèçì÷òé|! &ð
(2020: £5.6m) included the £1.5m (2020: £3.7m)
÷äûìðóäæ÷òé÷ëèñòñ¡øñçèõïüìñêïòööÝëè
õèðäìñìñê|)!ð¤" " |!)ð¥÷äûæõèçì÷
äõòöèéõòð÷ëèóäõ÷ìäïõèùèõöäïòé÷ëèùäïøä÷ìòñ
äïïòúäñæèäêäìñö÷çèéèõõèç÷äûäööè÷öìñÌäñäçä
and Australia that was recognised through the
ñòñ¡øñçèõïüìñê÷äûæëäõêèìñóõìòõüèäõö
Earnings per share
Underlying diluted earnings per share decreased
by 8.2% to 88.4p (2020: 96.3p) driven by lower
òóèõä÷ìñêóõòĤ÷óäõ÷ìäïïüòģöè÷åü÷ëèõèçøæ÷ìòñ
ìñĤñäñæèæòö÷öäñç÷ëèèģèæ÷ìùè÷äûõä÷è
reduction. Statutory diluted earnings per share
úäö(&!ó¤" " %(%ó¥úëìæëõèĥèæ÷ö÷ëè
reduction in non-underlying items in
comparison to the prior year.
ÌëìèéÏìñäñæìäïØĦæèõđöõèùìèú continued
1RQXQGHUO\LQJLWHPVLQRSHUDWLQJSURƬW
Ýò÷äïèûæèó÷ìòñäïõèö÷õøæ÷øõìñêæòö÷öòé|'#ð
have been incurred in AMEA and Europe as the
Ĥñäïæòö÷öòñ÷ëèóõòíèæ÷÷òõä÷ìòñäïìöè÷ëèÖìççïè
Îäö÷äñçÊéõìæäåøöìñèööèöäñç÷ëèõèö÷õøæ÷øõìñê
costs incurred in KGS, the in-house equipment
ðäñøéäæ÷øõèõéòïïòúìñêäõèùìèúòéòùèõëèäçö
Ýëèïòööòñçìöóòöäïòéòóèõä÷ìòñöæòðóõìöèö
| %ðïòööòñçìöóòöäïäõìöìñêéõòð÷ëèçìöóòöäï
òé÷ëèñòñ¡æòõèÌüñ÷èæëÊñæëòõöåøöìñèööìñ
Ìäñäçääñç÷ëèĤñäïìöä÷ìòñòé÷ëèöäïèóõìæèéòõ
÷ëèçìöóòöäïòé÷ëèËõäýìïåøöìñèööìñ" " 
Êæôøìöì÷ìòñæòö÷öòé| %ðõèïä÷è÷òóõòéèööìòñäï
éèèöäñçò÷ëèõõèïä÷èçæòö÷öìñæøõõèç÷ëõòøêë
÷ëèäæôøìöì÷ìòñöòéÛÎÌØ×äñçÜøå÷èõõäñèäñ
Additional contingent consideration payable
òé|!#ðõèïä÷èö÷ò÷ëèäæôøìöì÷ìòñòé÷ëèÐèò
Ìòñö÷õøæ÷ìòñÐõòøó¤Ëèñæòõ¥ìñ" !%éòïïòúìñê
Ĥñäïìöä÷ìòñòéì÷èðöõèéèõèñæèçìñ÷ëèöäïèäñç
purchase agreement.
Non-underlying items
2021
P
2020
£m
Îûæèó÷ìòñäïõèö÷õøæ÷øõìñêæòö÷ö 7. 3 16.6
Õòööòñçìöóòöäïòéòóèõä÷ìòñö 0.5 11.6
Acquisition costs 0.5 0.3
Contingent consideration: additional amounts provided 1.3 0.8
Goodwill impairment – 0.3
Êðòõ÷ìöä÷ìòñòéäæôøìõèçìñ÷äñêìåïèäööè÷ö 2.8 4.2
Êðòõ÷ìöä÷ìòñòéíòìñ÷ùèñ÷øõèäæôøìõèçìñ÷äñêìåïèö 0.6 –
Contingent consideration received (0.7) –
Îûæèó÷ìòñäïæòñ÷õäæ÷çìöóø÷è – (0.7)
7RWDOQRQXQGHUO\LQJLWHPVLQRSHUDWLQJSURƬW 12.3 33.1
1RQXQGHUO\LQJWD[DWLRQ (10.6) (5.6)
Total non-underlying items 1.7 27.5
Keller Group plc Annual Report and Accounts 2021 Strategic Report28

Acquisitions
On 13 July 2021, the Group acquired RECON
ÜèõùìæèöÒñæéòõäñìñì÷ìäïæäöëæòñöìçèõä÷ìòñòé
|" "ðäñç|)%ðòéæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñ
òéúëìæë|!%ðëäçåèèñóäìçä÷üèäõ¡èñç
The business is a geotechnical environmental
remediation and industrial services company
åäöèçìñÝèûäöÞÜäñçìöìñæïøçèçìñ÷ëè×òõ÷ë
America Division.
On 29 September 2021, the Group acquired
÷ëèåøöìñèööòéÜøå÷èõõäñèäñ¤Öäñì÷òåä¥Õ÷ç
éòõæäöëæòñöìçèõä÷ìòñòé|'(ðÜøå÷èõõäñèäñ
is a geotechnical contractor in Manitoba, Canada.
On 1 November 2021, the Group acquired
÷ëèåøöìñèööòéßòêèöÍõìïïìñêäêèò÷èæëñìæäï
éòøñçä÷ìòñæòðóäñüåäöèçìñÝèûäöéòõæäöë
æòñöìçèõä÷ìòñòé|!$ðÏøõ÷ëèõçèéèõõèç
æòñöìçèõä÷ìòñòé| (ðìöóäüäåïèòùèõä
three-year period.
Prior-year balance sheet
UHFODVVLƬFDWLRQ
As noted in the Audit and Risk Committee report,
during 2021, the Financial Reporting Council (FRC)
ìñæïøçèç÷ëèÐõòøóđöäññøäïõèóòõ÷äñçäææòøñ÷öéòõ
the year ended 31 December 2020 in their
÷ëèðä÷ìæõèùìèúòéÒÊÜ#'ĐÙõòùìöìòñöÌòñ÷ìñêèñ÷
Liabilities and Contingent Assets’, which resulted in
÷ëèÏÛÌõèôøèö÷ìñêéøõ÷ëèõìñéòõðä÷ìòñìñõèöóèæ÷
òéóõòùìöìòñöéòõìñöøõäñæèäñçïèêäïæïäìðöÝëè
Ðõòøóõèöóòñçèçéøïïü÷ò÷ëèðä÷÷èõöõäìöèçìñ÷ëè
correspondence and have concluded that the
ìñöøõäñæèõèìðåøõöèðèñ÷õèæèìùäåïèöòé÷ëèÐõòøó
should be separately presented gross on the
æòñöòïìçä÷èçåäïäñæèöëèè÷õä÷ëèõ÷ëäññè÷÷èçòģ
against the insurance and legal provision.
The Group has restated the relevant sections
òé÷ëìöüèäõđöäææòøñ÷ö÷òõèĥèæ÷÷ëìöÝëè
restatement impacted the balance sheet
reported in the 2020 annual report and accounts
as detailed in the accounting policies note on
page 133. The restatement did not result in any
æëäñêèö÷òõèóòõ÷èçóõòĤ÷èäõñìñêöóèõöëäõè
ñè÷äööè÷öòõ÷ëèæäöëĥòúöõèóòõ÷èçìñ÷ëè" " 
Ĥñäñæìäïüèäõ
Working capital
Net working capital increased by £3.1m
¤" " çèæõèäöèòé|#("ð¥õèĥèæ÷ìñê÷ëè
õèùèõöäïòé÷ëèúòõîìñêæäóì÷äï÷ìðìñêåèñèĤ÷
äæëìèùèçìñ" " çøè÷ò÷ëèìðóäæ÷òéÌØßÒÍ¡!)
on business activity and cash collections. The
ñè÷ðòùèðèñ÷æòðóõìöèçòéäñ|!(#ðìñæõèäöè
in inventories and a £104.4m increase in trade
äñçò÷ëèõõèæèìùäåïèöòģöè÷åüäñìñæõèäöèìñ
÷õäçèäñçò÷ëèõóäüäåïèöòé|!!)&ð
Êõèçøæ÷ìòñìñóõòùìöìòñöäñçõè÷ìõèðèñ÷åèñèĤ÷
ïìäåìïì÷ìèöìñæõèäöèç÷ëèæäöëòø÷ĥòúìñõèöóèæ÷
òéúòõîìñêæäóì÷äïåü|'(ð¤" " ìñæõèäöèòé
|!#)ð¥Ýëìöðäìñïüæòðóõìöèöòéóäüðèñ÷öìñ
õèöóèæ÷òéõè÷ìõèðèñ÷åèñèĤ÷öÝëèìñæõèäöèìñ
ìñöøõäñæèóõòùìöìòñö÷ëä÷òģöè÷öúì÷ëäñìñæõèäöè
in insurance receivables does not impact the
æäöëĥòúö÷ä÷èðèñ÷Ýëè|'(ðòø÷ĥòú
èûæïøçèö÷ëèæäöëòø÷ĥòúòñõèö÷õøæ÷øõìñê
provisions which is presented within non-
øñçèõïüìñêì÷èðöìñ÷ëèéõèèæäöëĥòúæäïæøïä÷ìòñ
)UHHFDVKƮRZ
2021
P
2020
£m
Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷ 92.8 110.1
Depreciation, amortisation and impairment 97.4 94.9
Underlying EBITDA 190.2 205.0
Non-cash items – 1.9
Íìùìçèñçöéõòðíòìñ÷ùèñ÷øõèö – 0.4
Íèæõèäö覤ìñæõèäöè¥ìñúòõîìñêæäóì÷äï (3.1) 38.2
Òñæõèäö覤çèæõèäöè¥ìñóõòùìöìòñöäñçõè÷ìõèðèñ÷åèñèĤ÷ïìäåìïì÷ìèö (7.8) 13.9
×è÷æäóì÷äïèûóèñçì÷øõè (74.6) (65.6)
Êççì÷ìòñö÷òõìêë÷¡òé¡øöèäööè÷ö (23.4) (22.7)
)UHHFDVKƮRZEHIRUHLQWHUHVWDQGWD[ 81.3 171.1
)UHHFDVKƮRZEHIRUHLQWHUHVWDQGWD[WRXQGHUO\LQJRSHUDWLQJSURƬW 88% 155%
Net interest paid (5.3) (12.0)
Ìäöë÷äûóäìç (15.9) (24.9)
)UHHFDVKƮRZ 60.1 134.2
Dividends paid to shareholders (25.9) (25.9)
Ùøõæëäöèòéòúñöëäõèö (3.7) –
Acquisitions (31.3) –
Business disposals 7.1 2.2
Non-underlying items (2.0) (11.0)
Ûìêë÷¡òé¡øöèäööè÷ö¦ïèäöèïìäåìïì÷üðòçìĤæä÷ìòñö (4.0) (1.1)
Ïòõèìêñèûæëäñêèðòùèðèñ÷ö (1.1) (1.1)
Movement in net debt (0.8) 97.3
Opening net debt (192.5) (289.8)
Closing net debt (193.3) (192.5)
Keller Group plc Annual Report and Accounts 2021 Strategic Report 29

&DSLWDOH[SHQGLWXUH
ÝëèÐõòøóðäñäêèöæäóì÷äïèûóèñçì÷øõè÷ìêë÷ïü
whilst investing in the upgrade and replacement
òéèôøìóðèñ÷úëèõèäóóõòóõìä÷è×è÷æäóì÷äï
èûóèñçì÷øõèèûæïøçìñêïèäöèçäööè÷öòé|'$&ð
¤" " |&%&ð¥úäöñè÷òéóõòæèèçöéõòð÷ëè
öäïèòéèôøìóðèñ÷òé|)(ð¤" " |'$ð¥Ýëè
asset replacement ratio, which is calculated by
çìùìçìñêêõòööæäóì÷äïèûóèñçì÷øõèèûæïøçìñêöäïèö
óõòæèèçöòñçìöóòöäïòéì÷èðöòéóõòóèõ÷üóïäñ÷
and equipment and those assets capitalised
under IFRS 16, by the depreciation charge on
owned property, plant and equipment, was 127%
(2020: 109%).
)UHHFDVKƮRZ
ÝëèÐõòøóđöéõèèæäöëĥòúòé|& !ð¤" " 
|!#$"ð¥ìöðòõè÷ëäñöøĦæìèñ÷÷òéøñçìñæäöë
÷èõðö÷ëèéøïïùäïøèòé÷ëèóäüðèñ÷ìñõèïä÷ìòñ
÷ò÷ëè÷ò÷äï" "!çìùìçèñçòé|"%)ð¤" " 
|"%)ð¥Ýëèåäöìöòéçèõìùìñêéõèèæäöëĥòú
is set out on page 29.
)LQDQFLQJIDFLOLWLHVDQGQHWGHEW
ÝëèÐõòøóđö÷ò÷äïñè÷çèå÷òé|!)##ð¤" " 
£192.5m) comprises loans and borrowings and
õèïä÷èççèõìùä÷ìùèöòé|" &ð¤" " |!(% ð¥
ïèäöèïìäåìïì÷ìèöòé|'%$ð¤" " |'#(ð¥ñè÷òé
æäöëäñçæäöëèôøìùäïèñ÷öòé|("'ð¤" " 
£66.3m). The Group’s term debt and committed
éäæìïì÷ìèöóõìñæìóäïïüæòðóõìöèÞÜóõìùä÷è
óïäæèðèñ÷öòéz'%ð¤|%(!ð¥úëìæëðä÷øõèìñ
2024 and a £375m multi-currency syndicated
õèùòïùìñêæõèçì÷éäæìïì÷üúëìæëðä÷øõèöìñ
November 2025. During the year, $50m (£36.2m)
òéÞÜóõìùä÷èóïäæèðèñ÷öðä÷øõèçäñçúèõè
repaid and in March 2021 the Group’s unused
£300m Covid Corporate Financing Facility (CCFF)
was withdrawn. At the year end, the Group
had undrawn committed and uncommitted
åòõõòúìñêéäæìïì÷ìèö÷ò÷äïïìñê|")!)ð
(2020: £672.6m).
Ýëèðòö÷öìêñìĤæäñ÷æòùèñäñ÷öìñõèöóèæ÷òé÷ëè
ðäìñåòõõòúìñêéäæìïì÷ìèöõèïä÷è÷ò÷ëèõä÷ìòòéñè÷
debt to underlying EBITDA, underlying EBITDA
interest cover and the Group’s net worth. The
æòùèñäñ÷öäõèõèôøìõèç÷òåè÷èö÷èçä÷÷ëèëäïé
year and the year end. The Group operates
æòðéòõ÷äåïüúì÷ëìñäïïòéì÷öæòùèñäñ÷ïìðì÷ö×è÷
debt to underlying EBITDA leverage, calculated
èûæïøçìñê÷ëèìðóäæ÷òéÒÏÛÜ!&úäö (û¤" " 
'û¥úèïïúì÷ëìñ÷ëèïìðì÷òé# ûäñçä÷÷ëèïòúèõ
èñçòé÷ëèïèùèõäêè÷äõêè÷òéåè÷úèèñ %û¢!%û
Calculated on a statutory basis, including the
ìðóäæ÷òéÒÏÛÜ!&ñè÷çèå÷÷òÎËÒÝÍÊïèùèõäêè
úäö! ûä÷#!Íèæèðåèõ" "!¤" "  )û¥
ÞñçèõïüìñêÎËÒÝÍÊèûæïøçìñê÷ëèìðóäæ÷òéÒÏÛÜ
!&÷òñè÷Ĥñäñæèæëäõêèöúäö# %û¤" " 
"!'û¥úèïïäåòùè÷ëèïìðì÷òé$ û
On an IFRS 16 basis, year-end gearing was 44%
(2020: 47%).
The average month-end net debt during 2021,
èûæïøçìñêÒÏÛÜ!&ïèäöèïìäåìïì÷ìèöúäö|!$'&ð
(2020: £183.5m) and the minimum headroom
during the year on the Group’s main banking
éäæìïì÷üúäö|!&$"ð¤" " |!")$ð¥ìñäççì÷ìòñ
÷òäæäöëåäïäñæèä÷÷ëä÷÷ìðèòé|)" ð¤" " 
£80.8m). The Group had no material discounting
òõéäæ÷òõìñêìñóïäæèçøõìñê÷ëèüèäõÐìùèñ÷ëè
õèïä÷ìùèïüïòúùäïøèäñçöëòõ÷¡÷èõðñä÷øõèòé÷ëè
ðäíòõì÷üòé÷ëèÐõòøóđöóõòíèæ÷ö÷ëèïèùèïòé
äçùäñæèóäüðèñ÷öìö÷üóìæäïïüñò÷öìêñìĤæäñ÷
At 31 December 2021 the Group had drawn
øóòñøñæòððì÷÷èçòùèõçõäé÷éäæìïì÷ìèöòé| )ð
¤" " |$'ð¥äñçëäççõäúñ|!% $ðòéåäñî
êøäõäñ÷èèéäæìïì÷ìèö¤" " |!&'%ð¥
3URYLVLRQIRUSHQVLRQ
ÝëèÐõòøóëäöçèĤñèçåèñèĤ÷óèñöìòñ
arrangements in the UK, Germany and Austria.
ÝëèÐõòøóđöÞÔçèĤñèçåèñèĤ÷öæëèðèìö
æïòöèç÷òéø÷øõèåèñèĤ÷äææõøäïÝëèðòö÷õèæèñ÷
äæ÷øäõìäïùäïøä÷ìòñòé÷ëèÞÔöæëèðèúäöäöä÷
%Êóõìï" " úëìæëõèæòõçèç÷ëèðäõîè÷ùäïøèòé
the scheme’s assets at £49.7m and the scheme
åèìñê'']éøñçèçòñäñòñêòìñêåäöìöÝëèïèùèï
òéæòñ÷õìåø÷ìòñöäõè|"'ðäüèäõúì÷ëèģèæ÷
éõòð!Óäñøäõü" "!äñçúìïïìñæõèäöèåü#&]
óèõäññøðòñ!Óäñøäõüêòìñêéòõúäõç÷ò
5 August 2024. Contributions will be reviewed
éòïïòúìñê÷ëèñèû÷÷õìèññìäïäæ÷øäõìäïùäïøä÷ìòñ
to be prepared as at 5 April 2023. The 2021
üèäõ¡èñçÒÊÜ!)ùäïøä÷ìòñòé÷ëèÞÔöæëèðè
öëòúèçäööè÷öòé|&#'ðïìäåìïì÷ìèöòé|%(#ð
äñçäóõè¡÷äûöøõóïøöòé|%$ðåèéòõèäñÒÏÛÒÌ
!$äçíøö÷ðèñ÷÷òõèĥèæ÷÷ëèðìñìðøðéøñçìñê
õèôøìõèðèñ÷éòõ÷ëèöæëèðèúëìæëäçíøö÷ö÷ëè
æïòöìñêóòöì÷ìòñ÷òäçèĤæì÷òé|&(ð
ÒñÐèõðäñüäñçÊøö÷õìä÷ëèçèĤñèçåèñèĤ÷
arrangements only apply to certain employees
úëòíòìñèç÷ëèÐõòøóåèéòõè!))'ÝëèÒÊÜ!)
ùäïøä÷ìòñòé÷ëèçèĤñèçåèñèĤ÷òåïìêä÷ìòñ
totalled £15.9m at 31 December 2021 (2020:
|!) ð¥Ýëèõèäõèñòöèêõèêä÷èçéøñçö÷ò
æòùèõ÷ëèöèçèĤñèçåèñèĤ÷òåïìêä÷ìòñöäñç÷ëè
respective liabilities are included on the Group
balance sheet.
All other pension arrangements in the Group
äõèòéäçèĤñèçæòñ÷õìåø÷ìòññä÷øõè
ÝëèÐõòøóëäöäñøðåèõòéèñçòéöèõùìæè
schemes in the Middle East as required by local
ïäúöäñçõèêøïä÷ìòñöÝëèäðòøñ÷òéåèñèĤ÷
óäüäåïèçèóèñçöòñ÷ëèæøõõèñ÷öäïäõüòé÷ëè
èðóïòüèèäñç÷ëèñøðåèõòéüèäõöòéöèõùìæè
Ýëèöèõè÷ìõèðèñ÷òåïìêä÷ìòñöäõèéøñçèçòñ÷ëè
Group’s balance sheet and obligations are met
as and when required by the Group. The IAS 19
ùäïøä÷ìòñòé÷ëèçèĤñèçåèñèĤ÷òåïìêä÷ìòñ÷ò÷äïïèç
£3.0m at 31 December 2021 (2020: £2.9m).
Currencies
ÝëèÐõòøóìöèûóòöèç÷òåò÷ë÷õäñöïä÷ìòñäïäñç
÷òäïèööèõèû÷èñ÷÷õäñöäæ÷ìòñäïéòõèìêñæøõõèñæü
êäìñöäñçïòööèö÷ëõòøêëðòùèðèñ÷öìñéòõèìêñ
èûæëäñêèõä÷èöäöäõèöøï÷òéì÷öêïòåäï
operations. The Group’s primary currency
èûóòöøõèöäõèÞÜçòïïäõÌäñäçìäñçòïïäõ
euro, Singapore dollar and Australian dollar.
As the Group reports in sterling and conducts
÷ëèðäíòõì÷üòéì÷öåøöìñèööìñò÷ëèõæøõõèñæìèö
ðòùèðèñ÷öìñèûæëäñêèõä÷èöæäñõèöøï÷ìñ
öìêñìĤæäñ÷æøõõèñæü÷õäñöïä÷ìòñêäìñöòõïòööèö
Ýëìöëäöäñèģèæ÷òñ÷ëèóõìðäõüö÷ä÷èðèñ÷ö
and associated balance sheet metrics, such as
net debt and working capital.
Êïäõêèóõòóòõ÷ìòñòé÷ëèÐõòøóđöõèùèñøèöäõè
matched with corresponding operating costs in
÷ëèöäðèæøõõèñæüÝëèìðóäæ÷òé÷õäñöäæ÷ìòñäï
éòõèìêñèûæëäñêèêäìñöòõïòööèöäõè
consequently mitigated and are recognised
in the period in which they arise.
Ýëèéòïïòúìñêèûæëäñêèõä÷èöäóóïìèççøõìñê
the current and prior year:
2021 2020
Closing Average Closing Average
USD 1.35 1.38 1.37 1.28
CAD 1.71 1.72 1.74 1.72
EUR 1.19 1.16 1.12 1.12
SGD 1.82 1.85 1.81 1.77
AUD 1.86 1.83 1.78 1.86
ÌëìèéÏìñäñæìäïØĦæèõđöõèùìèú continued
Keller Group plc Annual Report and Accounts 2021 Strategic Report30

Credit risk
ÝëèÐõòøóđöóõìñæìóäïĤñäñæìäïäööè÷öäõè÷õäçè
and other receivables, bank and cash balances
äñçäïìðì÷èçñøðåèõòéìñùèö÷ðèñ÷öäñç
derivatives held to hedge certain Group
liabilities. These represent the Group’s
ðäûìðøðèûóòöøõè÷òæõèçì÷õìöîìñõèïä÷ìòñ
÷òĤñäñæìäïäööè÷ö
The Group has procedures to manage
æòøñ÷èõóäõ÷üõìöîäñç÷ëèäööèööðèñ÷òé
customer credit risk is embedded in the contract
tendering processes. The counterparty risk on
bank and cash balances is managed by limiting
÷ëèäêêõèêä÷èäðòøñ÷òéèûóòöøõè÷òäñüòñè
ìñö÷ì÷ø÷ìòñåüõèéèõèñæè÷òì÷öæõèçì÷õä÷ìñêäñç
åüõèêøïäõõèùìèúòé÷ëèöèõä÷ìñêö
Treasury policies
Currency risk
ÝëèÐõòøóéäæèöæøõõèñæüõìöîóõìñæìóäïïüòñì÷ö
ñè÷äööè÷öðòö÷òéúëìæëäõèìñæøõõèñæìèö
other than sterling. The Group aims to reduce
÷ëèìðóäæ÷÷ëä÷õè÷õäñöïä÷ìòñòé÷ëèöèñè÷äööè÷ö
might have on the consolidated balance sheet,
åüðä÷æëìñê÷ëèæøõõèñæüòéì÷öåòõõòúìñêö
úëèõèóòööìåïèúì÷ë÷ëèæøõõèñæüòéì÷öäööè÷ö
Ýëèðäíòõì÷üòé÷ëèÐõòøóđöåòõõòúìñêöäõè
held in sterling, US dollar, Canadian dollar,
euro, Australian dollar and Singapore dollar.
ÝëèÐõòøóðäñäêèöì÷öæøõõèñæüĥòúö÷ò
ðìñìðìöè÷õäñöäæ÷ìòñèûæëäñêèõìöîÏòõúäõç
æòñ÷õäæ÷öäñçò÷ëèõçèõìùä÷ìùèĤñäñæìäï
ìñö÷õøðèñ÷öäõèøöèç÷òëèçêèöìêñìĤæäñ÷
ìñçìùìçøäï÷õäñöäæ÷ìòñöÝëèðäíòõì÷üòéöøæë
æøõõèñæüĥòúöúì÷ëìñ÷ëèÐõòøóõèïä÷è÷ò
õèóä÷õìä÷ìòñòéóõòĤ÷öìñ÷õä¡Ðõòøóïòäñ
õèóäüðèñ÷öäñçäñüéòõèìêñæøõõèñæüæäöë
ĥòúöäööòæìä÷èçúì÷ëäæôøìöì÷ìòñöÝëèÐõòøóđö
÷õèäöøõüõìöîðäñäêèðèñ÷ìöóèõéòõðèçä÷
÷ëèÐõòøóđöëèäçòĦæè
ÝëèÐõòøóçòèöñò÷÷õäçèìñĤñäñæìäï
instruments, nor does it engage in speculative
derivative transactions.
Interest rate risk
Òñ÷èõèö÷õä÷èõìöîìöðäñäêèçåüðìûìñêĤûèçäñç
ĥòä÷ìñêõä÷èåòõõòúìñêöçèóèñçìñêøóòñ÷ëè
óøõóòöèäñç÷èõðòé÷ëèĤñäñæìñê
Return on capital employed
Ûè÷øõñòñæäóì÷äïèðóïòüèçìöçèĤñèçä÷Ðõòøó
ïèùèïäöøñçèõïüìñêòóèõä÷ìñêóõòĤ÷çìùìçèçåü÷ëè
äææòøñ÷ìñêùäïøèòéèôøì÷üä÷÷õìåø÷äåïè÷òèôøì÷ü
ëòïçèõöòé÷ëèóäõèñ÷óïøöñè÷çèå÷óïøö
õè÷ìõèðèñ÷åèñèĤ÷ïìäåìïì÷ìèöÛè÷øõñòñæäóì÷äï
employed in 2021 was 14.4% (2020: 16.4%).
David Burke
ÌëìèéÏìñäñæìäïØĦæèõ
Êóóõòùèçåü÷ëèËòäõçòéÍìõèæ÷òõöäñç
äø÷ëòõìöèçéòõìööøèòñ'Öäõæë" ""
Keller Group plc Annual Report and Accounts 2021 Strategic Report 31

Øøõõìöîêòùèõñäñæèéõäðèúòõî¤öèèåèïòú¥ëäöåèèñåøìï÷÷òìçèñ÷ìéü
èùäïøä÷èäñäïüöèäñçðì÷ìêä÷èöìêñìĤæäñ÷õìöîöìñæïøçìñêæïìðä÷è¡õèïä÷èçõìöîö
äñçòóóòõ÷øñì÷ìèö÷ò÷ëèäæëìèùèðèñ÷òéòøõö÷õä÷èêüàèëäùèóõòæèööèö÷ëä÷
öèèî÷òìçèñ÷ìéüõìöîöéõòðåò÷ëä÷òó¡çòúñö÷õä÷èêìæóèõöóèæ÷ìùèäñçäåò÷÷òð¡
up local operating company perspective.
• Üøææèööéøïïüçèùèïòóèçäöòïø÷ìòñ÷òæäó÷øõè
climate-related risks and opportunities in line
úì÷ë÷ëèõèæòððèñçä÷ìòñöòéÝÌÏÍ
• Ìòñ÷ìñøèç÷òìðóõòùè÷ëèôøäïì÷üòéçä÷äòñ
risk reporting across the Group, including, as
ðèñ÷ìòñèçäåòùè÷ëèæäó÷øõèòéæïìðä÷è¡
related risks and opportunities data in line with
TCFD requirements leading to more robust
äñçèñêäêìñêðäñäêèðèñ÷õèùìèúöòéõìöî
throughout the organisation.
.H\DUHDVRIIRFXVIRU
• àèúìïïæòñ÷ìñøè÷òéòæøöòñçèèóèñìñê÷ëè
øñçèõö÷äñçìñêäñçøöèòéòøõõìöîðäñäêèðèñ÷
data consistently across the Group.
• àèúìïïéøõ÷ëèõö÷õèñê÷ëèñòøõÐõòøóõìöî
ðäñäêèðèñ÷éõäðèúòõîæòñ÷ìñøìñê÷ò
benchmark against current best practice
Principal risks and uncertainties
÷òöøóóòõ÷÷ëèòõêäñìöä÷ìòñìñèģèæ÷ìùè
çèæìöìòñ¡ðäîìñêöøóóòõ÷ìñêçèïìùèõüòé÷ëè
Ðõòøóö÷õä÷èêüÝëìöúìïïìñæïøçèéøõ÷ëèõõèĤñìñê
òøõõìöîóõòæèöö÷òéøïïüìñæòõóòõä÷èäïïèïèðèñ÷ö
òéÝÌÏÍõìöîõèóòõ÷ìñêõèôøìõèðèñ÷öìñæïøçìñê
äïìêñìñêòøõõìöîõèóòõ÷ìñêéòõäïïæïìðä÷è¡õèïä÷èç
õìöîö÷òöëòõ÷ðèçìøðäñçïòñê¡÷èõðëòõìýòñö
as per TCFD recommendations.
• We will provide training on the updated Group
õìöîðäñäêèðèñ÷éõäðèúòõî÷òèñöøõèä
consistent methodology is used when
assessing, managing and reporting on risks.
• àèúìïïäööèöö÷ëèõèöìïìèñæèòéòøõåøöìñèöö
strategy to climate change by developing a
climate-related scenario analysis in line with
TCFD requirements.
• These changes will lead to continued
ìðóõòùèðèñ÷äñçæòñöìö÷èñæüòéõìöîõèóòõ÷ìñê
and in turn support a timely and robust
decision-making process.
• Ýëèõèúìïïäïöòåèæòñöìçèõäåïèéòæøöòñåò÷ë
the new ERP system and on the steps required
÷òäççõèööóõòóòöèçÞÔÜØáõèôøìõèðèñ÷ö
Important developments in 2021
Ìòñ÷ìñøèçö÷õèñê÷ëèñìñêòéòøõõìöî
ðäñäêèðèñ÷éõäðèúòõîúäöäîèüóõìòõì÷üéòõ
" "!äççìñêéøñæ÷ìòñäïì÷ü÷òäææòððòçä÷è÷ëè
new Task Force on Climate-related Financial
Disclosures (TCFD) risk reporting requirements.
During the year we undertook several initiatives
to achieve this:
• Continued to strengthen our internal
control environment, measured against
äæòðóõèëèñöìùèöè÷òéÐõòøóÏìñäñæè
Ü÷äñçäõçöäæõòööäñøðåèõòéçìöæìóïìñèö
ìñæïøçìñêĤñäñæìäïõèóòõ÷ìñêäææòøñ÷ìñê
äøçì÷÷äûä÷ìòñäñç÷õèäöøõüõèìñéòõæìñê
äæøï÷øõèòéö÷õòñêêòùèõñäñæèäñç
risk management. This has been
independently validated through
the internal audit programme.
Top-down
Oversight,
ìçèñ÷ìĤæä÷ìòñ
assessment and
ðì÷ìêä÷ìòñòéõìöîö
at Group level
Bottom-up
Oversight,
ìçèñ÷ìĤæä÷ìòñ
assessment and
ðì÷ìêä÷ìòñòéõìöîöä÷
operational and
business unit level
Board
Sets tone on risk management culture
ÊóóõòùäïòéÐõòøóđöõìöîäóóè÷ì÷è
([HFXWLYH&RPPLWWHH
Òçèñ÷ìĤæä÷ìòñõèóòõ÷ìñêäñçòñêòìñê
ðäñäêèðèñ÷òéõìöîöìñæïøçìñêæïìðä÷è¡
related risks and opportunities
Øóèõä÷ìòñäïèûèæø÷ìùèõèöóòñöìåìïì÷üéòõ
the risk management approach
Òðóïèðèñ÷ä÷ìòñòéìñ÷èõñäïæòñ÷õòïö
Audit and Risk Committee (ARC)
Ûèùìèúö÷ëèèģèæ÷ìùèñèööòéòøõõìöî
management and internal controls systems
Öòñì÷òõöõìöîèûóòöøõèöäêäìñö÷õìöîäóóè÷ì÷è
Internal Audit (IA)
Ùõòùìöìòñòéäööøõäñæèòñ÷ëè
key risks mitigating controls
Îûèæø÷ìòñòéõìöî¡åäöèçäøçì÷óïäñ
'LYLVLRQVEXVLQHVVXQLWVDQGIXQFWLRQV
Òçèñ÷ìĤæä÷ìòñäñçðäñäêèðèñ÷òéõìöîöìñæïøçìñêæïìðä÷è¡õèïä÷èçõìöîöäñçòóóòõ÷øñì÷ìèöä÷äåøöìñèööøñì÷ïèùèï
Internal controls monitoring
Ûìöîäúäõèñèööäñçöäéè÷üæøï÷øõèìñçäü¡÷ò¡çäüòóèõä÷ìòñö
Ïòõðäïäñç÷õäñöóäõèñ÷óòïìæìèöäñçóõòæèçøõèöéòõõìöîðäñäêèðèñ÷äñçìñ÷èõñäïæòñ÷õòïö
Íè÷èõðìñä÷ìòñòé÷ëèñä÷øõèäñçèû÷èñ÷òé÷ëèæòðóäñüđöóõìñæìóäïäñçèðèõêìñêõìöîöìñæïøçìñêæïìðä÷è¡õèïä÷èçõìöîöäñçòóóòõ÷øñì÷ìèö
Íèùèïòóðèñ÷äñçèûèæø÷ìòñòéäóóõòóõìä÷èðì÷ìêä÷ìñêäæ÷ìòñö
Ûòåøö÷äööèööðèñ÷òé÷ëèÐõòøóđö
principal and emerging risks, including
climate-related risks and opportunities
Ûèæòððèñçä÷ìòñòéìñ÷èõìðäñçüèäõèñç
risk disclosures, including climate-related
risks and opportunities and viability
statement
*URXS+HDGRI5LVN
and Internal Audit
Supports the ARC in evaluating the
èģèæ÷ìùèñèööòéõìöîðì÷ìêä÷ìòñö÷õä÷èêìèö
and internal controls implemented by
management
Öäñäêèðèñ÷òéòø÷öòøõæèçÒÊéøñæ÷ìòñ
Ûèêøïäõõèùìèúòéçìùìöìòñäïõìöîõèêìö÷èõö
Êóóõòùäïòéìñ÷èõìðäñçüèäõèñçõìöî
disclosures, including climate-related risks
and opportunities and viability statement
Our risk governance framework
Keller Group plc Annual Report and Accounts 2021 Strategic Report32

Our risk appetite
The Group’s risk appetite drives high standards
òéëèäï÷ëöäéè÷üäñçèñùìõòñðèñ÷äïæòðóïìäñæè
äñçäéòæøöòñæòððèõæìäïõìöîöäñç
opportunities. This approach is understood
across the organisation, allowing us to
æòïïèæ÷ìùèïüåøìïçäóõòĤ÷äåïèäñçïèäçìñêðäõîè÷
öëäõèúëìïö÷ïìðì÷ìñê÷ëèÐõòøóđöõìöîèûóòöøõèö÷ò
äñäææèó÷äåïèïèùèïÝëìöïèùèïòéõìöîìöæòñöìçèõèç
äóóõòóõìä÷èéòõÔèïïèõ÷òäææèó÷ìñäæëìèùìñê
strategic objectives.
5LVNLGHQWLƬFDWLRQDQGLPSDFW
The Group’s principal risks are analysed on an
inherent (pre-mitigation) and residual (post-
mitigation) basis.
Risk trends
Ýëèòñêòìñêõèùìèúòé÷ëèÐõòøóđöóõìñæìóäïõìöîö
éòæøöèöòñëòú÷ëèöèõìöîöðäüèùòïùèäöúèïïäö
äæòñöìçèõä÷ìòñòéèðèõêìñêäñçæïìðä÷è¡õèïä÷èç
risks, which under TCFD requirements we
ìçèñ÷ìĤèçäñçìðóäæ÷¡äööèööèçòùèõ÷ëèöëòõ÷
ðèçìøðäñçïòñê÷èõðÊööøæëëòõìýòñ
scanning and reviewing emerging potential
ïèêìöïä÷ìòñúìïïéòõðîèüèïèðèñ÷öòé÷ëèõìöî
review process. These elements will be adopted
and embedded within the Group’s day-to-day
ðäñäêèðèñ÷òéõìöîäñçì÷öæøõõèñ÷õìöîõèóòõ÷ìñê
processes. The Audit and Risk Committee and
the Board reviewed the Group’s principal risks
and uncertainties at their meetings in July 2021
and December 2021. Following a robust
discussion, the Audit and Risk Committee
æòñæïøçèç÷ëä÷äñøðåèõòéòøõóõìñæìóäïõìöîö
and uncertainties have changed since the
óøåïìæä÷ìòñòéïäö÷üèäõđöäññøäïõèóòõ÷
These include increasing risk around:
• æëäñêìñêèñùìõòñðèñ÷äïéäæ÷òõö
• not having the right skills to deliver; and
• éäìïøõè÷òóõòæøõèñèúæòñ÷õäæ÷öòñ
öä÷ìöéäæ÷òõü÷èõðö
Òñéòõðä÷ìòñòñ÷ëèöèäñç÷ëèÐõòøóđöò÷ëèõ
principal risks is set out on page 34 onwards.
Developing the viability statement
In developing the viability statement,
management reviewed the principal risks and
æòñöìçèõèçúëìæëòé÷ëèöèõìöîöðìêë÷÷ëõèä÷èñ
the Group’s viability. It was determined that none
òé÷ëèìñçìùìçøäïõìöîöúòøïçìñìöòïä÷ìòñ
compromise the Group’s viability, and so a
ñøðåèõòéçìģèõèñ÷öèùèõèåø÷óïäøöìåïèóõìñæìóäï
risk combinations were considered. A downside
öèñöì÷ìùì÷üäñäïüöìöäöúèïïäöäæòñöìçèõä÷ìòñòé
any mitigating actions available to the Group,
úäöäóóïìèç÷ò÷ëèÐõòøóđö÷ëõèè¡üèäõæäöëĥòúö
éòõèæäö÷èçäöóäõ÷òé÷ëèåøöìñèööóïäññìñê
óõòæèööäñçóõèöèñ÷èç÷ò÷ëèËòäõçéòõ
çìöæøööìòñéøõ÷ëèõ÷òõèùìèúåü÷ëèÊøçì÷äñç
Risk Committee. The Board discussed the
process undertaken by management, and also
õèùìèúèç÷ëèõèöøï÷öòéö÷õèöö÷èö÷ìñêóèõéòõðèç
to ensure that the sensitivity analysis was
öøĦæìèñ÷ïüõìêòõòøöÝëèËòäõçäïöòæäõõìèçòø÷
äõòåøö÷äööèööðèñ÷òé÷ëèóõìñæìóäïõìöîöéäæìñê
the Group, including those that would threaten
ì÷öåøöìñèööðòçèïéø÷øõèóèõéòõðäñæèöòïùèñæü
or liquidity.
Viability statement
Òñäææòõçäñæèúì÷ë÷ëèóõòùìöìòñöòé÷ëèÞÔ
Corporate Governance Code, the Directors
ëäùèäööèööèç÷ëèóõòöóèæ÷öòé÷ëèÐõòøó
over a three-year period.
i) The Board selected the three-year period as:
• the Group’s business planning and budget
processes are carried out over a three-year
period which provides the relevant estimates;
and
• ÷ëõèèüèäõöìöäõèäöòñäåïèäóóõòûìðä÷ìòñòé
÷ëèðäûìðøð÷ìðè÷äîèñéõòðóõòæøõìñêä
óõòíèæ÷÷òæòðóïè÷ìòñäñç÷ëèõèéòõèõèĥèæ÷ö
our current revenue earning cycle.
ìì¥ Ýëèõèùìèúìñæïøçèçæäöëĥòúöäñçò÷ëèõ
îèüĤñäñæìäïõä÷ìòöòùèõ÷ëè÷ëõèè¡üèäõóèõìòç
These metrics were subject to sensitivity
äñäïüöìöúëìæëìñùòïùèöĥèûìñêäñøðåèõòé÷ëè
ðäìñäööøðó÷ìòñöøñçèõïüìñê÷ëèéòõèæäö÷åò÷ë
individually and collectively. Downside sensitivity
analysis was carried out to evaluate the
óò÷èñ÷ìäïìðóäæ÷òñ÷ëèÐõòøóòéäêïòåäï
çòúñ÷øõñìñ÷ëèæòñö÷õøæ÷ìòñ¦êèò÷èæëñìæäï
market. Revenues in 2023 and 2024 were
assumed to decrease by 10% year on year with
an operating margin deterioration in proportion.
Êñøðåèõòéò÷ëèõçòúñöìçèõìöîöúèõèäïöò
modelled including worsening working capital
óèõéòõðäñæèìñäåìïì÷ü÷òĤñäñæè÷ëèÐõòøóđö
åøöìñèööäñçøñéòõèöèèñöè÷÷ïèðèñ÷öäõìöìñê
éõòðöòïø÷ìòñéäìïøõèöòõõèæ÷ìĤæä÷ìòñöÊöúèïïäö
combining multiple scenarios and modelling the
downside, we also considered scenarios where
covenants would be breached.
The circumstances giving rise to these scenarios
úèõèæòñöìçèõèçèû÷õèðèäñçõèðò÷èÏøõ÷ëèõ
çè÷äìïöòé÷ëèäööøðó÷ìòñöæäñåèéòøñçìññò÷è"
÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö
The Directors’ assessment has been made with
õèéèõèñæè÷ò÷ëèÐõòøóđöæøõõèñ÷óòöì÷ìòñäñç
prospects, the Group’s strategy, the Board’s risk
appetite and the Group’s principal risks and how
these are managed, as detailed in the
Ü÷õä÷èêìæõèóòõ÷
Øñ÷ëèåäöìöòé÷ëèäåòùèäñçò÷ëèõðä÷÷èõö
considered and reviewed by the Board during the
üèäõ÷ëèËòäõçëäöõèäöòñäåïèèûóèæ÷ä÷ìòñö÷ëä÷
the Group will be able to continue in operation
äñçðèè÷ì÷öïìäåìïì÷ìèöäö÷ëèüéäïïçøèòùèõ÷ëè
ñèû÷÷ëõèèüèäõöÒñçòìñêöòì÷ìöõèæòêñìöèç÷ëä÷
öøæëéø÷øõèäööèööðèñ÷öäõèöøåíèæ÷÷òäïèùèï
òéøñæèõ÷äìñ÷ü÷ëä÷ìñæõèäöèöúì÷ë÷ìðèäñç
÷ëèõèéòõèéø÷øõèòø÷æòðèöæäññò÷åè
guaranteed or predicted with certainty.
Going concern
The Group’s business activities, together with
÷ëèéäæ÷òõöïìîèïü÷òäģèæ÷ì÷öéø÷øõèçèùèïòóðèñ÷
óèõéòõðäñæèäñçóòöì÷ìòñäõèöè÷òø÷ìñ÷ëè
Ü÷õä÷èêìæõèóòõ÷ÝëèĤñäñæìäïóòöì÷ìòñòé÷ëè
Ðõòøóì÷öæäöëĥòúöäñçïìôøìçì÷üóòöì÷ìòñäõè
çèöæõìåèçìñ÷ëèÌëìèéÏìñäñæìäïØĦæèõđöõèùìèú
úì÷ëçè÷äìïöòé÷ëèÐõòøóđö÷õèäöøõüäæ÷ìùì÷ìèö
ïòñê¡÷èõðéøñçìñêäõõäñêèðèñ÷öäñçèûóòöøõè
÷òĤñäñæìäïõìöîìñæïøçèçìññò÷è"%÷ò÷ëè
æòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö
ÝëèÐõòøóëäööøĦæìèñ÷Ĥñäñæìäïõèöòøõæèö
which, together with internally generated cash
ĥòúöúìïïæòñ÷ìñøè÷òóõòùìçèöøĦæìèñ÷öòøõæèö
òéïìôøìçì÷ü÷òéøñçì÷öæøõõèñ÷òóèõä÷ìòñö
including its contractual and commercial
commitments and any proposed dividends.
ÝëèÐõòøóìö÷ëèõèéòõèúèïïóïäæèç÷òðäñäêè
ì÷öåøöìñèööõìöîöÊé÷èõðäîìñêèñôøìõìèö÷ëè
Íìõèæ÷òõöëäùèéòõðèç÷ëèíøçêèðèñ÷ä÷÷ëè
÷ìðèòéäóóõòùìñê÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö÷ëä÷
÷ëèõèìöäõèäöòñäåïèèûóèæ÷ä÷ìòñ÷ëä÷÷ëè
Group has adequate resources to continue in
òóèõä÷ìòñäïèûìö÷èñæèéòõ÷ëè!"ðòñ÷ëöéõòð
÷ëèçä÷èòé÷ëìöÊññøäïÛèóòõ÷äñçÊææòøñ÷ö
For this reason, they continue to adopt the
êòìñêæòñæèõñåäöìöòéäææòøñ÷ìñêìñóõèóäõìñê
÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö
Principal risks and uncertainties
Ýëè÷äåïèòñ÷ëèéòïïòúìñêóäêèöïìö÷ö÷ëè
principal risks and uncertainties as determined by
÷ëèËòäõç÷ëä÷ðäüäģèæ÷÷ëèÐõòøóäñç
highlights the mitigating actions that are being
÷äîèñÝëèæòñ÷èñ÷òé÷ëè÷äåïèëòúèùèõìöñò÷
ìñ÷èñçèç÷òåèäñèûëäøö÷ìùèïìö÷òéäïï÷ëèõìöîö
and uncertainties that may arise.
The COVID-19 pandemic is having and will
continue to have an impact across the entire
organisation. We have incorporated commentary
ìñ÷òäģèæ÷èçóõìñæìóäïõìöîöäñçúèúìïïæòñ÷ìñøè
÷òðäñäêèðì÷ìêä÷ìòñæèñ÷õäïïüäöúèïï
äöõèêìòñäïïüàèëäùèäïöò÷äîèñäææòøñ÷òé÷ëè
ìðóäæ÷òéæïìðä÷è¡õèïä÷èçõìöîöäñçòóóòõ÷øñì÷ìèö
on our principal risks and uncertainties.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 33

Principal risks and uncertainties continued
Financial risk
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
,QDELOLW\WRƬQDQFH
RXU|EXVLQHVV
ÒñöøĦæìèñ÷ïèùèïöòé
éøñçìñêúëè÷ëèõéõòð
òóèõä÷ìñêæäöëĥòúòõ
èû÷èõñäïĤñäñæìñêéäæìïì÷ìèö
that are necessary to
support the business.
Link to strategic lever:
Êïäæîòéäùäìïäåïèéøñçö
restricts investment in
growth opportunities,
whether through
acquisition or
innovation.
Òñäñèû÷õèðè
circumstance, the lack
òéäùäìïäåïèéøñçöæòøïç
ïèäç÷òäéäìïøõèòé÷ëè
Group to continue as
a going concern.
Öìû÷øõèòéïòñê¡÷èõðæòððì÷÷èççèå÷úì÷ëùäõüìñê
maturity dates which comprise a £375m revolving
æõèçì÷éäæìïì÷üúì÷ëäðä÷øõì÷üèû÷èñçèç÷ò×òùèðåèõ
" "%äñçäÞÜóõìùä÷èóïäæèðèñ÷çèå÷òéz'%ð
maturing in 2024. The $50m note maturing in 2021
úäöõèçèèðèçéõòðèûìö÷ìñêéäæìïì÷ìèö
Active and open communication with the revolving
æõèçì÷éäæìïì÷üåäñîìñêêõòøóèñöøõèö÷ëä÷ì÷
øñçèõö÷äñçö÷ëèÐõòøóđöĤñäñæìäïóèõéòõðäñæè
äñçìööøóóòõ÷ìùèòééøñçìñêõèôøìõèðèñ÷ö
Ü÷õòñêéõèèæäöëĥòúóõòĤïèúì÷ë÷ëèäåìïì÷ü÷ò÷øõñ
òģæäóì÷äïèûóèñçì÷øõèäñçõèçøæèçìùìçèñçö
Îðåèççèçóõòæèçøõèö÷òðòñì÷òõ÷ëèèģèæ÷ìùè
ðäñäêèðèñ÷òéæäöëäñççèå÷ìñæïøçìñêúèèîïü
æäöëõèóòõ÷öäñçõèêøïäõæäöëĥòúéòõèæäö÷ìñê
to ensure compliance with borrowing limits and
lender covenants.
Ìøï÷øõèéòæøöèçòñäæ÷ìùèïüðäñäêìñêòøõúòõîìñê
æäóì÷äï÷ëèäññøäïåòñøöóïäñìöïìñîèç÷òèûèæø÷ìùè
õèðøñèõä÷ìòñ÷ëõòøêëäñòóèõä÷ìñêæäöëĥòúðè÷õìæ
Ùïèäöèöèè÷ëèÍìõèæ÷òõöđõèðøñèõä÷ìòñõèóòõ÷éòõ
éøõ÷ëèõìñéòõðä÷ìòñòñðè÷õìæö
Öòñì÷òõìñêòéäñçõèöóòñöè÷òèû÷èõñäïéäæ÷òõö÷ëä÷
ðäüäģèæ÷éøñçìñêäùäìïäåìïì÷üäöäõèöøï÷òé÷ëè
continued strong cash management, even taking
äææòøñ÷òé÷ëèòñêòìñêìðóäæ÷òéÌØßÒÍ¡!)÷ëè
Ëòäõçäññòøñæèçìñ×òùèðåèõ" "!÷ëä÷ì÷èûóèæ÷èç
ïèùèõäêè÷òåèä÷÷ëèåò÷÷òðèñçòé÷ëè %û¢!%û
guided range at 31 December 2021.
Õòòîìñêéòõúäõçäöñèú
éäæìïì÷ìèöäõèèì÷ëèõõèôøìõèç
or renewed, we will look at
ÎÜСïìñîèçéøñçìñê
alongside traditional
éøñçìñêäï÷èõñä÷ìùèö
Keller Group plc Annual Report and Accounts 2021 Strategic Report34

Market risk
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
A rapid downturn in
RXU|PDUNHWV
Inability to maintain a
öøö÷äìñäåïèïèùèïòéĤñäñæìäï
óèõéòõðäñæè÷ëõòøêëòø÷
the construction industry
market cycle, which grows
more than many other
ìñçøö÷õìèöçøõìñêóèõìòçöòé
èæòñòðìæèûóäñöìòñäñç
éäïïöðòõèëäõçèõ÷ëäñðäñü
other industries when the
economy contracts.
Link to strategic lever:
Reduction in the
çèðäñçéòõòøõ
products and services
ðäüïèäç÷òäöìêñìĤæäñ÷
çè÷èõìòõä÷ìòñìñĤñäñæìäï
óèõéòõðäñæèìñæïøçìñê
æäöëĥòúêèñèõä÷ìòñ
Òñäñèû÷õèðè
circumstance, reduced
æäöëĥòúêèñèõä÷ìòñ
æòøïçïèäç÷òäéäìïøõèòé
the Group to continue
as a going concern.
The diverse markets in which the Group operates,
åò÷ëìñ÷èõðöòéêèòêõäóëüäñçðäõîè÷öèêðèñ÷
provide protection to individual geographic or
segment slowdowns.
COVID-19 has continued to cause disruption in
èæòñòðìæäæ÷ìùì÷üìñöèùèõäïòé÷ëèðäõîè÷öìñúëìæëúè
operate. Whilst the Group has shown good resilience
to this change in 2021, it is likely that COVID-19 will
æòñ÷ìñøè÷òçèóõèöö÷ëèèæòñòðìèöìñäģèæ÷èç
ðäõîè÷öòùèõ÷ëèñèû÷!"ðòñ÷ëöÝëìöðäüæäøöèä
reduction in activity in the construction sector which
äçùèõöèïüäģèæ÷ö÷ëèÐõòøóđöòõçèõåòòî
Having strong local businesses with in-depth
îñòúïèçêèòé÷ëèïòæäïðäõîè÷öèñäåïèöèäõïü
detection and response to market trends.
Õèùèõäêìñê÷ëèêïòåäïöæäïèòé÷ëèÐõòøó÷äïèñ÷äñç
õèöòøõæèöæäñåèõèçèóïòüèç÷òò÷ëèõóäõ÷öòé÷ëè
company during individual market slowdowns.
The diverse customer base, with no single customer
äææòøñ÷ìñêéòõðòõè÷ëäñ#]òéÐõòøóõèùèñøè
õèçøæèö÷ëèóò÷èñ÷ìäïìðóäæ÷òéìñçìùìçøäïæøö÷òðèõ
éäìïøõèæäøöèçåüäñèæòñòðìæçòúñ÷øõñ
Êöèûóèæ÷èçúèöäúä
öïìêë÷öëõìñîìñêòé÷ëè
construction market in
2021, with recovery moving
ä÷çìģèõèñ÷öóèèçöìñèäæë
geography. North America
was the most advanced in
recovery, with Europe in line
úì÷ëèûóèæ÷ä÷ìòñöäñç
AMEA remaining the most
challenging. We will
continue to mitigate
through our market position
äæõòööäñøðåèõòéöèæ÷òõö
òé÷ëèæòñö÷õøæ÷ìòñðäõîè÷
and are well placed to take
äçùäñ÷äêèòéòóóòõ÷øñì÷ìèö
èöóèæìäïïüìñìñéõäö÷õøæ÷øõè
We will continue to monitor
this risk closely, paying close
attention to any impact on
÷ëèöìýèòéòøõòõçèõåòòî
which has recovered to a
record level, and take
appropriate mitigating
actions.
Key: Strategic lever Key: Risk movement
Increased riskËäïäñæèçóòõ÷éòïìò Øóèõä÷ìòñäïèûæèïïèñæè
Engineered solutions
Reduced risk
Link to viabilityConstant risk
Îûóèõ÷ìöèäñçöæäïè
Keller Group plc Annual Report and Accounts 2021 Strategic Report 35

Principal risks and uncertainties continued
Strategic risks
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
Failure to procure
new contracts on
VDWLVIDFWRU\WHUPV
Increasing competition,
changing customer
õèôøìõèðèñ÷öòõäïòööòé
technological advantage
õèöøï÷öìñäéäìïøõè÷ò
continue to win and retain
æòñ÷õäæ÷öòñöä÷ìöéäæ÷òõü
terms and conditions in
òøõèûìö÷ìñêäñçñèú
target markets.
Link to strategic lever:
Failure to negotiate
öä÷ìöéäæ÷òõüäñç
appropriate contractual
terms may result in
delays and disputes
during project delivery,
negatively impacting
our relationships with
our customers and the
Ðõòøóđöõèóø÷ä÷ìòñéòõ
delivering quality
products and solutions.
Inability to enter into
commercially viable
contracts may have a
ñèêä÷ìùèèģèæ÷òñ÷ëè
óõòĤ÷äåìïì÷üòéòøõ
projects and prevent
÷ëèÐõòøóéõòðäæëìèùìñê
its targets.
Êéòæøöòñøñçèõö÷äñçìñêæøö÷òðèõöđõèôøìõèðèñ÷ö
and competitors’ capabilities.
Structured bid review processes in operation
÷ëõòøêëòø÷÷ëèÐõòøóúì÷ëúèïï¡çèĤñèçöèïèæ÷ìòñ
criteria that are designed to ensure we take on
contracts only where we understand and can manage
the risks involved.
ÝëèÙõòíèæ÷ÕìéèæüæïèÖäñäêèðèñ÷¤ÙÕÖ¥Ü÷äñçäõçëäö
introduced more rigour into how risks are considered
during the opportunity, contract approval and project
èûèæø÷ìòñóëäöèö
Üäïèö÷õäìñìñêúëìæëìñæïøçèöäéòæøöòñæòñ÷õäæ÷øäï
and commercial terms.
Our business depends on
purchasing materials
èĦæìèñ÷ïüäñçìñä÷ìðèïü
manner, linked to project
èûèæø÷ìòñÌØßÒÍ¡!)
continues to disrupt supply
chains, putting pressure
åò÷ëòñ÷ëèæòñ÷ìñøì÷üòé
supply and also on pricing.
Fluctuations in these costs
cannot always be passed on
ìñéøïï÷ò÷ëèæøö÷òðèõ
especially with increased
æòðóè÷ì÷ìòñéòõäõèçøæèç
ñøðåèõòéæòñ÷õäæ÷öúëìæë
puts pressure on bid pricing.
Øøõéòæøöòñðäìñ÷äìñìñê
our supply chain and
managing material price risk
éòõòøõæõì÷ìæäïðä÷èõìäïöìö
actively managed through
our business unit
procurement teams.
Losing our
market share
Inability to achieve
sustainable growth,
whether through
acquisition, new products,
new geographies or
ìñçøö÷õü¡öóèæìĤæöòïø÷ìòñö
may jeopardise our position
äö÷ëèóõèéèõõèç
international geotechnical
specialist contractor.
Link to strategic lever:
Delivering sustainable
growth is a key
æòðóòñèñ÷òéòøõ
strategy. Failure to
deliver on our key
strategic objective
may result in the loss
òéæòñĤçèñæèäñç÷õøö÷
òéòøõîèüö÷äîèëòïçèõö
including investors,
Ĥñäñæìäïìñö÷ì÷ø÷ìòñö
and customers.
Êæïèäõåøöìñèööö÷õä÷èêüúì÷ëçèĤñèçöëòõ÷ðèçìøð
and long-term objectives, which is monitored at local,
divisional and Group level.
Ìòñ÷ìñøèçäñäïüöìöòéèûìö÷ìñêäñç÷äõêè÷ðäõîè÷ö÷ò
èñöøõèòóóòõ÷øñì÷ìèö÷ëä÷÷ëèüòģèõäõèøñçèõö÷òòç
Êñòóóòõ÷øñì÷ìèöóìóèïìñèæòùèõìñêäïïöèæ÷òõöòé÷ëè
construction market.
Êúìçè¡õäñêìñêïòæäïåõäñæëñè÷úòõîúëìæëéäæìïì÷ä÷èö
customer relationships and helps secure repeat work.
Ìòñ÷ìñøäïïüöèèîìñê÷òçìģèõèñ÷ìä÷èòøõòģèõìñê
÷ëõòøêëöèõùìæèôøäïì÷üùäïøèéòõðòñèüäñç
innovation.
North American businesses reorganisation delivering
on cross-selling opportunities. However, due to
ÌØßÒÍ¡!)÷ëèõèìöäñòñêòìñêèæòñòðìæöôøèèýè
êïòåäïïüìñæõèäöìñêóõèööøõèòñùòïøðè¦ðäõîè÷öëäõè
Öìñìðìöìñê÷ëèõìöîòéäæôøìöì÷ìòñöìñæïøçìñêêè÷÷ìñê÷ò
îñòúä÷äõêè÷æòðóäñüìñäçùäñæèòé÷èñúòõîìñêìñä
joint venture, to understand the operational and
æøï÷øõäïçìģèõèñæèöäñçóò÷èñ÷ìäïöüñèõêìèöäöúèïïäö
undertaking these through due diligence and
ö÷õøæ÷øõèçäñçæäõèéøïïüðäñäêèçìñ÷èêõä÷ìòñóïäñö
While we are seeing
improvement across the
US, selling a whole range
òéöèõùìæèöñò÷óõèùìòøöïü
òģèõèçìñõèêìòñöåèéòõè
One Keller was
implemented, due to
COVID-19 there is an
èæòñòðìæöôøèèýèêïòåäïïü
increasing pressure on
ùòïøðè¦ðäõîè÷öëäõèÝëìö
ìöåèìñêöòðèúëä÷òģöè÷åü
éòæøöèç÷äõêè÷èçÖÊ
activity.
Ýëèéòæøöòñöøö÷äìñäåìïì÷ü
æòñ÷ìñøèö÷òìñæõèäöèéõòð
both government and
private clients and we are
well placed to take
äçùäñ÷äêèòéòóóòõ÷øñì÷ìèö
supported by our wide
óõòçøæ÷òģèõìñê
Keller Group plc Annual Report and Accounts 2021 Strategic Report36

Strategic risks continued
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
Ethical misconduct
and non-compliance with
regulations
Keller operates in many
çìģèõèñ÷íøõìöçìæ÷ìòñöäñç
is subject to various rules,
regulations and other legal
requirements including
those related to anti-
bribery and anti-corruption.
There is a risk that the
Ðõòøóéäìïö÷òðäìñ÷äìñ
÷ëèõèôøìõèçïèùèïòé
compliance.
Link to strategic lever:
Non-compliance with
relevant laws and
regulations could lead to
substantial damage to
Ôèïïèõđöõèóø÷ä÷ìòñäñç¦
òõïäõêèĤñäñæìäï
penalties.
Õòöìñê÷ëè÷õøö÷òéòøõ
customers, suppliers
and other stakeholders
would have an adverse
èģèæ÷òñòøõäåìïì÷ü÷ò
deliver against our
strategy and business
objectives.
ÊÌòçèòéËøöìñèööÌòñçøæ÷÷ëä÷öè÷öòø÷ðìñìðøð
èûóèæ÷ä÷ìòñöéòõäïïæòïïèäêøèöìñõèöóèæ÷òéè÷ëìæö
integrity and regulatory requirements and is backed
åüä÷õäìñìñêóõòêõäððè÷òèñöøõè÷ëä÷ì÷ìöéøïïü
embedded across the Group.
ÊæïèäõäñçæòñĤçèñ÷ìäïèû÷èõñäïïüõøñĐúëìö÷ïèåïòúìñêđ
éäæìïì÷üèñæòøõäêìñêèðóïòüèèö÷òõèóòõ÷äñü
suspected misconduct.
ÊñÎ÷ëìæöäñçÌòðóïìäñæèØĦæèõä÷èùèõüåøöìñèöö
unit who supports the ethics and compliance culture
and ensures best practice developed by the Group is
communicated and embedded into local business
practices.
Regular workshops across the Group to ensure
æòðóïìäñæèõìöîöäõèìçèñ÷ìĤèçäñçäççõèööèç
Strengthened
æòððøñìæä÷ìòñòéÔèïïèõđö
tone at the top and a
õèñèúèçéòæøöòñõìöî
management and internal
control have maintained the
èûóòöøõèòé÷ëìöõìöî
Ûèéõèöëèõ÷õäìñìñêòñæòçè
òéæòñçøæ÷÷äîìñêóïäæè
across the Group.
Inability to maintain our
technological product
advantage
Ôèïïèõëäöäëìö÷òõüòé
innovation that has given us
a technological advantage
which is recognised by our
clients and competitors.
Inability to maintain this
advantage through the
continued technological
advancements in our
equipment, products and
solutions may impact our
position in the market.
Link to strategic lever:
Without a structured
innovation approach,
ìñæïøçìñêöøĦæìèñ÷
investment, Keller may
lose its competitive
advantage.
Innovation initiatives developed at both Group and
divisional level to ensure a structured approach to
innovation is in place across the Group.
Ôèïïèõđöæòñ÷ìñøèçìñùèö÷ðèñ÷ìñåò÷ëèû÷èõñäïäñç
ìñ÷èõñäïèôøìóðèñ÷ðäñøéäæ÷øõè
Global product teams set standards, provide guidance
and disseminate best practice across the Group.
Íìêì÷ìöä÷ìòñìñì÷ìä÷ìùèöéòæøöìñêòñö÷õä÷èêüòé
éäæìïì÷ä÷ìñêèôøìóðèñ÷äñçòóèõä÷ìòñäïçä÷äæäó÷øõè
åõìñêìñêìñéòõðä÷ìòñ÷òêè÷ëèõäñçðäîìñêì÷äææèööìåïè
òñäöìñêïèóïä÷éòõðÒ÷úìïïìñæïøçèäïï÷èæëñìæäï
ìñéòõðä÷ìòñéõòðÔèïïèõäñç÷ëìõç¡óäõ÷üöòøõæèöä÷
èäæëö÷äêèòéçèïìùèõüìñæïøçìñêçä÷ääñäïüöìöäñç
visualisations where possible, and it will also be
BIM-compatible.
Key: Strategic lever Key: Risk movement
Increased riskËäïäñæèçóòõ÷éòïìò Øóèõä÷ìòñäïèûæèïïèñæè
Engineered solutions
Reduced risk
Link to viabilityConstant risk
Îûóèõ÷ìöèäñçöæäïè
Keller Group plc Annual Report and Accounts 2021 Strategic Report 37

Principal risks and uncertainties continued
Strategic risks continued
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
Changing environmental
IDFWRUV
Changes in environmental
legislation and relevant
standards that impact
our product and service
òģèõìñêöäñçäñ
increasingly active
public response to
environmental concerns
in the sectors in which
we operate.
Link to strategic lever:
Inability to achieve
Keller’s commitment
to deliver solutions in
an environmentally
conscious manner
may have a negative
impact on our
õèóø÷ä÷ìòñäģèæ÷
employee morale
äñçïèäç÷òïòööòé
æòñĤçèñæèéõòðòøõ
customers, suppliers
and investors.
Ùõòçøæ÷òģèõìñêö
become obsolete
because they are no
longer compliant
with environmental
standards. We may be
required to remediate
at our own cost to
maintain compliance.
Ìòïïäåòõä÷ìòñúì÷ë÷ëèÞñìùèõöì÷üòéÜøõõèüđö
Ìèñ÷õèéòõÎñùìõòñðèñ÷äñçÜøö÷äìñäåìïì÷ü÷ò
apply sustainability best practice to all
åøöìñèööéøñæ÷ìòñö
The Sustainability Steering Committee
ìöõèöóòñöìåïèéòõìñ÷èêõä÷ìñêöøö÷äìñäåìïì÷ü
targets and measures into the Group business
óïäñ÷òöøææèööéøïïüçõìùèæëäñêèöìðóòõ÷äñ÷
to the company.
Üæòóè!äñç"æäõåòñèðìööìòñöùèõìĤèç
åüäææõèçì÷èçèû÷èõñäï÷ëìõçóäõ÷ü
(Carbon Intelligence).
Ìäõåòñæäïæøïä÷òõ÷òòïøöèç÷òìçèñ÷ìéü¦
ìðóõòùèæäõåòñèĦæìèñæü
Project team created to develop processes to
meet Task Force on Climate-related Financial
Disclosures (TCFD) requirements.
Ïøõ÷ëèõçè÷äìïöæäñåèéòøñçìñ÷ëèÎÜÐäñç
sustainability section on pages 42 to 67.
àëìïè÷ëèéòæøöäõòøñçèñùìõòñðèñ÷äï
legislation is increasing, we believe this
will also present opportunities to us
÷ëä÷úèäõèúèïïóïäæèç÷òèûóïòì÷
Our increasing activity to improve
sustainability will put us in a good
position to compete with our peers
as opportunities arise.
àèëäùèñòúóø÷ìñóïäæè÷äõêè÷öéòõ
Scopes 1, 2 and 3. For Scope 3, the
÷äõêè÷æòùèõö÷õäñöóòõ÷ä÷ìòñòé
materials, business travel and
waste disposal.
We have also developed a process
to capture climate-related risks and
opportunities in line with TCFD
reporting requirements and now
have a climate-related risk and
opportunity register.
Climate-related risks and opportunities
Climate change is a global threat and, as such, will continue to have many impacts across our business over the short (1 year), medium (2–5 years)
äñçïòñê÷èõð¤&¢# üèäõö¥×òñè÷ëèïèööúèåèïìèùè÷ëèõèäõèäïöòðäñüòóóòõ÷øñì÷ìèöäöúèäñç÷ëèõèö÷òé÷ëèúòõïçïòòî÷òçèæäõåòñìöèàèéøïïü
öøóóòõ÷÷ëèäìðöòé÷ëèÝÌÏÍäñçäõèøöìñê÷ëìöéõäðèúòõî÷òõèæòõçäñçæòððøñìæä÷è÷ëèìðóäæ÷öòéæïìðä÷èæëäñêèòñòøõåøöìñèööàèäïöòøöè
÷ëìö÷òìðóõòùèòøõçìöæïòöøõèòéæïìðä÷è¡õèïä÷èçĤñäñæìäïìñéòõðä÷ìòñÙïèäöèöèèòøõÝÌÏÍçäöëåòäõçòñóäêè%"éòõéøõ÷ëèõìñéòõðä÷ìòñÊñøóçä÷è
òñöìêñìĤæäñ÷æïìðä÷è¡õèïä÷èçõìöîöäñçòóóòõ÷øñì÷ìèöìöóõòùìçèçåèïòú
Physical-Acute
Transition
Policy and Legal Market
Ïïòòçìñêçõòøêë÷ëèäùüóõèæìóì÷ä÷ìòñäñçò÷ëèõèû÷õèðè
úèä÷ëèõèùèñ÷öúëìæëäõèèûóèæ÷èç÷òìñæõèäöèòùèõ÷ëè
ðèçìøðäñçïòñê÷èõðæäñäģèæ÷òøõäåìïì÷ü÷òæòñçøæ÷
êèò÷èæëñìæäïóõòíèæ÷öÏòõèö÷Ĥõèöëäùèìðóäæ÷èçòøõ
Australian and Western North America business, directly
delaying projects in this area, which could lead to lost
revenue. Flooding in Europe also delayed projects in that
region. These events may also cause harm to our employees
as well as damage to our buildings, yards and equipment.
Our management and project teams take a view on the
õìöîéäæ÷òõö÷ëä÷ðìêë÷äçùèõöèïüìðóäæ÷÷ëèìõäåìïì÷ü÷ò
öøææèööéøïïüçèïìùèõäñüêìùèñóõòíèæ÷Ýëèöèäõèéòõðäïìöèç
within the Group-wide PLM Standard.
Ôèïïèõæòñ÷ìñøèö÷òòģèõñèúäñçöøö÷äìñäåïè÷èæëñìôøèöéòõ
úòõîìñêìñòøõðäõîè÷öÜèèóäêèö$'$)äñç%!éòõðòõè
çè÷äìïöàëèõè÷ëèöèðäõîè÷öäõèèûóòöèç÷òäæø÷èòõ
æëõòñìææïìðä÷èèû÷õèðèöòøõçèöìêñöîìïïöêïòåäïõèäæë
äñçóõòçøæ÷õäñêèèñäåïèøö÷òçèïìùèõöòðèòé÷ëèðòö÷
æòðóïèûóõòíèæ÷öìñ÷ëèìñçøö÷õüàèåèïìèùè÷ëèöèéäæ÷òõö
öè÷øöäóäõ÷éõòðòøõæòðóè÷ì÷òõöäñç÷ëèõèéòõè
äïöòóõèöèñ÷äñòóóòõ÷øñì÷ü
We will look at these impacts, alongside chronic physical
impacts, in more detail with scenario analysis modelling
ïä÷èõìñ" ""
Current and emerging
legislation could impact
òøõĤñäñæìäï
óèõéòõðäñæèòùèõ÷ëè
medium term. As
governments introduce
æäõåòñ÷äûèöäñçò÷ëèõ
legislation, operating
æòö÷öäñç÷ëèæòö÷öòé
raw materials may
increase.
Keller is committed to
reducing the carbon
ìñ÷èñöì÷üòéòøõúòõî
which will aid mitigation
òé÷ëèìðóäæ÷òéäñüïäúö
or regulations. For more
details on what Keller is
çòìñêóïèäöèõèéèõ÷ò
page 47.
There is a risk that our customer base contracts and
switches to our competitors over the medium or
ïòñê÷èõðäöäõèöøï÷òéñò÷õèöóòñçìñê÷òæïìèñ÷
çèðäñçéòõïòúèõ¡æäõåòñöòïø÷ìòñöÝëìöæòøïç
óõòùèðòõèæòö÷ïüéòõóõòíèæ÷öõèïä÷èç÷ò÷ëèæïìðä÷è
÷õäñöì÷ìòñöøæëäöĥòòççèéèñæèóõòíèæ÷öÖòõè
carbon-intensive projects, such as those using jet
êõòø÷ìñêðäüöèèäçèæõèäöèìñæïìèñ÷çèðäñç
Ôèïïèõëäö÷ëèõèéòõèçèùèïòóèçäñøðåèõòéðòõè
sustainable construction solutions which will help
ðì÷ìêä÷è÷ëèöèðäõîè÷õìöîöÏòõèûäðóïèÔèïïèõđö
vibro stone column solution can be used instead
òé÷ëè÷õäçì÷ìòñäïæòñ÷ìñøòøö¡ĥìêë÷äøêèõóìïìñê÷ëìö
÷èæëñìôøèæäñõèçøæè÷ëèèðåòçìèçæäõåòñçìòûìçè
óõòçøæèçåüøó÷ò) ]Öòö÷òé÷ëìööäùìñêìö
äæëìèùèçåüõèóïäæìñê÷ëèøöèòéæòñæõè÷èäñç
õèìñéòõæèçö÷èèïúëìæëëäùèëìêëèðåòçìèçæäõåòñ
with lower embodied carbon stone aggregate.
Ýòëìêëïìêë÷÷ëèåèñèĤ÷öòé÷ëèöèïòúèõèðåòçìèç
carbon techniques , we use the European
standardised EFFC-DFI carbon calculator
÷òçèðòñö÷õä÷è÷ëèæäõåòñöäùìñêöéõòð
alternative solutions.
Keller Group plc Annual Report and Accounts 2021 Strategic Report38

Operational risks
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
Service or
VROXWLRQVIDLOXUH
In designing a product or a
öòïø÷ìòñéòõæøö÷òðèõö
ðäñüéäæ÷òõöñèèç÷òåè
considered including client
requirements, site and
loading conditions and local
constraints (eg
neighbouring buildings,
other underground
structures). Inadequate
çèöìêñòéäæøö÷òðèõ
óõòçøæ÷äñç¦òõöòïø÷ìòñ
may lead to an inability
to achieve the required
standard.
Öìöìñ÷èõóõè÷ä÷ìòñòéæïìèñ÷
requirements or
ðìöæòððøñìæä÷ìòñòé
requirements by the client
may lead to a poorly
designed solution and
æòñöèôøèñ÷ïüéäìïøõè
Link to strategic lever:
Failure to meet quality
standards could damage
our reputation, result in
regulatory action and
legal liability, and impact
Ĥñäñæìäïóèõéòõðäñæè
The liability limitation
óèõìòçòéòøõóõòçøæ÷ö
is generally 12 years;
consequently, a poorly
çèöìêñèçóõòçøæ÷¦
solution could have an
impact on our long-term
óõòĤ÷äåìïì÷ü
Continuing to enhance our technological and
operational capabilities through investment in our
product teams, project managers and our engineering
capabilities.
Îðóïòüìñêêèò÷èæëñìæäïèñêìñèèõö÷ëä÷äõèéòæøöèç
purely on design.
Íìöäö÷èõÛèæòùèõü¦ËøöìñèööÌòñ÷ìñøì÷üÙïäñöìñóïäæè
and reviewed across the Group.
The global product teams set standards, provide
guidance and disseminate best practice across
÷ëèòõêäñìöä÷ìòñéòõòøõèìêë÷îèüóõòçøæ÷ö
We seek to agree liability limits in our contracts
with customers.
Òñöøõäñæèöòïø÷ìòñöäõèìñóïäæè÷òïìðì÷Ĥñäñæìäï
èûóòöøõèòéäóò÷èñ÷ìäïæøö÷òðèõæïäìð
,QHƪHFWLYHH[HFXWLRQ
RIRXUSURMHFWV
Failure to manage our
projects to ensure that they
are delivered on time and to
åøçêè÷çøè÷òøñéòõèöèèñ
ground and site conditions,
weather-related delays,
øñäùäìïäåìïì÷üòéîèü
ðä÷èõìäïöúòõîéòõæè
shortages or equipment
breakdowns.
Link to strategic lever:
Òñäåìïì÷ü÷òöøææèööéøïïü
deliver projects in line
with the agreed
customer requirements
may result in cost
overruns, contractual
disputes and
reputational damage.
Òñèģèæ÷ìùèóõòíèæ÷
çèïìùèõüðäüäïöòèûóòöè
the Group to long-term
obligations including
legal action and
additional costs to
õèðèçüöòïø÷ìòñéäìïøõè
Îñöøõìñêúèøñçèõö÷äñçäïïòéòøõõìöîö÷ëõòøêë÷ëèåìç
appraisal process and applying rigorous policies and
processes to manage and monitor contract
óèõéòõðäñæè
Ensuring we have high-quality people delivering
projects. Keller’s Project Management Academy and
Field Leadership Academy are designed to create
project managers with a consistent skill set across the
entire organisation. The academies cover a broad
õäñêèòé÷òóìæöìñæïøçìñêæòñ÷õäæ÷ðäñäêèðèñ÷
planning, risk assessment, change management,
çèæìöìòñ¡ðäîìñêäñçĤñäñæè
Keller Data Acquisition (KDAQ) system enabling
æòðóäõìöòñòéóèõéòõðäñæèäæõòöööì÷èöøöìñêöìðìïäõ
óõòçøæ÷öìçèñ÷ìĤæä÷ìòñòéäõèäöòéåèö÷óõäæ÷ìæèäñç
ôøìæîïüõäìöìñêäúäõèñèööòéúëèõèìðóõòùèðèñ÷ìö
needed.
Üäéè÷üÜ÷äñçäõçöéòõòóèõä÷ìòñö¤èêóïä÷éòõðæäêè
ëäñçïìñê¥Îôøìóðèñ÷Ü÷äñçäõçöäñçĥèè÷õèñèúäï
The PLM Standard aims to drive a consistent approach
to project delivery with robust controls at every
project phase.
Êéòõðäïö÷õøæ÷øõèçäóóõòäæë÷òÕèäñäñç%Üìöåèìñê
rolled out across the organisation, which is improving
processes and strengthening Keller’s working culture.
Key: Strategic lever Key: Risk movement
Increased riskËäïäñæèçóòõ÷éòïìò Øóèõä÷ìòñäïèûæèïïèñæè
Engineered solutions
Reduced risk
Link to viabilityConstant risk
Îûóèõ÷ìöèäñçöæäïè
Keller Group plc Annual Report and Accounts 2021 Strategic Report 39

Principal risks and uncertainties continued
Operational risks continued
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
Causing a serious injury or
IDWDOLW\WRDQHPSOR\HHRU
DPHPEHURIWKHSXEOLF
Failure to maintain high
ö÷äñçäõçöòéëèäï÷ëäñç
öäéè÷üäñçäñìñæõèäöèìñ
öèõìòøöìñíøõìèöòõéä÷äïì÷ìèö
ïèäçìñê÷òäñèõòöìòñòé
÷õøö÷òéèðóïòüèèöäñç
potential clients.
Link to strategic lever:
Inability to maintain a
positive health and
öäéè÷üæøï÷øõèðäüïèäç
to damage to morale,
an increase in employee
turnover rates and a
decrease in productivity.
Deterioration in health
äñçöäéè÷üóèõéòõðäñæè
ðäüïèäç÷òïòööòé
customer, supplier and
óäõ÷ñèõæòñĤçèñæè
and damage to our
reputation in an area
that we regard as a
top priority.
Ëòäõç¡ïèçæòððì÷ðèñ÷÷òçõìùèëèäï÷ëäñçöäéè÷ü
óõòêõäððèöäñçóèõéòõðäñæèúì÷ëäùìöìòñòé
ýèõòëäõð
Êñèðóëäöìöòñöäéè÷üïèäçèõöëìó÷òèñöøõèåò÷ë
ÑÜÎÚóõòéèööìòñäïöäñçòóèõä÷ìòñäïïèäçèõöçõìùè
ìðóïèðèñ÷ä÷ìòñäñçöøö÷äìñðèñ÷òéòøõöäéè÷ü
standards through ongoing site presence, using
öäéè÷ü÷òøõööäéè÷üäøçì÷ööäéè÷üäæ÷ìòñêõòøóö
and mandatory employee training.
Øñêòìñêìðóõòùèðèñ÷òéèûìö÷ìñêÑÜÎÚöüö÷èðö÷ò
ìçèñ÷ìéüäñçæòñ÷õòïîñòúñäñçèðèõêìñêÑÜÎÚõìöîö
úëìæëæòñéòõð÷òìñ÷èõñäïö÷äñçäõçö
Incident Management Standard and incident
ðäñäêèðèñ÷öòé÷úäõèçõìùìñêäõòåøö÷äñçæòñöìö÷èñ÷
management process across the organisation that
èñöøõèö÷ëèæäøöèòé÷ëèìñæìçèñ÷ìöìçèñ÷ìĤèçäñç
actions are put in place to prevent recurrence.
Not having the right
skills to deliver
Inability to attract and
çèùèïòóèûæèïïèñ÷óèòóïè÷ò
create a high-quality,
ùìåõäñ÷çìùèõöèäñçĥèûìåïè
úòõîéòõæè
Link to strategic lever:
Failure to maintain
öä÷ìöéäæ÷òõü
óèõéòõðäñæèìñõèöóèæ÷
òéòøõæøõõèñ÷óõòíèæ÷ö
äñçéäìïøõè÷òçèïìùèõòøõ
strategy and business
÷äõêè÷öéòõêõòú÷ë
Continuing to invest in our people and organisation in
ïìñèúì÷ë÷ëèéòøõóìïïäõöòé÷ëèÔèïïèõÙèòóïèäêèñçääö
noted below.
Îñöøõìñê÷ëä÷÷ëèĐÛìêë÷Øõêäñìöä÷ìòñđìöìñóïäæè
with people having clear accountabilities; each
òõêäñìöä÷ìòñäïøñì÷ìöóõòóèõïüæòñĤêøõèçúì÷ëä
ðä÷õìûòéïìñèðäñäêèðèñ÷éøñæ÷ìòñäïöøóóòõ÷
äñçóõòçøæ÷èûóèõ÷ìöè
Êöäñìñçøö÷õüïèäçèõ÷ëä÷ÔèïïèõìöðäçèøóòéĐÐõèä÷
People’ that are well trained, motivated and have
òóóòõ÷øñì÷ìèö÷òçèùèïòó÷ò÷ëèìõéøïïóò÷èñ÷ìäïÙõòíèæ÷
ðäñäêèõöäñçĤèïçèðóïòüèèöõèæèìùèæòðóõèëèñöìùè
÷õäìñìñêóõòêõäððèöúëìæëæòùèõäåõòäçõäñêèòé
topics including contract management, planning, risk
assessment, change management, decision-making
äñçĤñäñæè
Êö÷õòñêéòæøöòñ÷ëèĐÎûæèó÷ìòñäïÙèõéòõðäñæèđ
òéèðóïòüèèöìñçèïìùèõìñêæòððèõæìäïòø÷æòðèö
öäéèïüéòõÔèïïèõåäöèçøóòñóõòíèæ÷öøææèööèöéòõ
our customers. Business leaders are incentivised to
çèïìùèõ÷ëèìõäññøäïĤñäñæìäïäñçöäéè÷üæòððì÷ðèñ÷ö
to the Group.
ÝëèĐÔèïïèõàäüđóõòùìçèöêøìçäñæè÷ò÷ëèæòðóäñüđö
employees and leaders to comply with local laws
äñçúòõîúì÷ëìñÔèïïèõđöùäïøèöäñçÌòçèòé
ËøöìñèööÌòñçøæ÷
We are seeing increased
æòðóè÷ì÷ìòñéòõöîìïïèç
personnel as well as
ìñĥä÷ìòñäõüóõèööøõèòñóäü
across many locations
where Keller operates. This
is leading to increased risk
around recruiting and
õè÷äìñìñêö÷äģúì÷ë÷ëèõìêë÷
skills to deliver.
Keller Group plc Annual Report and Accounts 2021 Strategic Report40

Operational risks continued
Risk Potential impact Demonstrable mitigation Risk movement (since 2020)
5LVNRISRWHQWLDO
disruption in the business
operations, reputational
damage and/or loss or
FRUUXSWLRQRIGDWD
WKURXJKH[WHUQDORU
internal technical threats
and malicious action
Òñéòõðä÷ìòñöèæøõì÷üäñç
cyber threats are a concern
across industries
worldwide. The introduction
òéçìêì÷äïöòïø÷ìòñööøæëäö
InSite and KDAQ increases
the Group’s reliance on IT
and its inherent cyber risk
èûóòöøõè
Link to strategic lever:
Cyber security breach
æòøïçõèöøï÷ìñïèäîäêèòé
óõòóõìè÷äõüìñéòõðä÷ìòñ
operational disruptions,
äñçïòööòéèðóïòüèè
and customer data.
Ëøìïçìñêäæüåèõöèæøõì÷üäñçìñéòõðä÷ìòñäööøõäñæè
team and services.
Ëøìïçìñêäýèõò÷õøö÷ïäüèõèç÷èæëñòïòêüæäóäåìïì÷ü
Ìõèä÷ìòñòéäñÒñéòõðä÷ìòñÜèæøõì÷üÖäñäêèðèñ÷
Üüö÷èðéõäðèúòõîõèéèõèñæìñêìñçøö÷õüö÷äñçäõçö
to ensure appropriate governance, control and risk
ðäñäêèðèñ÷äñç÷ëèñòñúäõçðäñäêèðèñ÷éòõ
æòðóïìäñæèðä÷øõì÷üäñççèùèïòóðèñ÷òéöèõùìæè
Òñ÷õòçøæ÷ìòñòé÷èæëñìæäïæäóäåìïì÷ìèöäñçöèõùìæèö÷ò
éøõ÷ëèõèñäåïèóõèùèñ÷ìòñçè÷èæ÷ìòñóõèçìæ÷ìòñäñç
response services.
Öøï÷ì¡éäæ÷òõäø÷ëèñ÷ìæä÷ìòñéòõäïïøöèõöóõèùèñ÷ö
unauthorised access to Keller’s networks and
applications.
Advanced threat protection on all IT equipment
delivers comprehensive, ongoing and real-time
protection against viruses, malware and spyware.
Íä÷äóõò÷èæ÷ìòñéõäðèúòõî÷òèñöøõèæòðóïìäñæè
with the General Data Protection Regulation (GDPR)
äñçò÷ëèõö÷äñçäõçöòéçä÷äóõò÷èæ÷ìòñ
The threat landscape
continues to evolve each
year and so we continue
to adapt our monitoring,
detection, prevention and
education processes to
maintain a balanced risk
perspective.
We assess cyber risks and
determine appropriate
äæ÷ìòñöéòõòøõåøöìñèöö
Îûìö÷ìñêæäóäåìïì÷ìèö
continue to be deployed
äñçèñëäñæèçìéñèèçèç
Êöäñèûäðóïèëäùìñêöèèñ
over the last two years the
õìöèìñ÷ëèñøðåèõòé
ransomware attacks and
÷ëèìñæõèäöèçñøðåèõòé
reported attacks that target
backup as well as
production environments
across all industries, we
have implemented a backup
öòïø÷ìòñéòõîèüöèõùìæèö
that is immutable and
cannot be encrypted.
Key: Strategic lever Key: Risk movement
Increased riskËäïäñæèçóòõ÷éòïìò Øóèõä÷ìòñäïèûæèïïèñæè
Engineered solutions
Reduced risk
Link to viabilityConstant risk
Îûóèõ÷ìöèäñçöæäïè
Keller Group plc Annual Report and Accounts 2021 Strategic Report 41

ESG and sustainability
Our corporate purpose,
‘building the foundations
for a sustainable future’, is
at the heart of everything
we do. As the Director
responsible for ESG and
sustainability on the Board
I am passionate and
committed to this topic.
Ýòõèĥèæ÷÷ëèêõòúìñêìðóòõ÷äñæèòéÎÜÐ
ðä÷÷èõöäñç÷òóõòùìçèêõèä÷èõéòæøöäñç
oversight, we announced in July 2021 that
the Board had established two new Board
Committees: the Environment Committee
and the Social and Community Committee.
In addition, the Audit and the Nomination
Committees were renamed the Audit and
Risk and the Nomination and Governance
Ìòððì÷÷èèöõèöóèæ÷ìùèïü÷òåè÷÷èõõèĥèæ÷
÷ëèìõõèðì÷ö
Further detail with regard to the membership
äñç÷èõðöòéõèéèõèñæèéòõ÷ëèöèÌòððì÷÷èèö
æäñåèéòøñçòñóäêè'(ÝëìöñèúÌòððì÷÷èè
ö÷õøæ÷øõèäïïòúöéòõêõèä÷èõçèó÷ëòé
èñêäêèðèñ÷äñçæòñùèõöä÷ìòñäñçæïèäõéòæøö
ìñçõìùìñêéòõúäõçòøõÎÜÐäêèñçääôøäõ÷èõïü
report on all ESG initiatives and deliverables by
the Group Company Secretary and Legal
Advisor, to the Board, assures a clear reporting
line on all ESG matters to me. In 2022 we have
óø÷ìñóïäæèäñøðåèõòéðèäöøõèöäñç÷äõêè÷ö
÷òåò÷ëõèĥèæ÷ÔèïïèõđöÎÜÐóõìòõì÷ìèöäñçðèè÷
increased reporting and compliance obligations
in this area.
We structure our approach to ESG and
öøö÷äìñäåìïì÷üäææòõçìñê÷ò÷ëèéòøõÙö¢Ùïäñè÷
ÙèòóïèÙõìñæìóïèöäñçÙõòĤ÷äåïèóõòíèæ÷ö¢äñç
align our sustainability strategy with the United
Nations Sustainable Development Goals (SDGs).
See page 44. These provide a holistic language to
æòððøñìæä÷èòøõöøö÷äìñäåìïì÷üéõäðèúòõîúì÷ë
äïïòøõö÷äîèëòïçèõöõèêäõçïèööòéöìýèæòðóïèûì÷ü
òõïòæä÷ìòñØé÷ëè!'ÜÍÐöúèöóèæìĤæäïïüéòæøö
on those that are most closely aligned to Keller’s
core business and where we can have the
greatest impact. We actively target SDGs 3, 4, 5,
! !!!"!#!%!&äñç!'öóäññìñêäõäñêèòé
environmental, social and economic priorities.
Peter Hill CBE
Chairman
ESG and
sustainability
area
UN SDG
alignment Objective .3,SHUIRUPDQFH
Further
reading
Planet Carbon
reduction
We are committed to reducing the carbon intensity
òéòøõúòõîäñçìñæõèäöìñê÷ëèôøäïì÷üäñçêõäñøïäõì÷ü
òéòøõæäõåòñõèóòõ÷ìñê
ÌÍÙöæòõèË Page 47
Êåöòïø÷è÷òññèöòéÌØ
2
e per £m revenue, 85 Page 48
People 6DIHW\ àèúäñ÷èùèõüóèõöòñúëòúòõîöéòõøöòõúì÷ëøö
÷òêòëòðèöäéèïüä÷÷ëèèñçòéèäæëçäü
Êææìçèñ÷éõèôøèñæüõä÷è
 'óèõ!  ëòøõöúòõîèç
Page 58
Total recordable incident rate,
&#óèõ!  ëòøõöúòõîèç
Page 58
Gender
equality
We are Keller recognises and embraces the broadest
çèĤñì÷ìòñòéçìùèõöì÷üÐèñçèõèôøäïì÷üäñç
empowerment is a UN sustainability development
goal we have committed to progressing.
]òéúòðèñìñöèñìòõïèäçèõöëìó!(]
Page 56
]òéúòðèñèñêìñèèõö!#]
Page 56
]òéúòðèñèñêìñèèõìñêêõäçøä÷èö
and apprenticeships, 13%
Page 56
Quality
education
We are committed to investing in our emerging talent
äñçåøìïçìñêçìùèõöèæäóäåìïì÷üéòõ÷ëèéø÷øõè
×øðåèõòéèñêìñèèõìñêêõäçøä÷èö
apprenticeships, intern and co-op
opportunities, 238
Page 63
Principles Good
governance
àèúäñ÷äñèģèæ÷ìùèìñ÷èõñäïéõäðèúòõîòéöüö÷èðö
äñçæòñ÷õòïöìñóïäæèúëìæëæïèäõïüçèĤñèöäø÷ëòõì÷ü
and accountability and promotes success whilst
óèõðì÷÷ìñê÷ëèäóóõòóõìä÷èðäñäêèðèñ÷òéõìöî
ESG Committee structure and reporting
éõäðèúòõîìñóïäæè
Page 64
Partnerships àèúäñ÷÷òóäõ÷ñèõúì÷ëĐïìîè¡ðìñçèçđòõêäñìöä÷ìòñö
to drive change in our organisation and the wider
geotechnical industry.
Donation to UNICEF’s Vaccines Appeal,
£300,000
Page 65
:HKDYHVHWRXUƬUVWQHW
zero targets by 2050.
Global initiatives Local initiatives
Our key ESG and sustainability metrics
Keller Group plc Annual Report and Accounts 2021 Strategic Report42

2XUUROHLQEXLOGLQJWKHIRXQGDWLRQV
IRUD|VXVWDLQDEOHIXWXUH
Üøö÷äìñäåìïì÷üìöä÷÷ëèëèäõ÷òéÔèïïèõđöö÷õä÷èêüéòõåøìïçìñê÷ëèéòøñçä÷ìòñö
éòõäöøö÷äìñäåïèéø÷øõèÊ÷Ôèïïèõúèäõèæòððì÷÷èç÷òåè÷÷èõøñçèõö÷äñçìñê
our contribution to sustainable development and work collaboratively with
òøõæøö÷òðèõöäñçö÷äîèëòïçèõö÷òìðóõòùèöøö÷äìñäåìïì÷üàèçèĤñèúëä÷
öøö÷äìñäåìïì÷üðèäñö÷òÔèïïèõøöìñê÷ëèéòøõÙö
)RUPRUHLQIRUPDWLRQ
See pages 45 to 52
)RUPRUHLQIRUPDWLRQ
See pages 53 to 63
)RUPRUHLQIRUPDWLRQ
See pages 64 and 65
+RZZHGHƬQH(6*
People
We operate in a way
WKDW|UHVSHFWVSHRSOHDQG
their health, safety and
environment, always
VWULYLQJ|IRU]HURKDUP
Our motivating and
LQFOXVLYHFXOWXUHPDNHV
XV|DJRRGHPSOR\HU
that people are proud
WRZRUN|IRU
Principles
$QHƪHFWLYHIUDPHZRUN
of systems and controls
HQVXUHVZHPDQDJHULVN
and run our company well,
DQGZHVHHNRXWSDUWQHUV
who understand our
principles and the
standards we operate by.
Planet
We are helping to build a
sustainable future by using
less resources, reducing
carbon emissions and
reducing waste across our
operations, whilst playing
DSRVLWLYHUROH|LQRXUORFDO
communities, the
environment and wider
society.
This year we saw continued progress against our
éòøõêïòåäïÜÍÐìñì÷ìä÷ìùèöéòæøöèçòñæäõåòñ
õèçøæ÷ìòñêèñçèõÍÎÒöäéè÷üäñçêòòç
êòùèõñäñæèÝëèõèäõèäñøðåèõòéäççì÷ìòñäï
local initiatives, where our business units can
éòæøöòñäõèäöòéöøö÷äìñäåìïì÷ü÷ëä÷äõèðòö÷
relevant to their local markets.
Òðóòõ÷äñ÷ïüìñõèöóèæ÷òéæäõåòñõèçøæ÷ìòñ
úèëäùèöè÷äðåì÷ìòøöäñçäæëìèùäåïèñè÷ýèõò
targets by 2050. We believe that carbon targets
are essential to mitigate global climate-related
risks while we pursue climate-related
opportunities in our operations and contracts.
We divide our emission targets using the scopes
set out in the Greenhouse Gas Protocol. We will
åèñè÷ýèõòäæõòööäïï÷ëõèèèðìööìòñöæòóèöåü
" % ñè÷ýèõòòñÜæòóè"åü" # ñè÷ýèõò
òñÜæòóè!åü" $ äñçñè÷ýèõòåü" % òñ
Operational Scope 3. We have started the
journey to implement the short, medium and
long-term actions required to achieve these
goals. We have also started to report against
the requirements set out in the Task Force on
Climate-Related Financial Disclosures; however,
øñçèõö÷äñçìñê÷ëèæòö÷öäñçòóóòõ÷øñì÷ìèöòé
climate change to our business will take some
time and we are actively progressing this
øñçèõö÷äñçìñêìñ" ""Ïøõ÷ëèõìñéòõðä÷ìòñ
æäñåèéòøñçòñóäêè%"
I was pleased that our CDP score improved in
" "!÷òäËäñçúòøïçïìîè÷ò÷ëäñîòøõúòõîéòõæè
éòõ÷ëèìõèģòõ÷öäæõòöö÷ëèÎÜÐäêèñçä
3URƬWDEOHSURMHFWV
We continually innovate to support more environmentally
sustainable construction, actively transforming our
product portfolio to help our customers use fewer
resources, reduce their carbon emissions and improve
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RXUEXVLQHVVKHOSVGLƪHUHQWLDWHXVIURPRXUFRPSHWLWRUV
DQGKHOSVXVDFKLHYHORQJWHUPSURƬWDELOLW\DQGJURZWK
Keller Group plc Annual Report and Accounts 2021 Strategic Report 43

Beneath each of the
four Ps, we align our
initiatives to the
816XVWDLQDEOH
Development
Goals (SDGs).
Ýëèöèêòäïöóõòùìçèäæòððòñïäñêøäêèéòõ
us to communicate sustainability initiatives
êïòåäïïüåò÷ë÷òòøõìñ÷èõñäïäñçèû÷èõñäï
ö÷äîèëòïçèõöàèëäùèéòøõêïòåäïÜÍÐ
initiatives, with the whole Keller Group
éòæøöèçòñæäõåòñêèñçèõÍÎÒöäéè÷üäñç
êòòçêòùèõñäñæèàè÷ëèñëäùèäñøðåèõòé
other local initiatives, where our business units
æäñéòæøöòñäõèäöòéöøö÷äìñäåìïì÷ü÷ëä÷äõè
most relevant to our local markets. To measure
óõòêõèööòñ÷ëèöèÜÍÐöúèøöèðè÷õìæöéõòð
GRI and the SDG compass.
ÔèïïèõđöÌëäìõðäñëäöøï÷ìðä÷èõèöóòñöìåìïì÷üéòõ
ESG and sustainability on the Board, including
æïìðä÷èæëäñêè÷òóìæöÝëìöõèĥèæ÷ö÷ëè
ìðóòõ÷äñæèòé÷ëèöèìööøèö÷òòøõæòõè
business, ensuring sustainability-related risks
and opportunities are viewed at the highest
ïèùèïàèçèöæõìåè÷ëìöéøõ÷ëèõòñóäêè&$äñç
in the Governance report.
Ëò÷ë÷ëèÎûèæø÷ìùèÌòððì÷÷èèäñçÔèïïèõđö
divisions are represented on the Sustainability
Steering Committee. This Management
Ìòððì÷÷èèäïïòúöçìùìöìòñöäñçéøñæ÷ìòñö
to raise sustainability challenges, including
æïìðä÷è¡õèïä÷èç÷òóìæö÷ò÷ëèèûèæø÷ìùèäñç
ultimately to the Board. It also acts as a place
to share sustainability best practices between
divisions and discuss sustainability strategy.
Meetings are held quarterly and are structured
äõòøñçÔèïïèõđöéòøõÙöçèçìæä÷ìñê÷ìðè÷òÙïäñè÷
ÙèòóïèÙõìñæìóïèöäñçÙõòĤ÷äåïèóõòíèæ÷ö
ESG and sustainability continued
2XUIUDPHZRUN
3URƬWDEOHSURMHFWV
Planet
See pages 45 to 52
People
See pages 53 to 63
Principles
See pages 64 and 65
.HOOHUpVIRXU3VDriver
Global
initiatives
Local
initiatives
Carbon reduction
See pages 45 to 48
Resilient cities
See page 50
Resource use and
waste reduction
See page 49
Tackling pollution
See page 51
Safety
See page 58
Good health and wellbeing
See pages 59 to 61
Race DEI
See pages 54 and 55
Quality education
See pages 62 and 63
Good governance
See page 64
Partnerships
See page 65
Gender DEI
See pages 53 to 57
Improvement
imperative
Environment Social Governance
Keller Group plc Annual Report and Accounts 2021 Strategic Report44

Îûóèæ÷èçèðìööìòñöäñçøñæèõ÷äìñ÷üõèïä÷ìùè÷òåäöèïìñè Stretch target
Øģöè÷÷ìñê
can control net
emissions
Some
clients
already
òģöè÷
projects
Acceleration
éõòðõìêèñêìñè
ðäñøéäæ÷øõèõö
Ïìñäï! ]òéäïï
countries’ emissions
slower to decarbonise
Collaborate and
òģöè÷÷òðäîè
carbon neutral
solution
Scope 1
×è÷ýèõò
by 2040
Scope 2
×è÷ýèõò
by 2030
Scope 3
Operational
2020 2030 2040 2050
Dependent on supplier
innovation and active
partnerships
Client
òģöè÷÷ìñê
likely to
increase
Scope 3
Üæòóè#õèóõèöèñ÷öäïïò÷ëèõìñçìõèæ÷èðìööìòñöéõòðÔèïïèõđö
öøóóïüñè÷úòõîÝëìöðèäñöÜæòóè#ìö÷ëèïäõêèö÷óõòóòõ÷ìòñòé
ÔèïïèõđöèðìööìòñöÝòõèĥèæ÷úëèõèúèåèïìèùèúèæäñëäùè÷ëè
ðòö÷ìðóäæ÷úèäõèìñì÷ìäïïüéòæøöìñêòñØóèõä÷ìòñäïÜæòóè#
æòùèõìñêåøöìñèöö÷õäùèï÷õäñöóòõ÷ä÷ìòñòéðä÷èõìäïöäñçúäö÷è
disposal. Whilst Keller looks to reduce Scope 3 emissions by
changing resource and service demand, we are still dependent on
our supply network decarbonising their activities to achieve net
ýèõòàëìïö÷úèúòõîúì÷ë÷ëòøöäñçöòéïòæäïöøóóïìèõöúòõïçúìçè
úèäõèïòòîìñê÷òïèùèõäêèòøõöøóóïüñè÷úòõîäñçéòõðö÷õä÷èêìæ
partnerships to help decarbonise our overall operations. We have
öè÷äñè÷ýèõò÷äõêè÷éòõØóèõä÷ìòñäïÜæòóè#÷òäæëìèùèåü" % 
Scope 2
Üæòóè"æòùèõöìñçìõèæ÷èðìööìòñöéõòð÷ëèèïèæ÷õìæì÷üúèøöè
Ýëèöèèðìööìòñöðòö÷ïüòææøõäöäõèöøï÷òéèïèæ÷õìæì÷üøöèìñòøõ
òĦæèöäñçðäìñ÷èñäñæèüäõçöÝëìöðäîèöÜæòóè"÷ëèöðäïïèö÷
òéÔèïïèõđö÷ëõèèèðìööìòñÜæòóèöÜæòóè"ìöçèóèñçèñ÷òñ÷ëè
æäõåòñìñ÷èñöì÷üòéèñèõêüêèñèõä÷ìòñìñ÷ëèæòøñ÷õìèöìñúëìæë
we operate, but there are many opportunities to save electricity.
ÝëèöèöäùìñêöëäùèäïõèäçüìñæïøçèçèñèõêüèĦæìèñæü
improvements to our equipment and lighting, as well as
êèñèõä÷ìñêòøõòúñõèñèúäåïèèñèõêüÝëèõèéòõèúèëäùè
öè÷ä÷äõêè÷÷òåèñè÷ýèõòÜæòóè"åü" # 
Scope 1
Üæòóè!æòùèõöòøõçìõèæ÷èðìööìòñöÝëèöèðòö÷ïüäõìöèéõòð÷ëè
éøèïøöèòéòøõõìêöäñçÔèïïèõùèëìæïèöÊïõèäçüúèëäùèæòñ÷ìñøäïïü
decreased or maintained our Scope 1 emissions per £m revenue
üèäõòñüèäõöìñæè" !%Òñ÷èõðöòéÜæòóè!õèçøæ÷ìòñ÷ëìöüèäõ
úè÷õìäïïèçëüçõòêèñä÷èçùèêè÷äåïèòìïåìòéøèïìñòøõõìêöéòõ÷ëè
Ĥõö÷÷ìðèÝëìöìñì÷ìä÷ìùèäïòñêöìçèðäñüò÷ëèõöõèóõèöèñ÷ö
ö÷èóóìñêö÷òñèöìñòøõĥèè÷äñçðäæëìñèõüçèæäõåòñìöä÷ìòñ
ö÷õä÷èêüàè÷ëèõèéòõèäìð÷òõèäæëñè÷ýèõòéòõÜæòóè!
emissions by 2040.
Journey to net zero
Ýëìöüèäõúèöè÷òøõĤõö÷¡èùèõ
ñè÷ýèõòæäõåòñ÷äõêè÷öÝëèöè
targets represent Keller’s
commitment to the planet
äöúèåøìïç÷ëèéòøñçä÷ìòñö
éòõäöøö÷äìñäåïèéø÷øõè
Ýëèöèäåöòïø÷è÷äõêè÷öúìïïëèïóøöðì÷ìêä÷èéø÷øõèæïìðä÷è¡õèïä÷èçõìöîöäñçõèæòêñìöè
climate-related opportunities. We divide our emissions targets using the scopes set out
ìñ÷ëèÐÑÐÙõò÷òæòï
Emissions targets
Scope Net zero target
1 ×è÷ýèõòåü" $
2 ×è÷ýèõòåü" #
3 Operational ×è÷ýèõòåü" %
Planet
Keller Group plc Annual Report and Accounts 2021 Strategic Report 45

The carbon hierarchy
5HODWLYHVL]HRIRXUHPLVVLRQVDSSUR[LPDWH
Ýëè÷ìðèéõäðèäñçïèäçìñê÷äõêè÷öúèöè÷éòõ
èäæëñè÷ýèõòæòððì÷ðèñ÷õèĥèæ÷÷ëèöìýèäñç
÷ëèïèùèïòéæòñ÷õòïúèëäùèòùèõèäæëèðìööìòñ
Scope (see below).
Ýòäæëìèùèòøõñè÷ýèõò÷äõêè÷öúèëäùèöè÷ä
ñøðåèõòéïèäçìñê÷äõêè÷öÝëèöèäõèðòö÷ïü
ìñì÷ìäïïüéòæøöèçòñìðóõòùìñêòøõðèäöøõèðèñ÷
and innovation. To achieve these leading and net
ýèõò÷äõêè÷öúèäóóïü÷ëèæäõåòñëìèõäõæëü÷ò
reduce the carbon intensity across all our
operations. This helps us decarbonise all our
éøñæ÷ìòñöéõòðóõòæøõèðèñ÷÷òòøõöì÷è
operations. First, we look to eliminate emissions
æòðóïè÷èïü÷ëìöìñæïøçèöøöìñêÖìæõòöòé÷
Teams rather than travelling, or using ground
ìðóõòùèðèñ÷÷òèïìðìñä÷è÷ëèñèèçéòõ
æòñæõè÷èäñçö÷èèïéòøñçä÷ìòñö
×èû÷úèïòòî÷òõèçøæèèðìööìòñööøæëäö
÷ëõòøêëõèçøæìñê÷ëèñøðåèõòéóìïèöòñä
project, reducing pile diameter and length, and
÷ëõòøêëøöìñêðòõèèñèõêü¡èĦæìèñ÷èôøìóðèñ÷
From there, we look to substitute emission
sources, such as using lower carbon cement,
recycled materials or lower carbon energy. Finally,
éòõ÷ëòöèõèðäìñìñêèðìööìòñöúèúìïïøï÷ìðä÷èïü
ïòòî÷òøöèäææõèçì÷èçæäõåòñöæëèðèö÷òòģöè÷
Eliminate emissions completely
èêÝèäðöìñö÷èäçòé÷õäùèïèïìðìñä÷èæòñæõè÷è
cement and steel
Reduce emissions
èêõèçøæèñøðåèõòéóìïèöäñçóìïèçìäðè÷èõìðóõòùè÷ëè
èĦæìèñæüòéòøõóõòæèööèö
Substitute emission sources
èêïòú¡æäõåòñæèðèñ÷öõèæüæïèçö÷èèï¦äêêõèêä÷èòĦæèö
powered by renewable power
Compensate
èêæäõåòñ¡ñèêä÷ìùèöòïø÷ìòñöæäõåòñòģöè÷÷ìñê
¤Đæäõåòñæõèçì÷öđ¥
Eliminate
Reduce
Substitute
Compensate
ESG and sustainability continued
these emissions. Additionally, multiple Keller
åøöìñèööøñì÷öäïõèäçüòģèõæïìèñ÷ö÷ëèäåìïì÷ü
÷òóøõæëäöèæäõåòñòģöè÷öéòõ÷ëèèðåòçìèç
æäõåòñòé÷ëèìõéòøñçä÷ìòñö
Many carbon savings, such as eliminating travel,
øöìñêêõòøñçìðóõòùèðèñ÷òõõèçøæìñê÷ëèöìýè
òéóìïèöòģèõĤñäñæìäïöäùìñêöÑòúèùèõúè
acknowledge that some innovations, such as
÷ëèøöèòéåìòéøèïöòõøóêõäçìñêòøõõìêöúìïï
õèóõèöèñ÷äñìñì÷ìäïæäóì÷äïèûóèñçì÷øõèòõæòö÷
to the business. This will be captured in the
ÝÌÏÍöæèñäõìòäñäïüöìöìññèû÷üèäõđöäññøäï
report disclosure.
Planet continued
Scope 1 Scope 2
Directly within Keller
<DUGDQGRƯFH
electricity
Transport
and travel
Materials
Site waste
Diesel –
RWKHUHTXLSPHQW
On-site
diesel – rigs
×è÷ýèõò" $ ×è÷ýèõò" # ×è÷ýèõò" %
,QVXSSO\QHWZRUN
Scope 3
Keller Group plc Annual Report and Accounts 2021 Strategic Report46

As in previous years, Keller disclosed our
óèõéòõðäñæè÷òÌÍÙÌÍÙäööèööèö÷ëè
æäõåòñìñ÷èñöì÷üòéÔèïïèõđöòóèõä÷ìòñöäöúèïï
äöòøõäåìïì÷ü÷òìçèñ÷ìéüäñçðì÷ìêä÷èæïìðä÷è¡
related risks and opportunities. In 2021, we
äæëìèùèçäöæòõèòéËÝëìöìöäñìðóõòùèðèñ÷
on our score in 2020, with improvements in all
disclosure categories. This means Keller remains
äåòùè÷ëèêïòåäïäùèõäêèÌÍÙöæòõèòéäË¡Üìñæè
÷ëìöÌÍÙöæòõèõèĥèæ÷öòøõóõòêõèööìñ" " ÷ëè
score does not include our progress on setting
ñè÷ýèõò÷äõêè÷öñòõòøõìðóõòùèðèñ÷öòñÝÌÏÍ
climate risks and opportunities disclosures. These
öëòøïçåèõèĥèæ÷èçìññèû÷üèäõđöÌÍÙöæòõè
Ôèïïèõëäöäñøðåèõòéòñêòìñêìñì÷ìä÷ìùèö÷ò
ìðóõòùè÷ëèèñèõêüèĦæìèñæüòéòøõòóèõä÷ìòñö
Òñ÷èõðöòéÜæòóè!õèçøæ÷ìòñöäïï÷ëèõìêöúè
óõòçøæèçìñ" "!úèõèèïèæ÷õòëüçõäøïìæòõĤ÷÷èç
with the latest tier 5 engines. This reduces our
èðìööìòñöòñöì÷èìðóõòùèöéøèïèĦæìèñæüäñç
õèçøæèöòøõéøèïæòñöøðó÷ìòñÝëõòøêëòøõ
ìñ¡ëòøöèõìêðäñøéäæ÷øõèõöúèäõèæòñö÷äñ÷ïü
ìññòùä÷ìñê÷òçèùèïòó÷ëèõìêöòé÷ëèéø÷øõè÷ëìö
ìñæïøçèöçèùèïòóìñêðòõèèĦæìèñ÷ðäæëìñèõü
äñç÷õìäïïìñêåìòéøèïöìñòøõõìêöØøõùèëìæïèĥèè÷
ìöäïöòäïäõêèöòøõæèòéèðìööìòñöÝëèõèéòõè
in North America, where vehicle emissions are
largest, we are trialling hybrid trucks as a way to
reduce carbon emissions and improve air quality.
ØøõÜæòóè"èðìööìòñöäõèóõèçòðìñäñ÷ïüéõòð
óèõðäñèñ÷òóèõä÷ìòñöìñòøõòĦæèöäñçüäõçö
Òñóäõ÷ìæøïäõòøõõìêðäñøéäæ÷øõìñêçìùìöìòñÔÐÜ
ëäöòñèòé÷ëèïäõêèö÷ìñçìùìçøäïüäõçèðìööìòñö
ìñÔèïïèõÐõòøóàèëäùè÷ëèõèéòõèóïäæèç
óäõ÷ìæøïäõéòæøöòñçèæäõåòñìöìñê÷ëìöüäõçúì÷ë
äöóèæìĤææäõåòñõèçøæ÷ìòñö÷õä÷èêüÝëìöëäö
åèèñéøñçèçéõòðÔÐÜđèûìö÷ìñêõòïïìñêåøçêè÷
éòõìðóõòùìñê÷ëèìõüäõçäñçèôøìóðèñ÷Êïïòøõ
European business units are implementing
õèæòððèñçä÷ìòñöéõòðÎñèõêüÎĦæìèñæü¦
ESOS audits, with improvements including
ìñö÷äïïìñêÕÎÍïìêë÷öõèóïäæìñêòïçöìñêïè¡êïäýèç
windows and educating employees about
öäùìñêèñèõêüÌèõ÷äìñòĦæèööøæëäö÷ëèÞÔ
and Austria, generate their own renewable
energy using solar panels. Similarly, multiple
branches, such as Germany and the UK, have
öúì÷æëèç÷òèñ÷ìõèïüêõèèñèñèõêü÷äõìģö
Both Keller’s Scope 1 and Scope 2 emissions
äõèìñçèóèñçèñ÷ïü÷ëìõç¡óäõ÷üùèõìĤèçÝëìöìöäñ
important step that we take to properly monitor
progress on our carbon targets and mitigate key
climate-related risks.
In 2021, we started proactively monitoring our
Scope 3 emissions on key projects, training over
100 employees on the EFFC – DFI embodied
æäõåòñæäïæøïä÷òõÝëìöëäöèñäåïèçøö÷òòģèõ
lower-carbon solutions to our clients, as well
äöëèïóìñêìçèñ÷ìéüæäõåòñ¡ìñ÷èñöìùèÜæòóè#
ëò÷öóò÷ö÷ò÷äõêè÷úì÷ëéø÷øõèæäõåòñ
reduction initiatives.
Carbon reduction
As we highlight in our journey to
ñè÷ýèõòÔèïïèõìöæòððì÷÷èç÷ò
reducing the carbon intensity
òéòøõúòõîäñçìñæõèäöìñê÷ëè
ôøäïì÷üäñçêõäñøïäõì÷üòéòøõ
carbon reporting. Throughout
2021, we continued to measure
òøõóèõéòõðäñæèòñæäõåòñ
reduction, and wider climate
change governance, in a
ñøðåèõòéçìģèõèñ÷úäüö
Kimberly Martin joined Keller in December
2020. As Senior Engineer for Innovation and
Üøö÷äìñäåìïì÷üöëèìö×òõ÷ëÊðèõìæäđöĤõö÷
engineer focused on sustainability.
Kimberly is a leading light in the geotechnical
sector’s sustainability journey. She is an active
ðèðåèõòé÷ëèÐèò¡Òñö÷ì÷ø÷èäñçÍèèó
Foundations Institute sustainability
committees. She has also been selected
÷òöì÷òñ÷ëèåòäõçéòõ÷ëèÒñö÷ì÷ø÷èòéÌìùìï
Engineers’ Engineering Sustainability journal.
Êöóäõ÷òé÷ëìöíòøõñèüÔìðåèõïüëäöåèêøñ÷ò
roll out the sector’s standard carbon calculator
in Keller North America.
ēÝòðäîèì÷èäöüéòõóõòíèæ÷ðäñäêèõö÷ò
use, we’ve connected the calculator to our
estimation spreadsheet,” says Kimberly.
“This allows us to quickly compare techniques
and highlight low-carbon options to our
clients, putting us in a stronger position to
win work.”
Focusing engineering on sustainability
Case study
As well as being the right thing to
do, sustainability is becoming more
important for clients, particularly
those who want support in
õèäæëìñê÷ëèìõòúñ÷äõêè÷öĔ
Kimberly Martin
ÜèñìòõÎñêìñèèõéòõÒññòùä÷ìòñäñç
Sustainability, Keller North America
Kimberly is also looking at how we can reduce
÷ëèæäõåòñéòò÷óõìñ÷òéòøõ÷èæëñìôøèöÒñä
öèõìèöòéìññòùä÷ìòñóõòíèæ÷öÔìðåèõïüìöúòõîìñê
äïòñêöìçè÷ëè×òõ÷ëÊðèõìæäÜòìïÖìûìñêÙõòçøæ÷
Ýèäð÷òìñùèö÷ìêä÷è÷ëèøöèòéïòúèõ¡æäõåòñ
ðä÷èõìäïöäñçðìûçèöìêñöÝëè÷èäðđöêòäïöäõè
to decrease Portland cement consumption and,
ìñöòðèæäöèöìðóõòùèðìûäåìïì÷üúëìæëæäñïèäç
to a reduction in diesel use.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 47

ESG and sustainability continued
Planet continued
2021
2020
90 60
60
00
0
15 15
15
30 30
30
45 60 75 45
45
1RUWK$PHULFDoV Europe (‘000s)
AMEA (‘000s)
Equipment diesel Petrol
Natural gas
Diesel
Electricity Ø÷ëèõéøèïö
Third-party assurance statement
Òñçèóèñçèñ÷ùèõìĤæä÷ìòñìñäææòõçäñæèúì÷ëåèö÷
practices required by ISO 14064-3 Standard on
the Scope 1 and Scope 2 GHG accounts has
been provided by Carbon Intelligence. Their
öøððäõüòóìñìòñìöóõòùìçèçåèïòú¤éøïïòóìñìòñ
and recommendations are available on request).
Ëäöèçòñ÷ëèçä÷ääñçìñéòõðä÷ìòñóõòùìçèçåü
Keller and the processes and procedures
conducted, Carbon Intelligence concludes with
limited assurance that the GHG assertion:
• is materially correct;
• ìöäéäìõõèóõèöèñ÷ä÷ìòñòé÷ëèÐÑÐèðìööìòñö
çä÷ääñçìñéòõðä÷ìòñäñç
• is prepared in accordance with the criteria
listed above.
It is our opinion that Keller has established
äóóõòóõìä÷èöüö÷èðöéòõ÷ëèæòïïèæ÷ìòñ
äêêõèêä÷ìòñäñçäñäïüöìöòéôøäñ÷ì÷ä÷ìùèçä÷äéòõ
çè÷èõðìñä÷ìòñòé÷ëèöèÐÑÐèðìööìòñöéòõ÷ëè
stated period and boundaries.
Keller’s 2021 Scope 1 emissions increased since
" " Üæòóè!éøèïèðìööìòñöäõèëìêëïü
dependent on the projects completed annually.
Ýëèõèéòõèöìñæèúèëäùèæòðóïè÷èçðòõèúòõî
this year than during the COVID-19 restrictions
òé" " òøõèðìööìòñöëäùèìñæõèäöèçÑòúèùèõ
÷ëèæäõåòñìñ÷èñöì÷üòéòøõòóèõä÷ìòñöóèõ|ð
revenue has remained level. Ongoing COVID-19
pressures on market pricing and operational
disruption across our business meant this
relative metric remained unchanged, despite a
ñøðåèõòéæäõåòñöäùìñêìñì÷ìä÷ìùèöÜæòóè"
èïèæ÷õìæì÷üèðìööìòñöäõèðòö÷ïüéõòðòĦæèäñç
üäõçòóèõä÷ìòñöÝëèõèéòõè÷ëèæòñ÷ìñøèç
decrease in Scope 2 location-based emissions
this year, even as some businesses returned to
ëüåõìçòõòĦæèúòõîìñêõèĥèæ÷ö÷ëèìðóõòùìñê
èñèõêüèĦæìèñæüòéòøõóèõðäñèñ÷öì÷è
òóèõä÷ìòñöÝëèêõòúìñêçìģèõèñæèåè÷úèèñ
location-based and market-based Scope 2
èðìööìòñöäïöòõèĥèæ÷öëòúöòðèòéòøõ
business units are now procuring renewable
èïèæ÷õìæì÷üéòõ÷ëèĤõö÷÷ìðè
Since we work with local suppliers on each
óõòíèæ÷úèëäùè÷ëòøöäñçöòéöøóóïìèõöìñòøõ
ùäïøèæëäìñÝëìöæòðóïèûì÷üðèäñö÷ëä÷úèëäùè
ìñì÷ìäïïüéòæøöèçòøõÜæòóè#õèóòõ÷ìñêçìöæïòöøõè
on business travel in key markets. Scope 3
business travel has increased since 2020 as
ÌØßÒÍ÷õäùèïõèö÷õìæ÷ìòñöúèõèïìé÷èçàè
continue to develop our Scope 3 reporting to
ìñæïøçè÷ëèõèö÷òéòøõØóèõä÷ìòñäï÷äõêè÷
Keller Group 2021 and 2020 greenhouse gas emissions (tCO
2
e)
Group 2021 2020 2019 2018
Energy use MWh 741,579 691,074 811,881 817,256
Scope 1 tonnes CO
2
e 183,112 169,216 198,289 202,238
Scope 2 (market-based) tonnes CO
2
e 6,574 7, 0 91
Scope 2 (location-based) tonnes CO
2
e 6,723 7, 0 9 4 9,1 59 9, 3 49
Ýò÷äïÜæòóè!"¤ðäõîè÷¡åäöèç¥÷òññèöÌØ
2
e 189,686 176,307
Ýò÷äïÜæòóè!"¤ïòæä÷ìòñ¡åäöèç¥÷òññèöÌØ
2
e 189,835 176, 310 207,448 211,587
Êåöòïø÷è÷òññèöòéÌØ
2
e per £m revenue 85 85 90 95
Keller UK 2021 2020 2019 2018
Energy use MWh 19,699 12,949 16,724 16,496
Scope 1 tonnes CO
2
e 4,961 3,033 3,915 3,850
Scope 2 (market-based) tonnes CO
2
e 0 218
Scope 2 (location-based) tonnes CO
2
e 69 219 265 295
Ýò÷äïÜæòóè!"¤ðäõîè÷¡åäöèç¥÷òññèöÌØ
2
e 4,961 3,251
Ýò÷äïÜæòóè!"¤ïòæä÷ìòñ¡åäöèç¥÷òññèöÌØ
2
e 5,030 3,252 4,180 4,145
Êåöòïø÷è÷òññèöòéÌØ
2
e per £m revenue 50 53 64 66
Scope 3 business travel tonnes CO
2
e 97 26
×ò÷è÷ëä÷öòðèòé÷ëèéøèïúèøöèìñòøõèôøìóðèñ÷ìöóøõæëäöèçåü÷ëèðäìñæòñ÷õäæ÷òõäñçúèäõèæøõõèñ÷ïüøñäåïè÷òõèóòõ÷òñ÷ëèöè
èðìööìòñöçøè÷òçìĦæøï÷ìèöúì÷ëæòïïèæ÷ìñêäææøõä÷èçä÷ä
2021
2020
2021
2020
Keller Group plc Annual Report and Accounts 2021 Strategic Report48

àèõèæòêñìöè÷ëèïäõêèùòïøðèöòéðä÷èõìäïö
used and produced on our sites, so have started
äñøðåèõòéóõòíèæ÷ö÷òìðóõòùè÷ëèöèìðóäæ÷ö
Keller routinely promotes ground improvement
solutions as a way to reduce raw material use
on site. Ground improvement uses natural or
recycled materials to improve ground load
carrying capacity. This reduces or completely
õèðòùèö÷ëèñèèçéòõëèäùüéòøñçä÷ìòñöÒñ÷øõñ
÷ëìöõèçøæèö÷ëèùòïøðèòéæèðèñ÷äñçö÷èèï
used on site, saving primary resource use, and
óò÷èñ÷ìäïïüòģèõìñêäĤñäñæìäïöäùìñê÷òòøõ
æïìèñ÷öÝëèõèçøæèçñèèçéòõëèäùüéòøñçä÷ìòñö
äïöòõèçøæèö÷ëèæäõåòñìñ÷èñöì÷üòé÷ëè
òùèõäïïóõòíèæ÷
Êöúèïïäöäççõèööìñêòøõøöèòéõäúðä÷èõìäïö
úèäõèäïöòîèèñ÷òõèçøæèúäö÷èØéäïï÷ëè
êèò÷èæëñìæäïöòïø÷ìòñöúèòģèõòøõíè÷êõòø÷ìñê
solutions have traditionally used the most water
äñçæõèä÷èç÷ëèðòö÷úäö÷èöóòìïÝëèõèéòõèòøõ
research and development teams have been
trialling ways to monitor and reduce these impacts.
Þöìñêäæòðåìñä÷ìòñòéĤï÷èõæëäðåèõóõèööèö
æèñ÷õìéøêèöäñçöëäïèöëäîèõöúèäõèñòúäåïè
÷òõèçøæè÷ëèùòïøðèöòéúäö÷èúä÷èõäñçöóòìï
produced on jet grouting sites. As well as
õèçøæìñê÷ëèæòö÷òéúäö÷èçìöóòöäï÷ëìöëäö÷ëè
äççèçåèñèĤ÷òéõèçøæìñê÷ëèñøðåèõòé÷õøæîö
õèôøìõèç÷ò÷õäñöóòõ÷ðä÷èõìäïöòģöì÷èÝëìö
reduces congestion around our sites, improving
air quality and reducing our impact on the
ïòæäïæòððøñì÷ü
àèäïöòëäùèäñøðåèõòéòñêòìñêõèöèäõæë
projects looking to use alternative materials
éòõíè÷êõòø÷ìñêËøìïçìñêòñ÷ëèöøææèööòé
our Halocrete
®
and Neutrogel
®
innovations
announced in the 2020 annual report, we are
ñòúçèùèïòóìñêò÷ëèõñòñ¡÷òûìæïòú¡æäõåòñ
êõòø÷öéòõò÷ëèõêèò÷èæëñìæäïóøõóòöèö
Resource use and
waste reduction
Ýëìöìñì÷ìä÷ìùèõèĥèæ÷ö÷ëè
contribution Keller can make
towards the circular economy.
In particular, we look to reduce
raw material use, increase our
øöèòéöèæòñçäõüðä÷èõìäïö
õèçøæèúäö÷è÷òïäñçĤïïäñç
äïïòúéòõóìïèõèøöè
Keller Group plc Annual Report and Accounts 2021 Strategic Report 49

ESG and sustainability continued
Planet continued
Resilient cities
àì÷ë÷ëìöÜÍÐúèéòæøöòñ
improving our impact on the
local communities in which we
òóèõä÷èàèäïöòéòæøöòñ
èñöøõìñêòøõöòïø÷ìòñöòģèõ
õèöìïìèñæèéòõæì÷ìèöäñç
æòððøñì÷ìèöéäæìñê÷ëèóëüöìæäï
õìöîöòéæïìðä÷èæëäñêè
Öäñüòéòøõåøöìñèööøñì÷öúòõîúì÷ëïòæäï
òõêäñìöä÷ìòñöäñçúìïçïìéè÷õøö÷ö÷òìðóõòùè
÷ëèìõïòæäïèñùìõòñðèñ÷ÏòõèûäðóïèòøõÒñçìäñ
ËøöìñèööÞñì÷øöèçõèðäìñìñêæèðèñ÷ïèé÷òùèõ
éõòðòñèóõòíèæ÷÷òðäîèåõìæîöéòõïòæäï
community construction projects.
As subcontractors and contractors on site in
øõåäñäõèäöúèðäîèøöèòéçøö÷öøóóõèööìòñ
äñçåäħìñê÷òðìñìðìöè÷ëèìðóäæ÷òéçøö÷äñç
noise on the local environment. We also typically
use local material suppliers to support local
businesses, reduce transport distances and
reduce congestion around our sites.
We recognise that every community and city that
úèòóèõä÷èìñëäöçìģèõèñ÷öøö÷äìñäåìïì÷üñèèçö
ÝëèõèéòõèäïòñêöìçèòøõÐõòøó¡úìçè
æòððì÷ðèñ÷öèäæëòéòøõåøöìñèööøñì÷öëäùè
their own local sustainability priorities. We take
÷ëìööäðèäóóõòäæë÷òòøõóõòíèæ÷öÏòõèûäðóïè
òñ÷õèä÷ìñê÷ëèóëüöìæäïèģèæ÷öòéæïìðä÷è
æëäñêèÔèïïèõúòõîöòñĥòòççèéèñæèóõòíèæ÷ö
äñçóõòíèæ÷öéòæøöèçòñêõòøñçõèðèçìä÷ìòñ
÷õèä÷ìñêçèöèõ÷ìĤæä÷ìòñàèæòñ÷ìñøè÷òçèùèïòó
òøõóõòçøæ÷óòõ÷éòïìò÷òðèè÷÷ëèöèêõòúìñê
markets. We promote these products both
çìõèæ÷ïü÷òæïìèñ÷öäñç÷ëõòøêëòøõèûìö÷ìñê
sustainability brochure.
Sustainable solution sets Keller apart
Case study
We are committed to improving our
èñùìõòñðèñ÷äïìðóäæ÷åüòģèõìñêæïìèñ÷ö
more environmentally sustainable
solutions wherever possible.
Strengthening weak soils with columns
of compacted crushed concrete, recycled
from other construction projects, is one
öøæëöòïø÷ìòñ
Tudor Park is an upscale housing development
óõòíèæ÷ìñÑòòéçòõóñèäõÊðö÷èõçäðàè
óõòóòöèçùìåõòö÷òñèæòïøðñöéòõäðøï÷ì¡
storey, 31-unit apartment block as the best
technical, economical and sustainable ground
improvement solution.
The technique involves penetrating the
êõòøñçøöìñêäçèó÷ëùìåõä÷òõĤïïìñê÷ëèùòìç
with crushed recycled concrete and then
compacting it with the vibrator. Each column
ìö÷ëèñæëèæîèçéòõôøäïì÷üäñçöøõùèüöäõè
carried out to ensure the soils in between
meet the required density.
Ýëèóõòæèööìöéäö÷èäöü÷òçòäñççòèöñđ÷
require any additives such as cement. The
ðè÷ëòçìöäïöòìçèäïéòõæòñ÷äðìñä÷èçêõòøñç
as it doesn’t create any spoil that would
ò÷ëèõúìöèëäùè÷òåèçìöóòöèçòé
Solutions like this demonstrate our
commitment to a more sustainable
éø÷øõèàèïòòîéòõúäõç÷òòģèõìñê
many more clients quality,
low-carbon solutions for both
infrastructure and residential
óõòíèæ÷öĔ
Richard Looij
Project Manager
Central Europe
We estimate that using stone columns on this
óõòíèæ÷õä÷ëèõ÷ëäñäëèäùüéòøñçä÷ìòñøöìñê
cement and steel, saved around 260 tonnes
òéÌØ
2
e. This is equivalent to saving 56 cars
õøññìñêéòõäúëòïèüèäõÞöìñêõèæüæïèç
materials also saved some 2,500 tonnes
òéäêêõèêä÷èéõòðåèìñêðìñèç
Keller Group plc Annual Report and Accounts 2021 Strategic Report50

Tackling pollution
Keller is committed to delivering
its solutions in a socially and
environmentally conscious
manner. Over recent years
reporting processes have
ìðóõòùèçäñçóèõéòõðäñæè
is generally encouraging.
We did not have any environmental prosecutions
ìñ" "!Ýëèòùèõäïïñøðåèõòéèñùìõòñðèñ÷äï
incidents remained in line with those reported
the previous year, with most incidents being
ðìñòõëüçõäøïìæïèäîöàèëäùè÷ëèõèéòõèåèêøñ
implementing an updated equipment inspection
óõòæèööøöìñêòøõöì÷èöòé÷úäõèóõìòõ÷òèäæëöëìé÷
æòððèñæìñêìñäñèģòõ÷÷òõèçøæè÷ëèñøðåèõ
òéðìñòõöóìïïö
We continue to work on our preventative
maintenance programmes to ensure that we
äççõèööäñüìööøèöåèéòõè÷ëèèùèñ÷òææøõöÒñ
addition, we ensure that secondary containment
ìöìñóïäæèéòõö÷òõèçèôøìóðèñ÷äñçðä÷èõìäïö
We continually seek to improve our processes
òñöì÷èöóèæìĤæäïïüäõòøñçíòåóïäññìñê÷òèñöøõè
÷ëä÷úèìçèñ÷ìéüðì÷ìêä÷èäñçæòñ÷õòïòøõõìöîö
and minimise our environmental impact.
Whilst as subcontractors we have minimal
control on biodiversity on site, multiple business
øñì÷öæòñ÷ìñøè÷òèñêäêèúì÷ëúìïçïìéè÷õøö÷ö÷ò
promote local biodiversity.
.HOOHUEULQJVH[SHUWLVHWRKRVSLWDOSURMHFW
Case study
Combining a range of geotechnical
products and environmental innovation,
Keller is helping create a new future for
Norway’s leading cancer hospital.
The Radiumhospitalet in Oslo is undergoing
äðäíòõ÷õäñöéòõðä÷ìòñõèóïäæìñêòø÷çä÷èç
åøìïçìñêöúì÷ëäö÷ä÷è¡òé¡÷ëè¡äõ÷÷õèä÷ðèñ÷
centre.
Ôèïïèõđöéòøñçä÷ìòñöòïø÷ìòñæòðåìñèçåòõèç
piles with a jet grout seal, and anchors. A
åäæî¡ĥòú÷õèä÷ðèñ÷óïäñ÷éòõíè÷êõòø÷ìñê
úäöäïöòìñæïøçèçÝëìöĤï÷èõö÷ëèúä÷èõìñ÷ëè
spoil, which can then be reused, reducing the
äðòøñ÷òéöóòìïöèñ÷÷òïäñçĤïïÝòäùòìç
òùèõæòñöøðó÷ìòñòé÷ëèæòñæõè÷èæäøöèçåü
÷ëèöòé÷æïäüö÷ëèêõòøñçúäöóõè¡ö÷äåìïìöèç
øöìñêçèèóöòìïðìûìñê
Noise reduction was a priority on the live
hospital site. Keller mitigated this through
reverse circulation drilling. This involved
water-powered, rather than air-powered,
machinery, which is quieter, and also reduces
ùìåõä÷ìòñäñç÷ëèõìöîòéöè÷÷ïèðèñ÷
The government was looking for a
quality solution, but also one that
considered the environment. We
were able to design a complete
solution that reduced risk, noise
äñçúäö÷èäñçúòõîèçìñçìĦæøï÷
äñçïòú¡ëèäçõòòðäõèäöĔ
Dominik Gächter
Regional Manager
South East Europe and Nordics
Keller Group plc Annual Report and Accounts 2021 Strategic Report 51

ESG and sustainability continued
Planet continuedPlanet continued
Òñðèè÷ìñê÷ëèõèôøìõèðèñ÷öòéÕìö÷ìñêÛøïè
9.8.6.R we have concluded that:
• We comply with recommended disclosures
around Governance, Risk management, and
Metrics and targets.
• We partially comply with recommended
disclosures around Strategy.
Òñ÷ëè÷äåïèåèïòúúèæõòöö¡õèéèõ÷òúëèõè÷ëè
çìöæïòöøõèöäõèïòæä÷èçòõóõòùìçèõèäöòñéòõ
partial compliance. On assessing compliance
we took into consideration the guidance
çòæøðèñ÷öõèéèõõèç÷òìñ÷ëèêøìçäñæè
notes to the Listing Rules.
7&)'GDVKERDUG1RQƬQDQFLDODQGVXVWDLQDELOLW\LQIRUPDWLRQVWDWHPHQW
TCFD
elements TCFD recommended disclosures
Cross-
UHIHUHQFH Status 1H[WVWHSVDQGRWKHUFRPPHQWV
Governance
Ëòäõçđöòùèõöìêë÷òéæïìðä÷è¡õèïä÷èç
risks and opportunities
See pages 44,
77, and 78
A quarterly report on all ESG initiatives and deliverables by
the Group Company Secretary and Legal Advisor, to the
Board, assures a clear reporting line on all ESG matters,
including climate change, to the Chairman and the Board.
Management’s role in assessing and
managing climate-related risks and
opportunities
See pages 44,
77, and 78
The Sustainability Steering Committee oversees
environmental matters and climate-related risks and
opportunities.
Strategy
Climate-related risks and opportunities
Ôèïïèõëäöìçèñ÷ìĤèçòùèõ÷ëèöëòõ÷
medium and long term
See pages 32
and 38
As our maturity grows and we embark on scenario
óïäññìñêúèúìïïìñæòõóòõä÷èìñöìêë÷éõòð÷ëèúìçèõ
åøöìñèööäñçäæõòööòøõùäïøèæëäìñ÷òìçèñ÷ìéüäñçäööèöö
climate-related risks and opportunities.
Òðóäæ÷òéæïìðä÷è¡õèïä÷èçõìöîöäñç
opportunities on Keller’s businesses,
ö÷õä÷èêüäñçĤñäñæìäïóïäññìñê
See pages 32
and 38
Ýëèìðóäæ÷òé÷ëèöèõìöîöäñçòóóòõ÷øñì÷ìèöúäö
æòñöìçèõèçìñ÷ëèóõèóäõä÷ìòñòéòøõöèñöì÷ìùì÷üäñäïüöìö
éòõ÷ëè" "!ùìäåìïì÷üö÷ä÷èðèñ÷Ýëèïòñêèõ¡÷èõð
ìðóäæ÷öìñæïøçìñê÷ëèæòö÷öòéðì÷ìêä÷ìòñðèäöøõèööøæë
äöõèäæëìñêòøõñè÷ýèõòêòäïöúìïïåèæòñöìçèõèçìñòøõ
Ĥñäñæìäïóïäññìñêóõòæèööèöçøõìñê" ""
ÛèöìïìèñæèòéÔèïïèõđöö÷õä÷èêü÷äîìñêìñ÷ò
æòñöìçèõä÷ìòñçìģèõèñ÷æïìðä÷è¡õèïä÷èç
scenarios, including a 2°C or lower
scenario
See page 32
As above. In addition, some qualitative assessment has
been conducted to support our CDP disclosures. This is
òøõö÷äõ÷ìñêóòìñ÷÷òóõèóäõèéòõéøïïçìöæïòöøõèñèû÷üèäõ
Risk
management
Ôèïïèõđöóõòæèööèöéòõìçèñ÷ìéüìñêäñç
assessing climate-related risks
See pages 32
and 38
We continually assess our overall risk management
óõòæèöö÷òèñöøõèì÷õèðäìñöĤ÷éòõóøõóòöèäñçúìïïõèùìèú
÷ëèìñ÷èêõä÷ìòñòéÝÌÏÍõèôøìõèðèñ÷öìñ÷òòøõèûìö÷ìñê
óõòæèöö÷òèñöøõèúèæòñ÷ìñøè÷òêäìñðäûìðøðåèñèĤ÷
through harmonising our risk management processes.
àèúìïïö÷õìùè÷òìðóõòùèòøõäóóõòäæë÷òìçèñ÷ìéüìñê
assessing and managing all risks and opportunities.
Ôèïïèõđöóõòæèööèöéòõðäñäêìñê
climate-related risks
See pages 32
and 38
Ñòúóõòæèööèöéòõìçèñ÷ìéüìñêäööèööìñê
and managing climate-related risks are
integrated into Keller’s overall risk
management
See pages 32
and 38
Metrics
and targets
Metrics used by Keller to assess
climate-related risks and opportunities
in line with strategy and risk
management process
See pages 46
and 48
These metrics will continue to develop as we grow our
scenario analysis.
Scope 1, Scope 2 and Scope 3
greenhouse gas (GHG) emissions and
related risks
See page 48
àèúìïïåèñè÷ýèõòòñÜæòóè"åü" # ñè÷ýèõòòñÜæòóè
!åü" $ äñçñè÷ýèõòåü" % òñÜæòóè#Øóèõä÷ìòñäï
We have already started to implement the actions
required to measure progress and achieve these goals.
Targets used by Keller to manage
climate-related risks and opportunities
äñçóèõéòõðäñæèäêäìñö÷÷äõêè÷ö
See pages 45
and 46
We continue to develop internal leading targets to
mitigate climate risks and realise opportunities.
Complete
Status key
In progress
Not yet started
Keller Group plc Annual Report and Accounts 2021 Strategic Report52

Our Inclusion Commitments
Keller introduced a reverse mentoring
programme this year to enable senior
executives to have in-depth conversations
úì÷ëèðóïòüèèöúì÷ëçìģèõèñ÷åäæîêõòøñçö
and life experiences to them.
ÓòöèÖäõ÷ìñèýßìæèÙõèöìçèñ÷Øóèõä÷ìòñö
Keller North America mentored Kerry Porritt,
Group Company Secretary and Legal Advisor.
Jose says: “It was a little intimidating because
Ôèõõüìöòñ÷ëèÎûèæø÷ìùèÌòððì÷÷èèåø÷úì÷ë
äåì÷òé÷õäìñìñêäñç÷ìðèÒåèæäðèðòõèä÷
ease with the process.
ēÒúäöåòõñäñçõäìöèçìñÙøèõ÷òÛìæòïèé÷ëòðè
at 17 and didn’t speak good English, but I went
to college and got my degree. I talked with
Ôèõõüäåòø÷åèìñê÷õèä÷èççìģèõèñ÷ïüåèæäøöè
òé÷ëèæòïòøõòéðüöîìñäñç÷ìðèöúëèñÒëìç
ðüæøï÷øõè÷òĤ÷ìñĔ
ÔèõõüöäüöēÒúäöõèäïïüéòõ÷øñä÷è÷òåè
partnered with Jose because he was so
committed to the process and so open about
öëäõìñêëìöïìéèèûóèõìèñæèö
“What the sessions highlighted is that,
although the challenges and opportunities
èùèõüòñèëäöêõòúìñêøóæäñåèöòçìģèõèñ÷ì÷
öèèðö÷òðèèùèõüòñèìöïòòîìñêéòõäöèñöè
òéåèïòñêìñê¢òéåèìñêïìö÷èñèç÷òäñçëèäõçĔ
ÌòñöæìòøöïèäçèõöëìóìöòñèòéòøõÒñæïøöìòñ
Commitments. It is a unique and critical
capability that will help us adapt to diverse
customers, markets, ideas and talent.
Jose Martinez
Branch Manager
¤Ýèûäö¥
Kerry Porritt
Group Company
Secretary and
Legal Advisor
People
Diversity, equity
and inclusion (DEI)
ĐàèäõèÔèïïèõđöè÷öòø÷òøõ
Inclusion Commitments and
brings together what we are
doing to build a more diverse,
equitable and inclusive
workplace. While gender
equality and empowerment
õèðäìñöäóõìòõì÷üĐàèäõèÔèïïèõđ
recognises and embraces the
åõòäçèö÷çèĤñì÷ìòñòéçìùèõöì÷ü
This is important because our
employees represent the
åõòäçèö÷õäñêèòéåäæîêõòøñçö
æøï÷øõèöèûóèõìèñæèö
perspectives and insights.
àèåèïìèùè÷ëìöìöéøñçäðèñ÷äï
÷ò÷ëèöøææèööéøïçèïìùèõüòéòøõ
business strategy and to best
serve our customers around
÷ëèêïòåè
New reverse mentoring programme
Case study
Conscious
Leadership
Improve accountability
through inclusive and
conscious leadership.
By empowering and
HTXLSSLQJRXUOHDGHUV
WR|H[FHOLQWKLVVSDFH
Evolve
Continue to evolve as
the employer of choice
in our industry.
To attract, inspire and
retain a more diverse
group of talent.
Listen
/LVWHQDQGHQJDJH
ZLWKRXU|ZRUNIRUFH
Through employee-led
DƯQLW\JURXSVDQG
ZRUNIRUFHHQJDJHPHQW
opportunities.
Partner
Partner with
oOLNHPLQGHGpRUJDQLVDWLRQV
through inclusivity.
To drive necessary
change in the industry.
Empower
Empower and invest
LQRXUZRUNIRUFH
By creating an environment
of continuous learning and
development to support
our people in reaching their
full potential.
Celebrate
&HOHEUDWHRXUGLƪHUHQFHV
and all that unite us.
7KURXJKHDUPDUNLQJNH\
global events that
represent the breadth
RIRXU|ZRUNIRUFH
Keller Group plc Annual Report and Accounts 2021 Strategic Report 53

Diversity, equity and inclusion:
Recent progress
ESG and sustainability continued
People continued
àèçèùèïòóèçĐàèäõèÔèïïèõđòøõæòððì÷ðèñ÷
÷òðäîìñêòøõöì÷èöäñçòĦæèöðòõèìñæïøöìùè
in 2020.
January April July
Established a Race Advisory Committee.
Ýëìöëäöéòæøöèçòñòø÷õèäæëèùèñ÷öúì÷ë
underprivileged school kids in Chicago and
raised awareness through targeted
campaigns linked to key global events
ìñæïøçìñêËïäæîÑìö÷òõüÖòñ÷ëÊöìäñÙäæìĤæ
Islander Heritage Month and Juneteenth.
0DQGDWHGGLYHUVHFDQGLGDWHVODWHVIRU
leadership vacancies and introduced an
internal recruitment process that advertises
vacancies globally to encourage mobility
and provider broader opportunities across
the business.
Held listening sessions to understand the
åèñèĤ÷öåäõõìèõöäñçòóóòõ÷øñì÷ìèöòé
working on site as an underrepresented
minority. The outcomes were shared with
local management to consider appropriate
actions to retain and attract diverse talent.
'HOLYHUHGDQH[WHQVLYH'(,
communications campaign across the
Group based on our Inclusion Commitments
to raise awareness.
Launched the Pitcairn Geotechnical
Engineering Scholarship to attract the
åèö÷òé÷ëèñèû÷êèñèõä÷ìòñòéèûóèõ÷ö
úì÷ëäóäõ÷ìæøïäõéòæøöòñìðóõòùìñêêèñçèõ
and ethnic diversity.
Established Keller Women in
Construction (‘KWIC’) in Europe and
AMEA and celebrated the one-year
äññìùèõöäõüòéÔàÒÌ×òõ÷ëÊðèõìæä
Partnered with the 30% Club, a global
campaign committed to improving gender
and ethnicity representation at board
and senior management levels.
Partnered with conscious and inclusive
UHVRXUFLQJƬUPV such as FDM Group, who
óõòùìçèòóóòõ÷øñì÷ìèöéòõèû¡ðìïì÷äõü
returners to work and graduates.
Keller UK continued to partner with
SCS, Women in Construction and
Tidewayòñäöìû¡ðòñ÷ëóìïò÷óõòêõäððè
to develop their approach to gender
diversity and DEI.
Developed and launched our Foundations
RI:HOOEHLQJ, an inclusive, people-led
approach to wellbeing (see page 57).
Developed a best practice toolkit which
provided our global leadership teams with
÷òòïöäñçõèöòøõæèö÷òìçèñ÷ìéüäæ÷ìùì÷ìèöäñç
initiatives that will help us deliver on our
strategy and drive change in the longer term.
Progress in 2021
Ïòïïòúìñêì÷öïäøñæëúèöóèñ÷äöìêñìĤæäñ÷
äðòøñ÷òé÷ìðèçèïìùèõìñêÒñæïøöìùèÕèäçèõöëìó
workshops to our global leadership team and
úìçèõúòõîéòõæè
ÝëìöĤõö÷ö÷èóúäöæõì÷ìæäï÷òëèïóòøõ÷èäðö
øñçèõö÷äñç÷ëèåõòäçèõæòñæèó÷òéÍÎÒäñçëòúì÷
connects with our business, and to provide them
úì÷ë÷ëèðèäñö÷òæòñ÷õìåø÷è÷òòøõäöóìõä÷ìòñòé
becoming a diverse, equitable and inclusive workplace.
Keller Group plc Annual Report and Accounts 2021 Strategic Report54

September December
Continued to celebrate and recognise key
global events÷ëä÷õèóõèöèñ÷÷ëèåõèäç÷ëòé
òøõúòõîéòõæèÍøõìñê÷ëèüèäõúèõèæòêñìöèç
Lunar New Year, International Women’s Day,
Ramadan, Eid ul-Fitr, Earth Day, Pride month,
ÐïòåäïÍäüòéÙäõèñ÷öÒñ÷èõñä÷ìòñäïàòðèñ
in Engineering Day, World Suicide Prevention
Day, Global Diversity Month, World Mental
Health Day, Diwali, International Men’s Day,
Hanukkah and Christmas.
Took part in Construction Inclusion Week
which unites the industry in celebrating
diversity and building inclusivity. Keller crew
÷òòïåòû÷äïîöæòùèõèçïèäçèõöëìó
commitment and accountability, unconscious
bias, supplier diversity, jobsite culture and
community engagement.
Keller India partnered with Bhumi
to educate disadvantaged children,
including educational sessions at
öæëòòïöéòõêìõïö
Held diverse hiring webinars to share best
practice across the Group and some regions
adjusted their interview guides to
õèæòððèñçðìûèçêèñçèõóäñèïö
7KH1DWLRQDO&HQWUHIRU'LYHUVLW\
awarded Keller UK Senior Leadership
7HDPRIWKH<HDUThis celebrates
èûæèïïèñæèìñóõòðò÷ìñêéäìõñèöö
respect, equality, diversity, inclusion
and engagement. Keller UK was also
öëòõ÷ïìö÷èçéòõĤùèæä÷èêòõìèöä÷÷ëè
Ground Engineering Awards including
ÎÍÒÌëäðóìòñòé÷ëèâèäõÊúäõç
Started a reverse mentoring programme
éòõòøõèûèæø÷ìùè÷èäðÙäìõìñê÷ëèðúì÷ë
æòïïèäêøèöéõòðçìģèõèñ÷åäæîêõòøñçö÷ò
åõòäçèñ÷ëèìõøñçèõö÷äñçìñêòéÍÎÒìööøèö
äģèæ÷ìñêòøõúòõîéòõæèäñçëèïóìñê÷ëèð
develop additional inclusive leaderships skills.
%XLOWYLVLELOLW\RIRXUIHPDOHWDOHQWSLSHOLQH
÷ëõòøêë÷ëèçèïìùèõüòéòøõÞñèäõ÷ëìñê
Potential talent development programme
and are looking at targeted interventions to
improve representation.
'HYHORSHGHQKDQFHGLQFOXVLYHZRUNIRUFH
policies in some regions including improved
óäõèñ÷äïïèäùèĥèûìåïèúòõîìñêóëäöèçõè÷øõñ
÷òúòõîéõòððä÷èõñì÷üìñæïøçìñêäçùìöìñê
ðäñäêèõöòñóõèêñäñæüöäéè÷üÙÙÎ
requirements and arranging designated
ñøõöìñêéäæìïì÷ìèöìðóïèðèñ÷ìñêóäìççòðèö÷ìæ
ùìòïèñæèïèäùèéòõÔèïïèõèðóïòüèèöäñç
emergency accommodation.
Conscious leadership
Improve accountability through
inclusive and conscious leadership
Evolve
Continue to evolve as the employer
òéæëòìæèìñòøõìñçøö÷õü
Key
Listen
Õìö÷èñäñçèñêäêèúì÷ëòøõúòõîéòõæè
Partner
Ùäõ÷ñèõúì÷ëĐïìîè¡ðìñçèçđòõêäñìöä÷ìòñö
through inclusivity
Empower
Îðóòúèõäñçìñùèö÷ìñòøõúòõîéòõæè
Celebrate
Ìèïèåõä÷èòøõçìģèõèñæèöäñçäïï÷ëä÷øñì÷èöøö
Keller Group plc Annual Report and Accounts 2021 Strategic Report 55

Measuring and evaluating our success
Ñäùìñêäñèģèæ÷ìùèéèèçåäæîæøï÷øõèìöèööèñ÷ìäï
to drive improvement and monitor progress. At
Keller, inclusion is primarily measured via
èñêäêèðèñ÷öøõùèüöäñçéòæøöêõòøóöäñçúè
ëäùèöóèñ÷äöìêñìĤæäñ÷÷ìðèçøõìñê÷ëèüèäõ
checking in with colleagues to understand
whether our working environment is one where
èùèõüòñèéèèïöõèöóèæ÷èçäææèó÷èçöøóóòõ÷èç
äñçùäïøèçÝëèéòïïòúìñêóòöì÷ìùèçä÷äóòìñ÷ö
õèïä÷ìñê÷òìñæïøöìòñäõèåäöèçòñ÷ëèéòøõ
surveys undertaken during the year:
We acknowledge that representation matters
and are committed to measuring and monitoring
gender diversity throughout the organisation.
Building Balanced Teams, a new robust reporting
éõäðèúòõîúìïïèñäåïèøö÷òðèäöøõè
õèóõèöèñ÷ä÷ìòñä÷èùèõüïèùèïòé÷ëèòõêäñìöä÷ìòñ
äñçìçèñ÷ìéüöóèæìĤæäæ÷ìùì÷ìèö÷ëä÷úìïïñò÷òñïü
ä÷÷õäæ÷äñçõè÷äìñäðòõèçìùèõöèêõòøóòé÷äïèñ÷
åø÷æòñ÷ìñøè÷òèñëäñæèòøõæøï÷øõèòéìñæïøöìòñ
Ýëèéõäðèúòõîìñæïøçèö÷õäæîìñêîèüðè÷õìæö
relating to the talent cycle such as hiring,
promotion and turnover rates which will highlight
öóèæìĤæúòõîéòõæèóõòæèööèö÷ëä÷ðäüñèèç
äççõèööìñêÒñäççì÷ìòñ÷ëèÎûèæø÷ìùè÷èäð
provide quarterly updates on their divisional and
éøñæ÷ìòñäïÍÎÒóõìòõì÷ìèöäñçóõòêõèööøóçä÷èö
are shared with the Social and Community
Committee (see page 86).
o.HOOHUUHVSHFWVLQGLYLGXDOGLƪHUHQFHVp
‘ I can voice a contrary opinion without
IHDURIQHJDWLYHFRQVHTXHQFHVp
(Score above global construction and
ëèäùüìñçøö÷õüåèñæëðäõîòé'(]¥
(Score above global construction and
ëèäùüìñçøö÷õüåèñæëðäõîòé' ]¥
Current Keller score:
Current Keller score:
81%
73%
ESG and sustainability continued
People continued
Keller Women in Construction (KWIC)
Case study
KWIC are committed to improving gender
representation and equality and continued
÷òõäìöè÷ëèóõòĤïèòéúòðèñä÷Ôèïïèõ
ÔàÒÌ¤×òõ÷ëÊðèõìæä¥æèïèåõä÷èç÷ëèìõĤõö÷
anniversary in February and this was an
òóóòõ÷øñì÷ü÷òæèïèåõä÷èĐÐìõïÍäüÌëäïïèñêèđ
where employees were encouraged to
engage with girls and younger women in
èñêìñèèõìñêÝëè÷èäðäïöòéèä÷øõèçìñ÷ëè
èû÷èõñäïóøåïìæä÷ìòñÙìïèçõìùèõÖäêäýìñè
hosted a women’s heath webinar at Keller, and
öøææèööéøïïüïäøñæëèçäéèðäïèðèñ÷òõìñê
óõòêõäððèóìïò÷éòõ×òõ÷ëÊðèõìæäÝëèü
ëòö÷èç÷ëõèèúèåìñäõöäñçéäæìïì÷ä÷èçä
discussion on women’s health with the support
òé÷ëèïòæäïÑÛæòððøñì÷üÏòõúòðèñìñ÷ëè
ĤèïçÔàÒÌúòõîèçäïòñêöìçèóõòùìçèõö÷ò
çèùèïòóÙÙÎöóèæìĤæäïïüéòõúòðèñ
KWIC (Europe), established in April, are
committed to attracting, inspiring, supporting
and developing women in Keller. They have
éòøõúòõîìñêêõòøóöèäæë÷äöîèçúì÷ë
äççõèööìñêòñèòé÷ëèìõîèüĐóìïïäõöđÝëèüäõè
currently undertaking a gender pay gap
äööèööðèñ÷éòõÎøõòóèúëìæëúìïïëìêëïìêë÷
underlying causes that may need addressing.
In addition, they are collaborating with KWIC
(North America) to understand best practice
and lessons learnt in developing a mentoring
öæëèðèéòõ÷ëèçìùìöìòñ
KWIC (AMEA), established earlier this year,
äõèæòððì÷÷èç÷òøñçèõö÷äñçìñêéèðäïè
èûóèõìèñæèöìñ÷ëèúòõîóïäæèæäõèèõ
development, recruitment and retention and
éòö÷èõìñêäöøóóòõ÷ìùèèñùìõòñðèñ÷Ýëèüëäùè
óõèçòðìñäñ÷ïüéòæøöèçòñéäæìïì÷ä÷ìñêïìö÷èñìñê
öèööìòñöúì÷ëäöèïèæ÷ìòñòéúòðèñúòõîìñê
across the division to understand where to
éòæøö÷ëèìõèģòõ÷öÝëèòø÷æòðèöòé÷ëìö
èûèõæìöè÷òêè÷ëèõúì÷ë÷ëä÷òéåøöìñèööøñì÷
employee surveys, will give local management
æòñæõè÷èäæ÷ìòñöìñ÷èõðöòéñèû÷ö÷èóö
Our inclusion and diversity data
As at
31 December 2021
As at
31 December2020
*HQGHUIHPDOHUHSUHVHQWDWLRQ No % No %
Board members 457%457%
Îûèæø÷ìùèÌòððì÷÷èè 218%215%
Global leadership team 59%59%
Engineers 200* 13% 106 7%
Engineering graduates and apprentices 20 13% NR NR
Ýò÷äïúòõîéòõæè 1,061 11% 955 10%
×ò÷èöÊïïçä÷ääöä÷#!Íèæèðåèõ" "!Ðïòåäïïèäçèõöëìó÷èäðèûæïøçèöÎûèæø÷ìùèÌòððì÷÷èèðèðåèõö×Û×ò÷õèóòõ÷èç
ÎñêìñèèõöìñæïøçèöÎñêìñèèõìñêÙõòíèæ÷Öäñäêèðèñ÷ËøöìñèööÍèùèïòóðèñ÷äñçÎö÷ìðä÷ìñêúòõîéòõæè
Øøõêèñçèõçìùèõöì÷üö÷ä÷ìö÷ìæööëòúäñìñæõèäöèìñéèðäïèõèóõèöèñ÷ä÷ìòñä÷Îûèæø÷ìùèÌòððì÷÷èè
¤#]¥èñêìñèèõìñêõòïèö¤&]¥äñç÷ò÷äïúòõîéòõæè¤!]¥àëìïö÷êïòåäïïèäçèõöëìó÷èäðõèðäìñö
unchanged, we are committed to improving representation in this population.
KWIC (Europe) are committed to attracting,
inspiring, supporting and developing
women in Keller
Attract Inspire Support Develop
Education
engagement
Role
models
Talk Communication
Community
engagement
Allyship Listen Coaching
Onboarding
and new
starter
support
Social
media
promotion
Tools and
resources
Mentoring
and reverse
mentoring
Survey and engagement
Keller Group plc Annual Report and Accounts 2021 Strategic Report56

Keller colleagues tell it like it is
Case study
All leading companies want to get better –
no matter how good they already are.
One of the best ways to do this is to ask
employees for their opinions and this is
something we’re now doing more of at
Keller.
Our culture and engagement programme
encourages employees to share their
thoughts in an anonymous survey, and then
discuss the results and decide actions to
ìðóõòùèäöä÷èäðØñèòé÷ëèĤõö÷åøöìñèöö
units to be involved was Moretrench Industrial.
ēÒéúèđõèêòìñê÷òä÷÷õäæ÷÷ëèåèö÷óèòóïèäñç
get them to stay, we have to have the right
culture. That means having a better
øñçèõö÷äñçìñêòéúëä÷èðóïòüèèöïìîèúëä÷
they don’t, and what’s on their mind. This helps
to address issues as they arise and keep
people happy,” says John Carpenter, President
Moretrench Industrial. “The new Keller
èðóïòüèèöøõùèüéäæìïì÷ä÷èöäïïòé÷ëìöĔ
Results across the board were broadly very
positive, with the majority saying they were
happy with the company and their position in it.
Ê÷÷èñ÷ìòñ÷òëèäï÷ëäñçöäéè÷üöæòõèçóäõ÷ìæøïäõïü
highly and people also said they believe the
company is heading in the right direction.
Êæõì÷ìæäïóäõ÷òé÷ëèöøõùèüóõòæèööìöäæ÷ìñêòñ
the results. John and his management team
çìöæøööèç÷ëèĤñçìñêöúëìæëìñ÷øõñúèõè
æòððøñìæä÷èç÷òöì÷è÷èäðöäöóäõ÷òéðòõñìñê
åõìèĤñêöèööìòñö
ēÝëèöøõùèüìöùèõüðøæëäö÷äõ÷ìñêóòìñ÷éòõ
discussion; once you have that mechanism you
can dig deeper and people are much more likely
to open up,” he says.
The survey made Justin Schuman, Equipment
Öäñäêèõõèäïìöè÷ëèùäïøèòé÷äïîìñê÷òëìö÷èäð
more. “I have all these analytics telling me what
my equipment is doing, but you sometimes lose
öìêë÷òé÷ëèéäæ÷÷ëä÷úèëäùè÷ëèöèìñæõèçìåïü
èûóèõìèñæèçòóèõä÷òõöúëòæäñêìùèüòøöò
ðøæëðòõèìñéòõðä÷ìòñúëèñüòø÷äïî÷ò÷ëèðĔ
RIHPSOR\HHVDUHSURXGWRZRUN
for Moretrench Industrial
would recommend Moretrench
DVDJUHDWSODFHWRZRUN
93%
91%
àäñ÷ìñê÷òåè÷÷èõïèùèõäêè÷ëä÷èûóèõìèñæè
Moretrench is now implementing a mentor
öæëèðèØ÷ëèõìðóõòùèðèñ÷ö÷òæòðèòø÷òé
the survey are a new employee-recognition
öæëèðèäñç÷ëèìñ÷õòçøæ÷ìòñòéðòõèéòõðäï
óèõéòõðäñæèõèùìèúöéòõöòðèæòïïèäêøèö
ēÊ÷÷ëèèñçòé÷ëèçäüĔæòñæïøçèöÓøö÷ìñēì÷đö
our employees who are getting the work done,
öòêìùìñê÷ëèð÷ëèæëäñæè÷òöóèäîéõèèïüìö
÷ëèòñïüúäüúèđõèêòìñê÷òĤñçòø÷úëä÷÷ëèü
need, and what we need to do to support
them and grow as a company.”
Keller Group plc Annual Report and Accounts 2021 Strategic Report 57

ESG and sustainability continued
People continued
Øøõöäéè÷üóèõéòõðäñæèæòñ÷ìñøèö÷òìðóõòùè
ÝëèÐõòøóđöòùèõäïïäææìçèñ÷éõèôøèñæüõä÷è
¤ÊÏÛ¥éòõ" "!ìðóõòùèçåü$"]÷ò  'óèõ
100,000 hours worked, and our AMEA Division
ëäçäñèûæèïïèñ÷üèäõäæëìèùìñêäñÊÏÛòéýèõò
Our total recordable incident rate also improved
by 32% in 2021 to 0.63 per 100,000 hours
úòõîèçðèäñìñêúèëäç#'éèúèõĐõèæòõçäåïèđ
injuries.
àèäõèùèõüóõòøçòéòøõìñçøö÷õü¡ïèäçìñê
óèõéòõðäñæèäñçìðóõòùìñê÷õäæîõèæòõçÊñç
ëòïçìñêöäéè÷üäöóäõäðòøñ÷úèæòñ÷ìñøè÷ò
óøöëéòõéøõ÷ëèõìðóõòùèðèñ÷ìñóøõöøì÷òéòøõ
êòäïòéýèõòëäõð
Êöòøõñøðåèõòéõèæòõçäåïèìñæìçèñ÷ö
çèæõèäöèöì÷ìöèùèõðòõèìðóòõ÷äñ÷÷òìçèñ÷ìéü
and address near miss events that could have
caused damage or harm. Year-on-year near miss
reports are up and leadership site interaction is
strong, even with the site access challenges
created by COVID-19.
.HHSLQJRXUSHRSOHVDIH
Our AVA incident reporting and analysis
system helps us understand incidents and
root causes and use the lessons learned to
éøõ÷ëèõðì÷ìêä÷èõìöî
This system is supplemented by our Incident
Review process that is jointly owned between
òøõéøñæ÷ìòñöäñçòóèõä÷ìòñöÝëìöóõòùìçèöøö
úì÷ëäùèõüëèäï÷ëüõèùìèúòéòøõìñæìçèñ÷öäñ
òóóòõ÷øñì÷üéòõòøõïèäçèõöëìó÷èäðö÷òõòïè
ðòçèïèûóèæ÷ä÷ìòñöäñç÷òöëäõèïèäõñäñç
grow our culture collectively.
Êðäíòõéòæøöäõèäòùèõ÷ëèïäö÷éèúüèäõö
has been the education on our key health and
öäéè÷üõìöîöîñòúñäöòøõàòõîÜäéè&äñç÷ëè
subsequent Group standards relating to these.
àèëèïçäÙïä÷éòõðÜäéè÷üçäüìñÖäü÷òîèèó
attention on the risks related to large plant and
equipment. Collective progress on this topic has
ëèïóèçõèçøæèçõìê÷òóóïèöéõòðèìêë÷ìñ" !(÷ò
òñèìñ" "!¤ñò÷óïä÷éòõðõèïä÷èç¥
Ê÷÷ëèåèêìññìñêòé÷ëèüèäõä÷õäêìæéä÷äïì÷ü
òææøõõèçéòïïòúìñêäñäææìçèñ÷òñäöì÷èìñÊøö÷õìä
in which we lost a long-serving and valued
employee. Whilst it has been determined Keller
úäöñò÷ä÷éäøï÷éòõ÷ëèäææìçèñ÷÷ëèìñæìçèñ÷ëäö
æäøöèçøö÷òõèçòøåïèòøõèģòõ÷öäñçúèëäùè
æòñ÷ìñøèç÷òäçùäñæèòøõöäéè÷üóõòêõäððèö
Responding to COVID-19 challenges
Ýëèïòæäïèååöäñçĥòúöòé÷ëèêïòåäïÌØßÒÍ¡!)
pandemic created additional operational
challenges in 2021. We continued to provide
guidance and support to our employees in line
úì÷ëàòõïçÑèäï÷ëØõêäñìýä÷ìòñêøìçèïìñèö
supplemented by local authority guidance in the
regions in which we operate. This approach
èñäåïèçøö÷òúòõîìñäöäéèäñçóõòçøæ÷ìùè
manner on sites wherever the local regulatory
regime allowed, using applicable personal
protective equipment and social distancing.
The Group has actively encouraged and
supported employees to become vaccinated
against COVID-19 wherever possible. In
õèæòêñì÷ìòñòé÷ëèåèñèĤ÷òééõèèùäææìñä÷ìòñ
÷ëä÷ðäñüòé÷ëèÐõòøóđöèðóïòüèèöäñç÷ëèìõ
éäðìïìèöëäùèõèæèìùèçéõòð÷ëèìõñä÷ìòñäï
governments, we donated £300,000 to
UNICEF’s COVID-19 Vaccines Appeal. This
äðòøñ÷äóóõòûìðä÷èïüèôøä÷èö÷ò÷ëèæòö÷òé
ùäææìñä÷ìñê÷ëèÔèïïèõúòõîéòõæèäñç÷ëèìõ
ìððèçìä÷èéäðìïìèöäñçúìïïëèïóÞ×ÒÌÎÏ÷ò
çèïìùèõ!)åìïïìòñçòöèöòéùäææìñèö÷ëìöüèäõ
éòõ éõòñ÷ïìñèëèäï÷ëúòõîèõööòæìäïúòõîèõö
teachers and those at highest risk.
6DIHW\
We want every person who
úòõîöéòõøöòõúì÷ëøö÷òêò
ëòðèöäéèïüä÷÷ëèèñçòéèäæë
day. To achieve this, we are
æòððì÷÷èç÷òèģèæ÷ìùèÑÜÎ
leadership and management,
continually developing a positive
öäéè÷üè÷ëòöòéøñçèõö÷äñçìñê
transparency and learning, and
÷ëèóõòðò÷ìòñòéëèäï÷ëü
behaviours to help avoid illness
òõìñíøõüäõìöìñêéõòðóèòóïèđö
úòõîòõïìéèö÷üïè
Keller Group plc Annual Report and Accounts 2021 Strategic Report58

At Keller, we already have a
ö÷õòñêèö÷äåïìöëèçæøï÷øõèòé
keeping our people physically
öäéèÝòåøìïçòñ÷ëèöèö÷õòñê
éòøñçä÷ìòñöúèëäùèìñæõèäöèç
òøõéòæøöòñäïïäöóèæ÷öòéòøõ
people’s wellbeing. We believe
that prioritising wellbeing not
only enhances our employees’
health and happiness, it makes
good business sense, improving
resilience, productivity and
óèõéòõðäñæè
This year we launched Our Foundations of
Wellbeingäêïòåäïéõäðèúòõîúëìæëèûóïäìñö
our overall approach to wellbeing at Keller. To
equip our leaders with the tools to carry out
wellbeing in a strategic way, we also created a
àèïïåèìñê÷òòïîì÷åäöèçòñåèö÷óõäæ÷ìæèöóèæìĤæ
in our industry.
Driving wellbeing means supporting our people’s
øñìôøèäñçìñçìùìçøäïñèèçöØøõÏòøñçä÷ìòñöòé
Wellbeing underpin everything we do and ensure
úèêìùèèôøäïéòæøö÷òèäæëòé÷ëèð
Good health
and wellbeing
$W.HOOHUZHGHƬQHZHOOEHLQJDV
Ëèìñêëèäï÷ëüäñçéøïĤïïèç¢ä÷úòõîäñçä÷ëòðèñòúäñçìñ÷ëèéø÷øõè
Body
“Being at your best physically by
îèèóìñêĤ÷èä÷ìñêäñçöïèèóìñêúèïïĔ
Our goal – To encourage balanced
äñçëèäï÷ëüïìéèö÷üïèöäñç÷ëèäåìïì÷ü
÷ò÷ëõìùèìñïìéè
Community
“Being connected – building positive
relationships with each other and our
communities”
Our goal¢Ýòåøìïçäöèñöèòé
belonging in the workplace and
æõèä÷èòóóòõ÷øñì÷ìèöéòõöëäõèç
óòöì÷ìùèèûóèõìèñæèö
Financial security
ēËèìñêĤñäñæìäïïüĤ÷¢ðäñäêìñêüòøõ
ðòñèüúèïïéòõêõèä÷èõöèæøõì÷üĔ
Our goal – To provide educational
tools and resources to help everyone
ðäñäêè÷ëèìõçäü¡÷ò¡çäüĤñäñæèö
äñçóõèóäõèéòõ÷ëèéø÷øõè
Mind
“Being emotionally healthy and resilient
¢óòöì÷ìùèä÷÷ì÷øçèö÷òïìéèäñçì÷ö
challenges”
Our goal – To create an environment to
support everyone’s mental health and
õèöìïìèñæè÷òïìéèđöèùèñ÷ö
Growth
“Being empowered and supported in
üòøõæäõèèõ¢óòöì÷ìùèúòõîèûóèõìèñæèö
÷ëä÷óõòçøæèóõìçèéøïĤïðèñ÷ðèäñìñê
and happiness”
Our goal – To encourage career
conversations and growth opportunities
÷ëä÷ëèïóèùèõüòñèõèäæë÷ëèìõéøïïóò÷èñ÷ìäï
Keller Group plc Annual Report and Accounts 2021 Strategic Report 59

ESG and sustainability continued
People continued
Strategy EngagementLeadership
àäüöòéúòõîìñê
Measurement
We will continue to listen to our people via local
éòæøöêõòøóöäñçèñêäêèðèñ÷öøõùèüö÷ò
understand whether we are making an impact
and adapt our approach to support our people in
the best possible way.
Level 2 Level 4Level 1 Level 3
Local wellbeing activities but no
òùèõäõæëìñêö÷õä÷èêüòõéòæøö
Êç¡ëòæïèäçèõöëìóòéúèïïåèìñê
Limited engagement with
úòõîéòõæèòñúèïïåèìñê
Wellbeing rarely considered
ìñúäüöòéúòõîìñê
Õìðì÷èçèðóïòüèèéèèçåäæîòõ
data collection on wellbeing and
its impact on the business.
Ðïòåäïéòæøö¢çèĤñèçÐïòåäï
Wellbeing Framework and
toolkit to empower local
ö÷õä÷èêìæéòæøöÐïòåäï
employee assistance
programme in place.
Active leadership sponsorship
with clear ownership globally
under People and HSEQ.
Leadership commitments
agreed and communicated.
Guidance, tools and resources
available.
Mental health and wellbeing
óõòðò÷èçäöäéòæøöéòõ÷ëè
organisation.
Policies and practices
increasingly consider and
promote wellbeing.
Òñ÷èõñäïäñçèû÷èõñäïéèèçåäæî
and data collected.
Localised strategy and action
plans developed.
Visible role modelling on
wellbeing by Global Leadership
Team.
Global engagement with
úòõîéòõæèòñúèïïåèìñê
àèïïåèìñêõèĥèæ÷èçìñúäüöòé
working and work environment.
Üèïé¡äööèööðèñ÷äêäìñö÷
maturity model. Measurement
òéúèïïåèìñêùìäïòæäïéòæøö
groups and engagement
surveys.
Wellbeing activity integrated
into business as usual activities
and budgeting in same way as
öäéè÷ü
Leaders trained and skilled at
managing wellbeing.
Êæ÷ìùèöëäõìñêòéîñòúïèçêè
and collaboration on wellbeing
globally.
Êæøï÷øõèòé÷õøö÷òóèññèöö
and empowerment where
conversations about mental
health are commonplace.
Wellbeing integrated into
people processes and
procedures including induction,
óèõéòõðäñæèðäñäêèðèñ÷
career development,
recognition and reward.
Structured measurement and
regular, transparent reporting
on wellbeing.
Wellbeing maturity model
‘ Generally, I believe my workload is
UHDVRQDEOHIRUP\UROHp
‘ My immediate manager(s) genuinely
cares about my wellbeing’
Target: Score above global
construction and heavy industry
åèñæëðäõîòé'"]
Target: Score above global
construction and heavy industry
åèñæëðäõîòé(%]
Current Keller score: Current Keller score:
80%78%
Earlier in the year, we also delivered on our
æòððì÷ðèñ÷÷òóõòùìçèêïòåäïæòùèõäêèòé
employee assistance programmes across Keller.
This was a key and timely milestone that enables
òøõæòïïèäêøèöäñç÷ëèìõéäðìïìèö÷òòå÷äìñ
additional support during COVID.
Wellbeing requires long-term commitment,
consistency and regular engagement to be
èģèæ÷ìùèÝòëèïóøöö÷äüéòæøööèçäñçðèäöøõè
progress, we developed a wellbeing maturity
model. This enables us to understand what
èûæèïïèñæèïòòîöïìîèäñçòøõóõòêõèöö÷òúäõçöì÷
We believe we are at a Level 2 today, with an
ambition to reach Level 4 by 2025. Local
business units will use the maturity model to
èö÷äåïìöëäæ÷ìòñóïäñö÷òéøïĤïèäæëö÷èóöò÷ëä÷
we ensure collective improvement over time.
COVID-19 vaccination approach
Keller’s response to the COVID-19 pandemic in
" "!åèêäñäöäæòñ÷ìñøä÷ìòñòéòøõäæ÷ìùì÷ìèöìñ
2020 – protecting our people and protecting our
business. Our operations had become used to
the protocols we had established during 2020
äñç÷ëèæïòöøõèòéöì÷èöúäöïèööòéäñìööøè÷ëäñ
in preceding year. Our attention soon began to
establishing vaccination guidance which was
çèùèïòóèçåü÷ëèÑèäçöòéÑÜÎÚÕèêäïäñçÑÛ
Keller Group plc Annual Report and Accounts 2021 Strategic Report60

Help prevent suicide
One person dies from suicide every 40 seconds
Feelings of hopelessness or
worthlessness, depressed
mood, poor self-esteem,
or guilt
Not wanting to participate
in family or social activities
Feelings of anger, rage, need
for revenge
Feeling exhausted most of the time
Trouble concentrating
Frequent physical symptoms such as
headaches or stomach aches
Changes in sleeping and eating
patterns
Feeling listless, irritable
Regular and frequent crying
Not taking care of yourself
Reckless, impulsive behaviours
Potential warning signs Six steps to respond
Reach out to the person:
Ask how they are doing.
Listen without judging.
Mention changes you have noticed
in the person’s behaviour and say
that you are concerned about their
wellbeing.
Suggest that they talk with someone
in HR, a dedicated helpline, a doctor or
our employee assistance programme.
Make it clear that you will
always be willing to listen.
Follow up where possible to ensure
that action has been taken.
If you or someone you know is struggling,
our employee assistance programme
óõòùìçèöõòøñç÷ëèæïòæîéõèèæòñĤçèñ÷ìäï
öøóóòõ÷éòõüòøäñçüòøõéäðìïü
Üèèëòú÷òæòñ÷äæ÷÷ëèöèõùìæèùìä÷ëèÚÛ
æòçèåèïòúòõêò÷ò÷ëèêïòåäïìñ÷õäñè÷
ÔñòúïèçêèåäöèÜøóóòõ÷ìñêäæ÷ìùì÷ü
ÙèòóïèàèïïåèìñêÎðóïòüèèäööìö÷äñæè
óõòêõäððèö
s
p
p
1
2
3
4
5
6
Employee assistance programmes go global
We have extended our employee assistance
programmes so employees and their
éäðìïìèöìñèùèõüåøöìñèööøñì÷æäñåèñèĤ÷
Ïõòð÷ìðè÷ò÷ìðèèùèõüòñèèûóèõìèñæèö
öì÷øä÷ìòñö÷ëä÷äģèæ÷÷ëèìõêèñèõäïúèïïåèìñê
Dealing with COVID-19 over the last year or
öòëäöåèèñóäõ÷ìæøïäõïüæëäïïèñêìñêéòõðäñü
people. This came through in Keller’s COVID-19
employee survey, as well as its employee
éòæøöêõòøóö
Êöäõèöøï÷úèèû÷èñçèçòøõèðóïòüèè
assistance programmes to ensure global
æòùèõäêè÷ëìöüèäõÝëèóõòêõäððèöòģèõ
óõäæ÷ìæäïìñéòõðä÷ìòñäñçéõèèæòøñöèïïìñêòñ
äùäõìè÷üòé÷òóìæöéòõèðóïòüèèöäñç÷ëèìõ
çìõèæ÷éäðìïü
These programmes provide more
support to our people. They help
them take the very best care of
themselves and their families and
to be more successful at meeting
their responsibilities at home and
at work. Wellbeing is a leadership
priority and we support our
óèòóïè÷òåèëèäï÷ëüäñçéøïĤïïèç
at work and at home, today and in
÷ëèéø÷øõèĔ
Sandy-lee Connolly
ÐõòøóÑèäçòéÝäïèñ÷äñçÍìùèõöì÷ü
Case study
Due to the multiple jurisdictions within the Keller
óòõ÷éòïìòäñç÷ëèðä÷÷èõòéóèõöòñäïæëòìæè
around whether to be vaccinated or not, the
company determined that its approach would be
÷òö÷õòñêïüèñæòøõäêèäñçöøóóòõ÷òøõúòõîéòõæè
in becoming vaccinated.
Our approach to encouraging and supporting
vaccination has been led by management at all
ïèùèïöòé÷ëèòõêäñìöä÷ìòñäñç÷äìïòõèçïòæäïïüÒñ
some countries we have been able to achieve
äùäææìñä÷ìòñõä÷èòé! ]úëìïö÷ò÷ëèõöäõè
öìêñìĤæäñ÷ïüïòúèõ÷ëäñ÷ëìöàëèñúèëäùè
öøģèõèç÷ëèçèä÷ë¡ìñ¡öèõùìæèòéèðóïòüèèö
÷ëèùäææìñä÷ìòñö÷ä÷øöòé÷ëòöè÷ëä÷ëäùèçìèçìö
æòñöìö÷èñ÷úì÷ë÷ëèèû÷èõñäïåèñæëðäõîêïòåäïïü
Ýëèòø÷åõèäîòé÷ëèÍèï÷äùäõìäñ÷ìñÒñçìäçøõìñê
" "!äñç÷ëèóò÷èñ÷ìäïéòõöìêñìĤæäñ÷ëèäï÷ë
ìðóïìæä÷ìòñéòõÔèïïèõäñçñä÷ìòñäïïüúäöòé
æòñæèõñéòõ÷ëèæòðóäñüÝëèäóóõòäæëåü÷ëè
ðäñäêèðèñ÷÷èäðòéÔèïïèõÒñçìäìñ÷èõðöòé
õèöóòñçìñê÷ò÷ëèæõìöìöúäöäöèùèõĤõö÷æïäöö
Keller worked closed with government medical
éäæìïì÷ìèö÷òèñöøõè! ]òéäïïÔèïïèõÒñçìä
employees (and contract employees) were
çòøåïèùäææìñä÷èçÒñõèæòêñì÷ìòñòéÔèïïèõÒñçìäđö
èģòõ÷ö÷ëèÌòñö÷õøæ÷ìòñÒñçøö÷õüÍèùèïòóðèñ÷
Council (CIDC ) awarded the team a special
category Corona Warriors award.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 61

Keller teams up with children’s charity
Case study
We are partnering with Bhumi, one of India’s
largest charities, to support and educate
disadvantaged children and encourage
future generations to protect the
environment.
Bhumi has over 30,000 mainly youth
volunteers and has helped educate more
than 25,000 children across India since its
éòõðä÷ìòñìñ" &Ýëèñèúóäõ÷ñèõöëìóúìïï
öèèøööøóóòõ÷ìñêöæëòïäõöëìóöéòõüòøñê
óèòóïèäģèæ÷èçåüÌØßÒÍäñç÷èõðìñäïìïïñèöö
äöúèïïäööóòñöòõìñêèçøæä÷ìòñéòõêìõïöäñç
promoting eco workshops.
COVID has had a devastating impact on
éäðìïìèö÷ëõòøêëòø÷ÒñçìäöòÔèïïèõúìïïåè
úòõîìñêúì÷ëËëøðì÷òìçèñ÷ìéüæëìïçõèñúëò
have lost a breadwinner to the coronavirus or
terminal illness over the past two years. This
úìïïìñæïøçèäöîìñêéòõñòðìñä÷ìòñöéõòð
employees, subcontractors and others with
links to Keller. The selected children will then
receive a scholarship.
We will also be sponsoring Bhumi educational
öèööìòñöä÷öæëòòïöéòõêìõïöäñççòñä÷ìñêÒÝ
equipment. And employees will be encouraged
to get involved in the charity’s Eco-Champs
programme, where children plant trees, learn
about recycling and take part in art workshops
úì÷ëäñèñùìõòñðèñ÷äïéòæøö
We really hope to be able to
ðäîèäóòöì÷ìùèçìģèõèñæè
÷òóèòóïèđöïìùèöĔ
J ‘Subbu’ Subramanian
ÑèäçòéÑÛÔèïïèõÒñçìä
ESG and sustainability continued
People continued
AMEA have prioritised leadership development
and introduced a new Conscious Leadership
Programme, developed an Emerging Leaders
Programme and delivered on an intensive
Inclusive Leadership workshop during the year.
Europe continued to adapt their approach to
çèïìùèõïòæäïóõòêõäððèöùìäçìêì÷äïóïä÷éòõðö
due to mobility restrictions related to COVID.
Leadership on Site training as well as Leading
Teams Remotely were delivered during the
æòøõöèòé" "!ÝëèÜäïèöÌòøñöèïïòõ
Programme is well established and seeks to
increase the company’s capabilities in winning
ëìêëèõôøäïì÷üúòõîéõòðòøõæïìèñ÷ö
àèäõèæòððì÷÷èç÷òçèùèïòóìñêòøõéø÷øõè÷äïèñ÷
óìóèïìñèòéïèäçèõöäñçìñùèö÷ìñêìñòøõóèòóïè÷ò
ensure they are equipped with the skills to drive
÷ëèòõêäñìöä÷ìòñéòõúäõçúì÷ëìñäñèùèõæëäñêìñê
äñçæòðóïèûðäõîè÷ØøõÞñèäõ÷ëìñêÙò÷èñ÷ìäï
talent development programme enables us to
åøìïç÷ëìöæäóäåìïì÷üäñç÷òõèöóòñç÷ò÷ëèéø÷øõè
ñèèçöòé÷ëèåøöìñèööÒ÷äïöòäïïòúöøö÷òäæ÷ìùèïü
èñêäêèäçìùèõöèõäñêèòé÷äïèñ÷äöúèïïäöçèùèïòó
éø÷øõèïèäçèõïèäõñìñêéòõäïïàèåèïìèùè÷ëä÷èùèõü
èðóïòüèèöëòøïçëäùè÷ëèòóóòõ÷øñì÷üéòõõèêøïäõ
career conversations and development plans, and
during the year, included an additional module to
éäæìïì÷ä÷èçìöæøööìòñö÷ëä÷éòõðóäõ÷òé÷ëè÷äïèñ÷
development programme.
Learning and development
programmes
Keller’s ability to deliver its business strategy
depends on employees with relevant skills,
îñòúïèçêèäñçèûóèõìèñæèØøõêõòøó¡úìçè
learning and development programmes promote
a culture that empowers our people to drive
ìññòùä÷ìòñäñçéòæøöòñÔèïïèõđöóõìñæìóäïäæ÷ìùì÷ìèö
òéúìññìñêäñçèûèæø÷ìñêúòõîòñåèëäïéòéæïìèñ÷ö
From mid-2021, the North America division was
able to reactivate its learning and development
óõòêõäððèöúì÷ë÷ëèúòõîéòõæèÝëèöèö÷äõ÷èç
úì÷ëöòðèòñïìñèõèéõèöëèõ÷õäìñìñêéòõ÷ëòöè÷ëä÷
had previously attended the Project Manager
academy prior to the pandemic to ensure that
the previous learning outcomes realised
remained relevant and current. In person
äæäçèðìèö÷ëèñéòïïòúèçéòõÙõòíèæ÷Öäñäêèõö
and Field Superintendents; as well as a cohort
òéöäïèö÷õäìñìñê
Êðäíòõéòæøöéòõ×òõ÷ëÊðèõìæäéòïïòúìñê÷ëè
One Keller reorganisation has been cross-
÷õäìñìñêòøõ÷èäðöìññèúóõòçøæ÷öòģèõìñêöéòõ
æïìèñ÷öÊñòñïìñèòģèõìñêëäöåèèñçèùèïòóèç
that supports our sales, engineering and project
ðäñäêèðèñ÷÷èäðöçèùèïòóäúäõèñèööòé÷ëè
éøïïæä÷äïòêøèòé÷èæëñìæäïæäóäåìïì÷ìèö÷ëä÷Ôèïïèõ
has. This has been a valuable tool in upskilling our
÷èäðö÷òåèäåïè÷òòģèõðøï÷ìóïèöòïø÷ìòñöéòõ
our clients projects.
Quality education
We invest in our people’s
óõòéèööìòñäïäñçóèõöòñäï
development and provide a
æëäïïèñêìñê èñùìõòñðèñ÷ éòõ
÷ëèð÷òèûèõæìöè÷ëèìõöîìïïö
We also take a leadership
role in our industry and the
communities in which we
operate to encourage personal
and economic growth.
Keller Group plc Annual Report and Accounts 2021 Strategic Report62

Keller launches engineering scholarship
Case study
Keller has set up an annual scholarship to
attract the best geotechnical engineers and
strengthen ties with leading universities.
The Pitcairn Geotechnical Engineering
Scholarship commemorates Colin Pitcairn,
÷ëèäõæëì÷èæ÷òéÔèïïèõđöêïòåäïïèäõñìñêäñç
development programmes, who sadly died
in 2020.
Îäæëüèäõ÷ëèöæëèðèòģèõöäêõäñ÷òéøó÷ò
£10,000 each to three promising engineering
undergraduates looking to take a master’s
degree in geotechnical engineering.
ÓòõêèÖäïäùèìöòñèòé÷ëèĤõö÷õèæìóìèñ÷ö
òé÷ëèöæëòïäõöëìóäñçõèæèñ÷ïüåèêäñëìö
master’s programme in Structural and
Geotechnical Engineering at the University
òéÌèñ÷õäïÏïòõìçä
ēÒĤñçö÷õøæ÷øõäïäñçêèò÷èæëñìæäïèñêìñèèõìñê
projects more interesting than any other area
òéæìùìïèñêìñèèõìñêäñçõèæèìùìñê÷ëìö
scholarship means the world to me.”
ÝòéøïĤïòøõäðåì÷ìòñ÷òåè÷ëèïèäçìñê
provider of specialist geotechnical
solutions, we have to attract the
best engineers with potential to
become our future leaders.
Partnership is one of our Inclusion
Commitments. It recognises the
importance of collaborating and
partnering with like-minded
organisations through inclusivity
÷òçõìùèæëäñêèìñ÷ëèìñçøö÷õüĔ
Graeme Cook
Group People Director
In November 2021, we held our Project
ÖäñäêèõöđæòñéèõèñæèìñÝèûäöÝëìöåõòøêë÷
÷òêè÷ëèõöòðè#( óèòóïèéõòðäæõòöö×òõ÷ë
America Division to learn, network and share
ideas and best practice. Attendees were able to
ïèäõñäñçêõòú÷ëèìõèûóèõ÷ìöè÷ëõòøêë÷èæëñìæäï
and leadership presentations, workshops,
èûëìåì÷ìòñöäñçêõòøóäæ÷ìùì÷ìèö
Emerging talent
We are committed to investing in our emerging
÷äïèñ÷äñçåøìïçìñêçìùèõöèæäóäåìïì÷üéòõ÷ëè
éø÷øõèÝëìöüèäõúè÷òòîòñòùèõ! $
engineering graduates and provided 53
apprenticeship and 81 intern and co-op
opportunities across the group.
Øùèõ÷ëèïäö÷éèúüèäõöúèđùèöèèñóõòêõèöö
úì÷ëäçìùèõöèìñ÷äîèéòõèñ÷õü¡ïèùèïèñêìñèèõìñê
roles and cultivating relationships with key
øñìùèõöì÷ìèö÷ëä÷ëäùèäëìêëèõóõòóòõ÷ìòñòé
øñçèõõèóõèöèñ÷èçðìñòõì÷ìèöÏòõèûäðóïè×òõ÷ë
Êðèõìæääöóäõ÷òéäóìïò÷óø÷ðòõèéòæøöòñ
balanced representation with early career
õèæõøì÷ðèñ÷çøõìñê" "!¤%]ìñæõèäöèòééèðäïè
ìñ÷èõñöäñçæò¡òóöäñçä! ]ìñæõèäöèòéåïäæî
èñêìñèèõö¥Ýëèåìêêèö÷æòñ÷õìåø÷ìñêéäæ÷òõöòé
success have been leader sponsorship, targeted
õèæõøì÷ðèñ÷éòæøööèçòñÍÎÒìñì÷ìä÷ìùèöäñç÷ëè
äçòó÷ìòñöòéìñæïøöìùèúòõîéòõæèóòïìæìèööøæë
äöèñëäñæèçóäõèñ÷äïïèäùè
The progress achieved in North America will
öèõùèäöäåïøèóõìñ÷éòõò÷ëèõçìùìöìòñö÷òæòñöìçèõ
The Pitcairn Geotechnical Engineering
Scholarship was launched during the year which
is designed to attract the best geotechnical
engineers and strengthen our ties with leading
øñìùèõöì÷ìèöÎäæëüèäõ÷ëèöæëèðèúìïïòģèõ
äêõäñ÷òéøó÷ò|!  ÷òèäæëòé÷ëõèèæìùìï
engineering graduates considering a masters’
degree in geotechnical engineering. An
òóóòõ÷øñì÷ü÷òñò÷òñïüö÷õèñê÷ëèñòøõéø÷øõè
talent pipeline, but to improve diversity at Keller
by attracting more women and other individuals
éõòðøñçèõ¡õèóõèöèñ÷èçðìñòõì÷üêõòøóö
Workplace mentoring programme
We pride ourselves on creating a company
culture that values learning and development
and giving our colleagues the opportunity to
grow and thrive. During the year, a workplace
mentoring programme was launched in North
Êðèõìæäéòõ÷ëèóøõóòöèöòéäææèïèõä÷ìñê
óèõöòñäïäñçóõòéèööìòñäïçèùèïòóðèñ÷
encourage and empower employees to
realise their potential and to strengthen
ïèäçèõöëìóæäóäåìïì÷ü
Global product teams
Ôèïïèõđöêïòåäïóõòçøæ÷÷èäðöéòæøöòñöëäõìñê
óõòçøæ÷¡öóèæìĤæîñòúïèçêèäõòøñç÷ëèúòõïç
ðäîìñêöøõèúèäõèåèö÷èôøìóóèç÷òòģèõöäéè
productive, market-leading technologies to our
æøö÷òðèõöàèëäùèä÷èäðéòõèäæëòéòøõèìêë÷
major product lines. This year, we continued
monthly educational webcasts, each attended
åüöèùèõäïëøñçõèçóèòóïèéõòðòøõêïòåäï
engineering and operations communities.
Geotechnical community
Our businesses take a leadership role within their
industry by providing employees, customers,
suppliers and potential employees with technical
óäóèõööèðìñäõöĤèïç÷õìóöäñçöì÷èùìöì÷öÜ÷äģ
éõòðæòðóäñìèö÷ëõòøêëòø÷÷ëèÐõòøóðäìñ÷äìñ
close contact with partner universities to share
åèö÷óõäæ÷ìæèäñçóõòùìçèèûäðóïèöòé÷ëèìõ
leading-edge engineering.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 63

PrinciplesPrinciples
Human rights
Ôèïïèõèûóèæ÷öäïïèðóïòüèèöäñçöøóóïìèõö÷ò
adhere to international standards on human
õìêë÷öìñæïøçìñêúì÷ëõèöóèæ÷÷òæëìïçäñçéòõæèç
ïäåòøõïäñçõìêë÷öäñçéõèèçòðòéäööòæìä÷ìòñ
äðòñêò÷ëèõèïèðèñ÷öàè÷äîèäýèõò¡÷òïèõäñæè
äóóõòäæë÷òöïäùèõüäñçëøðäñ÷õäĦæîìñêäñç
are strongly committed to ensuring that all
employees, as well as the people who work on
òøõåèëäïéäõèóõò÷èæ÷èçØøõéøïïèûóèæ÷ä÷ìòñö
äõèìñæïøçèçìñòøõÜøóóïüÌëäìñÌòçèòé
Business Conduct and modern slavery and
ëøðäñ÷õäĦæîìñêö÷ä÷èðèñ÷úëìæëäõèäùäìïäåïè
on our website. We conduct appropriate due
çìïìêèñæèòñòøõóäõ÷ñèõöäñçäïïòéòøõöøóóïìèõö
are obliged to adhere to the principles set out in
the Code, including on human rights.
Anti-bribery and corruption
Keller’s Anti-Bribery and Anti-Fraud Policy and
whistleblowing procedures are designed to
ensure that employees and other parties
including contractors and third parties are able
÷òõèóòõ÷äñüìñö÷äñæèöòéóòòõóõäæ÷ìæèöäéèïü
through an independent organisation.
All reports received via this or any other reporting
mechanism are thoroughly investigated and
reported to the Audit and Risk Committee, which
õèùìèúöèäæëæäöèäñçì÷öòø÷æòðèö×òñèòé
òøõìñùèö÷ìêä÷ìòñöçøõìñê" "!ìçèñ÷ìĤèçäñü
öüö÷èðìæìööøèöòõåõèäæëèöòéòøõòåïìêä÷ìòñö
under the Bribery Act 2010. The Anti-Bribery
and Anti-Fraud Policy is supported by periodic
audits and reminders.
Governance and oversight
We recognise that assurance over our business
äæ÷ìùì÷ìèöäñç÷ëòöèòéòøõóäõ÷ñèõöäñçöøóóïìèõö
is essential. In 2021 our employees completed
mandatory training on competition compliance
and data privacy and in 2022 will complete
ðäñçä÷òõüÌòçèòéËøöìñèööÌòñçøæ÷÷õäìñìñê
You can read more about our risk management
äñçóõìñæìóäïõìöîöéõòðóäêè#"òñúäõçö
7D[VWUDWHJ\
àèóøåïìöëòøõ÷äûö÷õä÷èêüòñòøõúèåöì÷è
äñçäõèæòððì÷÷èç÷òðäñäêìñêòøõ÷äûäģäìõö
responsibly and in compliance with relevant
ïèêìöïä÷ìòñØøõ÷äûö÷õä÷èêüìöäïìêñèç÷òòøõ
ÌòçèòéËøöìñèööÌòñçøæ÷äñçÔèïïèõđöùäïøèö
and culture and is owned and approved by
÷ëèÊøçì÷äñçÛìöîÌòððì÷÷èèäñç÷ëè
Ëòäõçäññøäïïü
Committee structures
Ýòõèĥèæ÷÷ëèêõòúìñêìðóòõ÷äñæèòé
Environmental, Social and Governance (ESG)
ðä÷÷èõöäñçóõòùìçèêõèä÷èõéòæøöäñçòùèõöìêë÷
on these issues, we announced on 30 July 2021
that the Board had established two new Board
Committees: the Environment Committee and
the Social and Community Committee. In
addition, the Audit and the Nomination
Committees were renamed the Audit and Risk
Committee and the Nomination and Governance
Ìòððì÷÷èèõèöóèæ÷ìùèïü÷òåè÷÷èõõèĥèæ÷÷ëèìõ
remits. Further detail on the membership and
÷èõðöòéõèéèõèñæèéòõ÷ëèöèÌòððì÷÷èèöæäñåè
éòøñçòñòøõúèåöì÷èäñçòñóäêèö'(äñç')òé
this report.
ÝëìöñèúÌòððì÷÷èèö÷õøæ÷øõèäïïòúöéòõêõèä÷èõ
çèó÷ëòéèñêäêèðèñ÷äñçæòñùèõöä÷ìòñäñç
æïèäõéòæøöìñçõìùìñêéòõúäõçòøõÎÜÐäêèñçä
(6*UHSRUWLQJIUDPHZRUN
In addition to the new Committee structure,
÷ëèËòäõçäêõèèçäõèóòõ÷ìñêéõäðèúòõîòñ
ESG matters.
ÎÜÐìö÷ëèõèöóòñöìåìïì÷üòé÷ëèËòäõçäöäúëòïè
úì÷ë÷ëèÌëäìõðäñäöçèöìêñä÷èçÍìõèæ÷òõéòõ
ESG matters, reporting through the Group
Company Secretary and Legal Advisor to the
Board. The Board receives quarterly reports
which summarise the activities, initiatives and
challenges on ESG during the period and track
óõòêõèööÝëèöèôøäõ÷èõïüõèóòõ÷öìñéòõð÷ëè
æòñ÷èñ÷òé÷ëìööèæ÷ìòñòé÷ëèäññøäïõèóòõ÷äñç
assures a clear reporting line on all ESG matters
to the Chairman.
Net zero targets
Ýëèæòðóäñüëäöìçèñ÷ìĤèçöäéè÷üêòòç
governance, gender DEI and carbon reduction as
÷ëèðòö÷ìðóòõ÷äñ÷äõèäöòéöøö÷äìñäåìïì÷ü÷ëä÷
÷ëèÐõòøóæäñéòæøöòñêïòåäïïüÝëèöèäïìêñúì÷ë
UN Sustainable Development Goals 3, 5, 13 and
!&Òñõèöóèæ÷òéæäõåòñõèçøæ÷ìòñ÷ëèÎûèæø÷ìùè
÷èäðëäööè÷äðåì÷ìòøöåø÷äæëìèùäåïèñè÷ýèõò
÷äõêè÷öåü" % àèúìïïåèñè÷ýèõòäæõòööäïï
÷ëõèèèðìööìòñöæòóèöåü" % ñè÷ýèõòòñ
Üæòóè"åü" # ñè÷ýèõòòñÜæòóè!åü" $ 
äñçñè÷ýèõòåü" % òñòóèõä÷ìòñäïÜæòóè#¤äö
opposed to client-originated Scope 3). We have
started to implement the short, medium and
long-term actions required to achieve these
êòäïöÖòõèìñéòõðä÷ìòñòñóäêèö$%äñç$&¢
Óòøõñèü÷òñè÷ýèõò
Good governance
Good governance is about
helping to run the company well.
Ò÷ìñùòïùèöåèìñêöä÷ìöĤèç÷ëä÷äñ
èģèæ÷ìùèìñ÷èõñäïéõäðèúòõîòé
systems and controls is in place
úëìæëæïèäõïüçèĤñèöäø÷ëòõì÷ü
and accountability and
promotes success whilst
permitting the appropriate
ðäñäêèðèñ÷òéõìöî
.HOOHUpVZD\VRIZRUNLQJ
ØøõÌòçèòéËøöìñèööÌòñçøæ÷¤ĐÌòçèđ¥
öè÷öòø÷æïèäõäñçæòððòñö÷äñçäõçöòé
åèëäùìòøõéòõèùèõüòñèúëòúòõîöìñäñç
úì÷ëÔèïïèõäöúèïïäöäéõäðèúòõî÷òêøìçè
decision-making when situations aren’t
clear-cut. It also ensures a positive culture
÷ëä÷îèèóöøööøææèööéøïòóèõä÷ìñêìñä
úäüúèæäñäïïåèóõòøçòéÒ÷ìöäóøåïìæ
ö÷ä÷èðèñ÷òéòøõæòððì÷ðèñ÷÷òëìêë
standards that tells others they can rely
on our integrity.
The Code is supported by our Group
policies, our modern slavery and human
÷õäĦæîìñêö÷ä÷èðèñ÷éòõ" ""òøõ÷äû
strategy and our new Supply Chain Code
òéËøöìñèööÌòñçøæ÷Øøõè÷ëìæöäñç
compliance programme, which comprises
÷õäìñìñêòéòøõèðóïòüèèöäæõòöö÷ëè
åøöìñèööìöñòúìñì÷ööìû÷ëüèäõòé
supporting our employees to do the right
thing – maintaining ethical and honest
behaviour, respecting employees’ rights
äñççìùèõöì÷üäñçö÷äüìñêéõèèéõòðåõìåèõü
and corruption.
ÔèïïèõđöÌòçèòéËøöìñèööÌòñçøæ÷äñç
Ðõòøóóòïìæìèöæäñåèéòøñçä÷
www.keller.com under ‘How we work’
ESG and sustainability continued
Keller Group plc Annual Report and Accounts 2021 Strategic Report64

àèúõò÷è÷ëèöøö÷äìñäåìïì÷üòùèõùìèúéòõ÷ëè
ÎøõòóèäñÏèçèõä÷ìòñòéÏòøñçä÷ìòñÌòñ÷õäæ÷òõö
äñçëèïóèçúì÷ë÷ëèçõäé÷ìñêòé÷ëèÊðèõìæäñÍÏÒ
sustainability guide.
We are also helping to compile sustainability best
practice guides with the European and American
trade associations.
Charitable partnerships
Øøõåøöìñèööøñì÷ööøóóòõ÷äåõòäçõäñêèòé
groups and charities, depending on what is most
important to them locally. This may involve
éøñçõäìöìñêòõçòñä÷ìñêðòñèü÷ìðèòõöîìïïö
Òñõèæòêñì÷ìòñòé÷ëèåèñèĤ÷òééõèèùäææìñä÷ìòñö
÷ëä÷ðäñüòé÷ëèÐõòøóđöèðóïòüèèöäñç÷ëèìõ
éäðìïìèöëäùèõèæèìùèçéõòð÷ëèìõñä÷ìòñäï
êòùèõñðèñ÷öéòïïòúìñêäõèæòððèñçä÷ìòñ
òé÷ëèÜòæìäïäñçÌòððøñì÷üÌòððì÷÷èè
÷ëèËòäõçäóóõòùèçäéøñçìñêæòñ÷õìåø÷ìòñ
òé|#  ÷òÞ×ÒÌÎÏđöÌØßÒÍ¡!)
Vaccines Appeal.
àèäêäìñöøóóòõ÷èçÝëèËõìïïìäñ÷Ëõèäîéäö÷ìñ
" "!úì÷ëäçòñä÷ìòñòé|% àòõîìñêúì÷ë
The Prince’s Trust, this UK initiative aims to
æëäñêè÷ëèïìùèöòéüòøñêúòðèñåüëèïóìñê
them gain the skills needed to live, learn and earn.
Öòõèìñéòõðä÷ìòñòñ÷ëìöæäñåèéòøñçìñ÷ëè
õèóòõ÷òé÷ëèÜòæìäïäñçÌòððøñì÷üÌòððì÷÷èè
on page 86.
ÝëìöüèäõúèðòõèæïèäõïüçèĤñèç÷ëèö÷õøæ÷øõè
äñçäóóõòäæëéòõæëäõì÷äåïèäñçæòððøñì÷ü
giving in Keller in a new Charitable Giving Policy.
Industry partnerships
Öäñüòéòøõöèñìòõðäñäêèõöóïäüîèüõòïèö
ìñ÷ëèêèò÷èæëñìæäïóõòéèööìòñäïäööòæìä÷ìòñö
and activities around the world.
ÒñÎøõòóèäñøðåèõòéèðóïòüèèöäõèóäõ÷òé÷ëè
ÎøõòóèäñÏèçèõä÷ìòñòéÏòøñçä÷ìòñÌòñ÷õäæ÷òõö
(EFFC), which is also chaired by Andreas Körbler
éõòðÔèïïèõÒñÔèïïèõ×òõ÷ëÊðèõìæäèðóïòüèèö
are active participants in geotechnical
engineering and construction trade groups,
including the Deep Foundations Institute (DFI),
ÊÜÌΦÐèò¡Òñö÷ì÷ø÷èäñçÊÍÜÌÒñ÷èõñä÷ìòñäï
Êööòæìä÷ìòñòéÏòøñçä÷ìòñÍõìïïìñêØøõ×òõ÷ë
American engineers also hold leadership
positions on multiple national technical
committees (including committees on
sustainability) and local and university chapters;
ðäñüëäùèöèõùèçäöðèðåèõöòé÷ëèåòäõçòé
çìõèæ÷òõöéòõ÷ëèöèòõêäñìöä÷ìòñö
Finally, in AMEA, Keller plays an important role
ìñ÷ëèïòæäïóõòéèööìòñäïöòæìè÷ìèöúì÷ëÔèïïèõ
employees holding leading positions in multiple
trade associations, including in ASEAN and India.
àèäïöòöøóóòõ÷÷õäçèæòñéèõèñæèöäæõòööòøõ
divisions, including the combined American and
Îøõòóèäñ÷õäçèæòñéèõèñæè
Üøö÷äìñäåìïì÷üìöäñìñæõèäöìñêéòæøöìñ÷ëè
ìñçøö÷õüàèúòõîúì÷ëäñøðåèõòéøñìùèõöì÷ìèö
òñöøö÷äìñäåìïì÷üìñì÷ìä÷ìùèöéòæøöìñêòñ
úëòïè¡æòðóäñüìññòùä÷ìòñöóèæìĤæ
geotechnical products like grouting and vibro
stone columns, and key geotechnical projects.
Partnerships
At Keller, we recognise the
ìðóòõ÷äñæè òé æòïïäåòõä÷ìñêúì÷ë
organisations that understand
our values and commitments,
äñç÷ëèúäüöòéúòõîìñêäñç÷ëè
standards by which we operate.
Ùäõ÷ñèõìñêúì÷ë÷ëèöèĐïìîè¡
minded’ organisations helps us
drive change in our organisation
and the wider geotechnical
industry.
Keller has donated £300,000 to UNICEF’s
COVID-19 Vaccines Appeal. This has helped
UNICEF deliver more than two billion doses
of vaccines for frontline health workers,
social workers, teachers and those at
highest risk.
Ýëìöéøñçìñêæòñ÷õìåø÷ìòñõèæòêñìöèö÷ëè
åèñèĤ÷òééõèèùäææìñä÷ìòñ÷ëä÷ðäñüÔèïïèõ
èðóïòüèèöäñç÷ëèìõéäðìïìèöëäùèõèæèìùèç
éõòð÷ëèìõñä÷ìòñäïêòùèõñðèñ÷öÒ÷õòøêëïü
èôøä÷èö÷ò÷ëèæòö÷òéùäææìñä÷ìñê÷ëèÔèïïèõ
úòõîéòõæèäñç÷ëèìõìððèçìä÷èéäðìïìèö
.HOOHUGRQDWHVWR9DFFLQHV$SSHDO
Case study
We have actively encouraged and
supported our employees to
become vaccinated against
ÌØßÒÍ¡!)úëèõèùèõóòööìåïèĔ
Mike Speakman
ÌëìèéÎûèæø÷ìùèØĦæèõ
Keller Group plc Annual Report and Accounts 2021 Strategic Report 65

×òñ¡Ĥñäñæìäïõèóòõ÷ìñêö÷ä÷èðèñ÷
Introduction
Ùøõöøäñ÷÷ò÷ëè×òñ¡ĤñäñæìäïÛèóòõ÷ìñêÛèêøïä÷ìòñöúëìæëäóóïü÷ò÷ëèÐõòøó÷ëè÷äåïèöåèïòúöøððäõìöèúëèõèéøõ÷ëèõìñéòõðä÷ìòñòñèäæëòé÷ëèîèü
äõèäöòéçìöæïòöøõèæäñåèéòøñçÏøõ÷ëèõçìöæïòöøõèöìñæïøçìñêòøõÐõòøóóòïìæìèöæäñåèéòøñçòñòøõúèåöì÷èä÷úúúîèïïèõæòð
Reporting requirement 5HOHYDQWVHFWLRQRIWKLVUHSRUW
 'HVFULSWLRQRIRXUEXVLQHVVPRGHO • Business model – pages 12 and 13
• Our strategy – pages 18 and 19
 7KHPDLQWUHQGVDQGIDFWRUVOLNHO\WRDƪHFWWKHIXWXUH
GHYHORSPHQWSHUIRUPDQFHDQGSRVLWLRQRIWKH*URXSpVEXVLQHVV
• Our market – pages 10 and 11
• Divisional reviews – pages 20 to 25
 'HVFULSWLRQRIWKHSULQFLSDOULVNVDQGDQ\DGYHUVHLPSDFWV
RIEXVLQHVVDFWLYLW\
• Principal risks and uncertainties – pages 32 to 41
 1RQƬQDQFLDONH\SHUIRUPDQFHLQGLFDWRUV • Ìøö÷òðèõöä÷ìöéäæ÷ìòñ¢óäêè!#
• Üäéè÷üêòòçëèäï÷ëäñçúèïïåèìñê¢óäêèö%(÷ò&!
• Gender diversity – pages 53 to 56
• Greenhouse gas emissions and energy – page 48
Reporting requirement
Policies, processes and standards
which govern our approach¹ Risk management
(PEHGGLQJGXHGLOLJHQFHRXWFRPHVRIRXU
DSSURDFKDQG|DGGLWLRQDOLQIRUPDWLRQ
5. Environmental
matters
• ESG and sustainability –
pages 42 to 67
• Ìëäñêìñêèñùìõòñðèñ÷äïéäæ÷òõö¢óäêè#(
• Ethical misconduct and non-compliance
with regulations – page 37
• Losing market share – page 36
• Inability to maintain technological product
advantage – page 37
• Our market – pages 10 and 11
• Divisional reviews – pages 20 to 25
• Greenhouse gas emissions and
energy data, trend analysis and
assurance – pages 47 and 48
• Environment Committee report –
pages 84 and 85
• Section 172 statement – pages 76
and 77
6. Employees •HR Policy
• ÌòçèòéËøöìñèöö
Conduct
• Whistleblowing Policy
• Wellbeing Foundations
• Sustainability Policy
• ESG and sustainability –
pages 42 to 67
• Üèõìòøöìñíøõüòõéä÷äïì÷ü÷òèðóïòüèèöòõóøåïìæ
– page 40
• Ethical misconduct and non-compliance with
regulations – page 37
• Not having the right skills to deliver – page 40
• Ìëäñêìñêèñùìõòñðèñ÷äïéäæ÷òõö¢óäêè#(
• Diversity, equity and inclusion –
pages 53 to 56
• Training and development – pages 62
and 63
• Health and wellbeing – pages 59 to
61
• Employee engagement – page 57
• Section 172 statement – pages 76
and 77
• Social and Community Committee
report – pages 86 and 87
7. Social and
community
matters
• ÌòçèòéËøöìñèöö
Conduct
• Wellbeing Foundations
• Sustainability Policy
• ESG and sustainability –
pages 42 to 67
•Procurement Policy
• ÜøóóïüÌëäìñÌòçèòé
Business Conduct
• Ethical misconduct and non-compliance with
regulations – page 37
• Ìëäñêìñêèñùìõòñðèñ÷äïéäæ÷òõö¢óäêè#(
• Business model – pages 12 and 13
• Divisional reviews – pages 20 to 25
• Üäéè÷üêòòçëèäï÷ëäñçúèïïåèìñê
– pages 58 to 61
• Social and Community Committee
report – pages 86 and 87
• Section 172 statement – pages 76
and 77
Keller Group plc Annual Report and Accounts 2021 Strategic Report66

Reporting requirement
Policies, processes and standards
which govern our approach¹ Risk management
(PEHGGLQJGXHGLOLJHQFHRXWFRPHVRIRXU
DSSURDFKDQG|DGGLWLRQDOLQIRUPDWLRQ
8. Human rights • ÌòçèòéËøöìñèöö
Conduct
• ÜøóóïüÌëäìñÌòçèòé
Business Conduct
• Modern slavery and
ëøðäñ÷õäĦæîìñê
statement
• Wellbeing Foundations
• Sustainability Policy
• Privacy Policy
• Ethical misconduct and non-compliance with
regulations – page 37
• Üèõìòøöìñíøõüòõéä÷äïì÷ü÷òèðóïòüèèöòõóøåïìæ
– page 40
• Ìëäñêìñêèñùìõòñðèñ÷äïéäæ÷òõö¢óäêè#(
• Üäéè÷üêòòçëèäï÷ëäñçúèïïåèìñê
– pages 58 to 61
• Social and Community Committee
report – pages 86 and 87
• Section 172 statement – pages 76
and 77
9. Anti-corruption
and anti-bribery
• Anti-Bribery and
Anti-Fraud Policy
• Competition Law
Compliance Policy
• Ìòñĥìæ÷öòéÒñ÷èõèö÷Ùòïìæü
• Whistleblowing Policy
• Ethical misconduct and non-compliance with
regulations – page 37
• Audit and Risk Committee report –
pages 90 to 95
Üòðèóòïìæìèöóõòæèööèöäñçö÷äñçäõçööëòúñëèõèäõèñò÷óøåïìöëèçèû÷èõñäïïü
Kerry Porritt
Group Company Secretary and Legal Advisor
7 March 2022
ÝëèÜ÷õä÷èêìæõèóòõ÷ëäöåèèñäóóõòùèçäø÷ëòõìöèçéòõìööøè
äñçöìêñèçåüòõçèõòé÷ëèËòäõçåü
Keller Group plc Annual Report and Accounts 2021 Strategic Report 67

We have met or
exceeded the diversity
targets we set
ourselves in the Board’s
Diversity Policy
approved in January
last year.
Peter Hill CBE
Chairman
Chairman’s introduction
Board succession and diversity
When I arrived in 2016, I set out an ambition
to have a Board from multiple industries and
geographies that had varied and valuable
experiences as well as gender and ethnic
çìùèõöì÷üÒåèïìèùè÷ëä÷çìģèõèñ÷ùìèúóòìñ÷ö
äñççìģèõèñ÷èûóèõìèñæèöèñöøõè÷ëä÷åè÷÷èõ
informed decisions are made when applying
judgements in challenging business-related
circumstances. We have met or exceeded the
diversity targets we set ourselves in the Board’s
Diversity Policy approved in January last year and
as recommended by the Hampton-Alexander
and Parker Reviews, which set targets of a 33%
female share of Board Directors by 2020 and a
minimum of one Board Director from an ethnic
minority background by 2022.
On 1 February 2022, we announced the
appointment of Juan G. Hernández Abrams,
who has joined the Board as an independent
Non-executive Director and will be Chair of the
Environment Committee. Our Nomination and
Governance Committee, led by me, with support
from the whole Board and the Group Company
Secretary and Legal Advisor, oversaw the
appointment process. Juan’s biography is set
out on page 70. Juan brings rich and diverse
experience to the Board and I warmly welcome
him to Keller.
On behalf of the Board I would like to pay
÷õìåø÷è÷ò×äñæüÝøòõÖòòõèéòõëèõöìêñìĤæäñ÷
contribution since joining the Board as a
Non-executive Director in 2014 and her valuable
input at various Committees – the Audit and Risk,
Nomination and Governance, Remuneration and
Social and Community - and as Chair of the
Environment Committee. The Board and the
úìçèõÐõòøóëäùèåèñèĤ÷÷èçêõèä÷ïüéõòðëèõ
extensive knowledge and experience, particularly
of the US engineering and construction sector.
Nancy will retire from the Board following this
year’s AGM, and we wish her well.
The Board and the Nomination and Governance
Committee will continue to drive the agenda of
diversity, equity and inclusion across the Group.
Planet, People and Principles
Ýòõèĥèæ÷÷ëèêõòúìñêìðóòõ÷äñæèòéÎÜÐ
matters and to provide greater focus and
oversight, we announced in July 2021 that
the Board had established two new Board
Committees: the Environment Committee
and the Social and Community Committee.
In addition, the Audit and the Nomination
Committees were renamed the Audit and
Risk Committee and the Nomination and
Governance Committee respectively, to better
õèĥèæ÷÷ëèìõõèðì÷öÏøõ÷ëèõçè÷äìïúì÷ëõèêäõç
to the membership and terms of reference for
these Committees can be found on pages 78
and 79. This new Committee structure allows
for greater depth of engagement and
conversation and clear focus in driving forward
our ESG agenda; a quarterly report on all ESG
initiatives and deliverables by the Group
Company Secretary and Legal Advisor, to the
Board, assures a clear reporting line on all ESG
matters to me. In 2022 we have put in place a
ñøðåèõòéðèäöøõèöäñç÷äõêè÷ö÷òåò÷ëõèĥèæ÷
Keller’s ESG priorities and meet increased
reporting and compliance obligations in this
area and I am proud that we have set ambitious
and achievable net zero carbon targets by 2050.
We believe that carbon targets are essential to
mitigate global climate-related risks while we
pursue climate-related opportunities in our
operations and contracts.
We will be net zero across all three emission
scopes by 2050; net zero on Scope 2 by 2030,
net zero on Scope 1 by 2040 and net zero by
2050 on operational Scope 3. More information
can be found in the ESG and sustainability report
on pages 42 to 67.
Company purpose and culture
The Board is cognisant that it has the ultimate
responsibility for ensuring an appropriate
company culture to act as a backdrop to the
way in which Keller behaves towards all its
stakeholders. Our culture provides the
foundation to drive our purpose and delivery of
our strategy. As a Board, we continue to spend
time focused on ensuring that our culture
enables us to build the organisational capability
required to deliver on our promises to our
stakeholders, customers, employees, society
and shareholders. More information on our
purpose and culture can be found on page 2.
Dear shareholder
On behalf of the Board, I am pleased to
introduce our Governance report for the
year ended 31 December 2021. This
õèóòõ÷öè÷öòø÷òøõäóóõòäæë÷òèģèæ÷ìùè
corporate governance and outlines key
areas of focus of the Board and its activities
undertaken during the year as we continue
to drive long-term value creation for all
our stakeholders.
Keller Group plc Annual Report and Accounts 2021 Governance68

Engagement with our stakeholders
Balancing stakeholders’ needs and views is a
key part of Board decision-making. The Board
recognises the importance of two-way
communications with our employees. The role of
our designated workforce engagement director
has been in place since 2017 and, supported by
the Social and Community Committee, continues
to be a successful way of ensuring that the Board
appropriately considers the interests of
employees in its deliberations and, in doing so,
makes better decisions.
Towards the end of 2021 we commissioned
a third party to undertake an independent
perception audit of a number of investment
managers. The outcome has not only enabled
the Board to obtain a deeper level of
understanding of the views of our shareholders
and potential investors, but also gives the
executive management additional input as
they formulate the strategy for the years ahead.
Whilst for much of the year it has not been
possible to meet physically with employees
and other stakeholders, the Board has recently
resumed face-to-face Board meetings and
activities, and all Board members are looking
forward to meeting and connecting more
personally with stakeholders in a COVID-19
safe environment over the next year.
Board evaluation
It is extremely important that the Board, its
Committees and individual Directors rigorously
review their performance and embrace the
opportunity to develop, where necessary.
Ýëìöüèäõäñèû÷èõñäïèģèæ÷ìùèñèööõèùìèú
was undertaken with support from the Group
Company Secretary and Legal Advisor.
Progress on last year’s areas of focus as well
äö÷ëèòø÷æòðèòé÷ëìöüèäõđöèģèæ÷ìùèñèöö
review can be found on pages 82 and 83.
Looking forward
We continued to make good strides as a
business in 2021, with our performance
exceeding market expectations. As a Board we
are focused on further driving the delivery of our
strategy over 2022 and beyond, whilst
maintaining the highest standards of corporate
governance expected by our stakeholders. The
outcome of the BEIS consultation on audit and
corporate reform, and its impact on the way we
work, will be a key theme on our agenda as well.
I encourage all our stakeholders to take every
opportunity presented to engage with the
company and, subject to any COVID-19
restrictions in place at the time, I would
welcome you to attend, and in any case
vote at, the forthcoming AGM.
The company was subject to the Code in respect of the year ended 31 December 2021 (the
IXOOWH[WRIZKLFKFDQEHIRXQGDWZZZIUFRUJ7KH%RDUGLVSOHDVHGWRFRQƬUPWKDWWKH*URXS
applied the principles and complied with the provisions of the Code. The remainder of this
report contains the narrative reporting variously required by the Code, the Listing Rules and
WKH'LVFORVXUH*XLGDQFHDQG7UDQVSDUHQF\5XOHVVHWWLQJRXWLQJUHDWHUGHWDLOWKHIUDPHZRUN
and processes that Keller has in place to ensure the highest levels of corporate governance.
Compliance with the Code
Board leadership
and company
purpose
Audit, risk and
internal control
Division of
responsibilities
Remuneration
Composition,
succession and
evaluation
Read more on
page 74
Read more on
page 83
Read more on
page 80
Read more on
page 96
Read more on
page 82
Needless to say that if we cannot meet in person
in May, if you wish to ask a question of the Board
relating to this report or the business of the
AGM, please feel free to do so by emailing the
Group Company Secretary and Legal Advisor
at secretariat@keller.com. We will consider
and respond to all questions received and, to
the extent practicable, publish the answers
on our website.
Yours faithfully,
Peter Hill CBE
Chairman
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 69

Board of Directors
Peter Hill CBE
Non-executive Chairman
Nationality: British
Appointed:
2016
Keller Committees:
Chairman of the Nomination and
Governance Committee
Skills and experience:
A mining engineer by background, Peter
was Non-executive Chairman of
Volution Group plc until January 2020;
Non-executive Chairman of
Imagination Technologies plc from
February 2017 until its sale to Canyon
Bridge Partners in September 2017;
Non-executive Chairman of Alent plc
from 2012 to the end of 2015; Chief
Executive of the electronics and
technology group Laird PLC from 2002
to late 2011; a Non-executive Director
on the boards of Cookson Group plc,
Meggitt plc and Oxford Instruments plc.
He has been a non-executive board
member of UK Trade and Investment,
and a Non-executive Director on the
board of the Royal Air Force, chaired by
the UK Secretary of State for Defence.
His early career was spent with natural
resources companies Anglo American,
Rio Tinto and BP; he was an Executive
Director on the board of the
engineering and construction company
Costain Group plc, and he has also held
management positions with BTR plc
and Invensys plc.
Other appointments:
Peter is the Non-executive Chairman
of Petra Diamonds Limited.
Paula Bell
Non-executive Director
Nationality: British
Appointed:
2018
Keller Committees:
Chair of the Audit and Risk Committee
and member of the Nomination and
Governance, Remuneration,
Environment, and Social and
Community Committees
Skills and experience:
Paula has extensive FTSE 250 board
experience as both an Executive and
Non-executive Director. From 2013 to
" !&öëèúäöÌëìèéÏìñäñæìäïØĦæèõ
of support services group John
Menzies plc and between 2006 and
2013 was Group Finance Director of
the advanced engineering group
Ricardo plc. Prior to that Paula held
senior management positions at BAA
plc, AWG plc and Rolls-Royce plc.
Paula was a Non-executive Director
and Chairman of the Audit Committee
of the global engineering and
technology group Laird PLC from
2012 until its acquisition and delisting
in July 2018, including a period as
Senior Independent Director.
Paula is a Fellow of the Chartered
Institute of Management Accountants
and a Chartered Global Management
Accountant.
Other appointments:
Paula is the Chief Financial and
Øóèõä÷ìòñöØĦæèõòéÜóìõèñ÷
Communications plc.
Juan G. Hernández
Abrams
Non-executive Director
Nationality: American
Appointed:
1 February 2022
Keller Committees:
Member of the Environment, Audit
and Risk, Nomination and
Governance, Remuneration, and
Social and Community Committees
Skills and experience:
Juan has served in multiple senior roles
with Fluor Corporation, including
General Manager and Vice President
of the Mining and Metals business in
South America, as well as President
of the Industrial Services business
including the Operations and
Maintenance group. His responsibilities
included the strategic direction,
òóèõä÷ìòñöäñçĤñäñæìäïóèõéòõðäñæè
across a wide range of industries and
sites throughout Europe, USA, Asia,
Australia, and the Middle East.
Juan was born and raised in Puerto Rico
and holds a Bachelor’s degree in
Environmental Sciences from the
University of Maine. He is a graduate of
Thunderbird University International
Management Program, the INSEAD
International Competitive Strategy
Program, and the London Business
School’s International Business Program.
Other appointments:
Juan is President of Fluor
Corporation’s Advanced Technologies
& Life Sciences business. He is a
member of the Board of Directors for
the US National Association of
Manufacturers.
David Burke
ÌëìèéÏìñäñæìäïØĦæèõ
Nationality: Irish
Appointed:
2020
Keller Committees:
Member of the Executive Committee
Skills and experience:
ÍäùìçìöäëìêëïüèûóèõìèñæèçĤñäñæè
executive who has worked in a variety
of industries and geographies over the
last 30 years. Most recently he was
ÌëìèéÏìñäñæìäïØĦæèõòéÓÖøõóëü
Sons Limited, a leading international
specialist engineering and
construction company. He has held
öèñìòõĤñäñæèõòïèöä÷ÜèõæòÐõòøóóïæ
and at Barclays plc.
David trained as an accountant with
KPMG in London and is a Fellow of the
Institute of Chartered Accountants in
England and Wales.
Kerry Porritt
Group Company Secretary
and Legal Advisor
For full biography
See page 72
Keller Group plc Annual Report and Accounts 2021 Governance70

Eva Lindqvist
Non-executive Director
Nationality: Swedish
Appointed:
2017
Keller Committees:
Chair of the Remuneration
Committee and member of the
Audit and Risk, Nomination and
Governance, Environment, and
Social and Community Committees
Skills and experience:
Eva graduated with a Master of Science
in Engineering and Applied Physics
from Linköping Institute of Technology
and holds an MBA from the University
of Melbourne. She is a member of the
Royal Swedish Academy of Engineering
Sciences. Eva began her career in
various positions with Ericsson working
in Continental Europe, North America
and Asia from 1981 to 1990 followed
by director roles with Ericsson from
1993 to 1999. She joined TeliaSonera in
2000 as Senior Vice President before
moving to Xelerated, initially as
Chairperson and later as Chief
Executive from 2007 to 2011.
Other appointments:
Eva is a Non-executive Director of
Bodycote plc and Tele2 AB.
Michael Speakman
ÌëìèéÎûèæø÷ìùèØĦæèõ
Nationality: British
Appointed:
2018 and CEO in 2019
Keller Committees:
Chairman of the Executive Committee
and member of the Environment, and
Social and Community Committees
Skills and experience:
Michael joined Keller from Cape plc, a
leading international provider of
industrial services, where he was Chief
ÏìñäñæìäïØĦæèõÑèëäöòùèõ# üèäõö
of experience across a range of
industries, holding senior operational,
divisional and corporate roles within TI
Group plc and Smiths Group plc
between 1982 and 2004, before his
äóóòìñ÷ðèñ÷äöÌëìèéÏìñäñæìäïØĦæèõ
éòõ÷ëèòìïĤèïçöèõùìæèöæòðóäñü
Expro International Group plc. Michael
holds a BSc in Engineering and is a
Fellow of the Chartered Institute of
Management Accountants.
Nancy Tuor Moore
Non-executive Director
Nationality: American
Appointed:
2014
Keller Committees:
Chair of the Environment Committee
and member of the Audit and Risk,
Nomination and Governance,
Remuneration, and Social and
Community Committees
Skills and experience:
Nancy’s extensive international
business experience, together with a
proven record in winning and safely
delivering both global and local
contracts, was gained at CH2M Hill,
Inc., where she held the board position
of Group President and Corporate
Sponsor for Sustainability before
retiring in 2013.
Other appointments:
Nancy is a Non-executive Director of
Terracon, Inc. and IMA Financial Group,
Inc., and is a member of the Board of
Governors for Colorado State University.
Baroness Kate Rock
Senior Independent Director and
designated Non-executive Director
with responsibility for workforce
engagement
Nationality: British
Appointed:
2018
Keller Committees:
Chair of the Social and Community
Committee and member of the
Audit and Risk, Nomination and
Governance, Remuneration, and
Environment Committees
Skills and experience:
Kate was a Non-executive Director
and Chairman of the Remuneration
Committee of Imagination
Technologies plc, the former global
FTSE 250 high technology company,
until November 2017. She is a Board
ðèðåèõòé÷ëèúòõïçđöĤõö÷Ìèñ÷õèéòõ
Data Ethics and Innovation. She sits
on the House of Lords Science and
Technology Select Committee and
from 2017 to 2018 was a member of
the House of Lords Select Committee
òñÊõ÷ìĤæìäïÒñ÷èïïìêèñæèÔä÷èúäöä
partner at College Hill for 12 years
from 1996 and was Vice-Chairman of
the Conservative Party with
responsibility for business
engagement until July 2016. She
holds a BA in Publishing and History.
Other appointments:
Kate is a Non-executive Director of
Unbound Group plc (formerly Electra
Private Equity plc). She is also a
Director and Trustee of The Prince’s
Countryside Fund. She was appointed
a Life Peer in 2015 and is also a Senior
Adviser at Instinctif Partners and at
Newton Europe.
Keller Group plc Annual Report and Accounts 2021 Governance 71

Executive Committee
Graeme Cook
Group People Director
Nationality: British
Member since:
2017
Skills and experience:
Graeme joined Keller from EnQuest, a
FTSE oil and gas production company,
where he was the Group HR Director.
ÑèëäööìêñìĤæäñ÷ìñ÷èõñä÷ìòñäï
experience having been assigned to
management roles in the UK, Africa
and the Middle East. Graeme has over
# üèäõöđèûóèõìèñæèìñåò÷ëĤñäñæè
and HR leadership roles in a number of
blue-chip companies. Graeme was
Group Head of Talent and Leadership
for Legal & General, HR Director,
Mediterranean Basin and Africa region
for BG Group, and spent most of his
early career with Schlumberger in
ùäõìòøöÑÛäñçĤñäñæìäïæòñ÷õòïïèõ
roles.
Graeme received an MA (Hons) in
Accountancy and Economics from the
University of Dundee.
Jim De Waele
President, Europe
Nationality: British
Member since:
2018
Skills and experience:
Before his appointment as President,
Europe in January 2021, Jim was
Group Strategy and Business
Development Director from January
2019 until December 2020. Jim has
over 30 years’ experience in the
industry and has held various senior
positions, including 10 years as
Managing Director of Keller’s
North-West Europe business. He has
served the UK trade association, the
Federation of Piling Specialists, for
many years, including two as
Chairman.
Jim is a Chartered Engineer and a
fellow of the ICE and RICS.
ÎõìæÍõòòģ
President, North America
Nationality: American
Member since:
2018
Skills and experience:
Eric has been involved in the design
and construction of foundation and
ground stabilisation projects for over
35 years. He managed the successful
acquisition and integration of Catoh
Drilling, Inc. in New York; G. Donaldson
and Geo-Instruments in Rhode Island;
Geo-Foundations in Ontario, and
Moretrench American in New Jersey.
With a technical specialty in grouting,
notable projects managed by Eric
ìñæïøçè×òõ÷ëÊðèõìæäđöĤõö÷
compensation grouting project at the
St. Claire River Tunnel in Ontario;
compaction grouting for seismic
mitigation for the Paiton Power
Station in Indonesia, and chemical
grout ground stabilisation for the
CA/T, C11A1, Atlantic Avenue Tunnel.
Eric holds a BSCE from Bucknell
University and he is a member of the
ASCE Geo Institute, the Deep
Foundations Institute, and The Moles.
Michael Speakman
ÌëìèéÎûèæø÷ìùèØĦæèõ
David Burke
ÌëìèéÏìñäñæìäïØĦæèõ
For full biography
See page 70
For full biography
See page 71
Kerry Porritt
Group Company Secretary
and Legal Advisor
Nationality: British
Member since:
2013
Skills and experience:
Kerry has over 25 years’ experience of
company secretarial roles within large,
complex FTSE listed companies across
a broad range of sectors. Kerry is a
Fellow of the Chartered Governance
Institute and holds an Honours degree
in Law. She is also a member of the
European Corporate Governance
Council and the Chartered Governance
Institute’s Company Secretaries’ Forum.
Kerry is an Ambassador for Women
Supporting Women, a group enabling
The Prince’s Trust to support more
young women through its programmes.
Kerry has been Keller’s Group Ethics and
ÌòðóïìäñæèØĦæèõöìñæè" !%äñçöëè
is also a member of the Disclosure
Committee.
Keller Group plc Annual Report and Accounts 2021 Governance72

Venu Raju
Engineering and Operations Director
Nationality: Singaporean
Member since:
2012
Skills and experience:
Venu began his career with Keller in
Germany in 1994 as a geotechnical
engineer. He has held the roles of
Managing Director Keller Singapore,
Malaysia and India; Business Unit
Manager, Keller Far East in 2009; and
Managing Director, Asia. Venu has
extensive operational and strategic
management experience. He served
as an Executive Director from January
2017 until June 2020.
Born in India, Venu studied civil
engineering in India and the USA, has
a PhD in structural engineering from
Duke University and a Doctorate in
geotechnical engineering from the
University of Karlsruhe in Germany.
Katrina Roche
ÌëìèéÒñéòõðä÷ìòñØĦæèõ
Nationality: British
Member since:
2020
Skills and experience:
Katrina has over 25 years of
experience in delivering technology-
driven change and business
transformation in multiple industries
such as Aerospace Defence,
Telecommunications, Transport and
Technology. She joined Keller from
Cobham Plc, where she held the
position of Executive Vice President
IT. Katrina has also held senior IT roles
in Raytheon, Systems Union and MCI
WorldCom as well as senior roles in
Product Development and
Transformation at Cable & Wireless
and Verizon.
Katrina has a BSc in Mathematics and
an MSc in Operational Research.
Peter Wyton
President, AMEA
Nationality: Australian
Member since:
2018
Skills and experience:
Peter joined Keller after 25 years at
AECOM, a leading global infrastructure
ĤõðÑèìöäñèûóèõìèñæèçåøöìñèöö
leader and engineering professional
with extensive knowledge of the
Êöìä¡ÙäæìĤæõèêìòñÑèëäööøóóòõ÷èç
the delivery of major infrastructure
projects in transport, building, utilities,
mining and industrial markets across
APAC. Peter received a Bachelor of
Civil Engineering from the Queensland
University of Technology.
John Raine
Group HSEQ Director
Nationality: British
Member since:
2018
Skills and experience:
John is an experienced HSEQ
practitioner who has lived and worked
ìñÎøõòóèÊöìä¡ÙäæìĤæäñç÷ëèÞÜÑè
was, most recently, at AMEC Foster
Wheeler, an international engineering
and project management company,
úëèõèëèúäöÌëìèéÑÜÜÎØĦæèõ
Before that, he was Vice President
QHSSE for Weatherford International,
one of the world’s largest multinational
òìïäñçêäööèõùìæèæòðóäñìèö
James Hind
President, North America
Nationality: British
James served as an Executive Director from July 2003 until June 2020, and
was a member of the Executive Committee from its formation in 2012 until
December 2021. Prior to his appointment as President, North America,
James had been Group Finance Director of Keller Group plc for 15 years.
Former member:
Keller Group plc Annual Report and Accounts 2021 Governance 73

Board leadership and company purpose
(ƪHFWLYHQHVV
Directors and Directors’ independence
ÝëèËòäõçæøõõèñ÷ïüæòðóõìöèö÷ëèÌëäìõðäñĤùèìñçèóèñçèñ÷
Non-executive Directors (NEDs) and two Executive Directors. The
names of the Directors at the date of this report, together with their
biographical details, are set out on pages 70 and 71.
The NEDs constructively challenge and help to develop proposals on
strategy and bring strong independent judgement, knowledge and
experience to the Board’s deliberations. Periodically, the Chairman meets
with the NEDs without the Executive Directors present. Apart from formal
contact at Board meetings, there is regular informal contact between
the Directors.
Paula Bell, Eva Lindqvist, Baroness Kate Rock, Nancy Tuor Moore and
Juan G. Hernández Abrams are all considered to be independent NEDs.
Their other professional commitments are as detailed on pages 70 and 71.
Peter Hill was independent at the time of his appointment as Chairman on
26 July 2016. Peter’s other professional commitments are as detailed on
page 70.
ÊïïÍìõèæ÷òõöäõèöøåíèæ÷÷òèïèæ÷ìòñåüöëäõèëòïçèõöä÷÷ëèĤõö÷ÊÐÖ
following their appointment and to annual re-election thereafter,
in accordance with the Code.
Leadership
Board and Committee meetings and attendance
All Directors are expected to attend each Board meeting and each Committee meeting for which they are members, unless there are exceptional
circumstances preventing them from participating. The table below shows that during the year the Directors attended all of the meetings they were eligible
÷òä÷÷èñçèûæèó÷éòõ×äñæüÝøòõÖòòõèúëòðìööèç÷ëèÍèæèðåèõÊøçì÷äñçÛìöîÌòððì÷÷èèðèè÷ìñêçøè÷ò÷ëèïäö÷ðìñø÷èõèöæëèçøïìñêòéëèõĥìêë÷öäö
a result of the Omicron variant of COVID-19 outbreak in the UK. On that occasion, she reviewed the supporting papers and provided comments to the
Chairman and the Committee Chair.
Board
Audit and Risk
Committee
HSEQ
Committee
Environment
Committee
Nomination and
Governance
Committee
Remuneration
Committee
Workforce
Engagement
Committee
Social and
Community
Committee
Paula Bell 9/9 4/4 1/1 1/1 2/2 3/3 – 1/1
David Burke 9/9–––––––
Peter Hill 9/9–––2/2–––
Eva Lindqvist 9/9 4/4 1/1 1/1 2/2 3/3 – 1/1
Nancy Tuor Moore 9/9 3/4 1/1 1/1 2/2 3/3 1/1 1/1
Kate Rock 9/9 4/4 1/1 1/1 2/2 3/3 1/1 1/1
Michael Speakman 9/9 – – 1/1 – – 1/1 1/1
Graeme Cook ––––––1/1–
Kerry Porritt ––––––1/1–
The Environment and Social and Community Committees were established in July 2021 and assumed, where relevant, the responsibilities of the former Health, Safety, Environment and Quality (HSEQ)
and Workforce Engagement Committees respectively.
'LUHFWRUVpFRQƮLFWVRILQWHUHVWV
Under the Companies Act 2006 (the ‘2006 Act’), a Director must avoid a
situation where they have, or could have, a direct or indirect interest that
æòñĥìæ÷öòõóòööìåïüðäüæòñĥìæ÷úì÷ëÔèïïèõđöìñ÷èõèö÷öÝëè" &Êæ÷
äïïòúöÍìõèæ÷òõöòéóøåïìææòðóäñìèö÷òäø÷ëòõìöèæòñĥìæ÷öäñçóò÷èñ÷ìäï
æòñĥìæ÷öúëèõèäóóõòóõìä÷èúëèõè÷ëèÊõ÷ìæïèöòéÊööòæìä÷ìòñ¤÷ëè
ĐÊõ÷ìæïèöđ¥æòñ÷äìñäóõòùìöìòñ÷ò÷ëìöèģèæ÷ÝëèÊõ÷ìæïèöêìùè÷ëèÍìõèæ÷òõö
authority to approve such situations and to include other provisions to
äïïòúæòñĥìæ÷öòéìñ÷èõèö÷÷òåèçèäï÷úì÷ëÝòäççõèöö÷ëìöìööøèä÷÷ëè
commencement of each Board meeting, the Board considers its register
of interests and gives, when appropriate, any necessary approvals.
There are safeguards which will apply when Directors decide whether to
äø÷ëòõìöèäæòñĥìæ÷òõóò÷èñ÷ìäïæòñĥìæ÷Ïìõö÷ïüòñïüÍìõèæ÷òõöúëòëäùè
no interest in the matter being considered will be able to take the relevant
decision and, secondly, in taking the decision, the Directors must act
in a way that they consider, in good faith, will be most likely to promote
Keller’s success. The Directors are able to impose limits or conditions when
giving authorisation if they think this is appropriate. These procedures on
æòñĥìæ÷öëäùèåèèñéòïïòúèç÷ëõòøêëòø÷÷ëèüèäõäñç÷ëèËòäõçæòñöìçèõö
÷ëèäóóõòäæë÷òòóèõä÷èèģèæ÷ìùèïü
Keller Group plc Annual Report and Accounts 2021 Governance74

Board activities and principal decisions
• Evaluated and further focused the Group’s
strategy.
• Restructured the Europe Division.
• Reviewed divisional performance.
• Commenced the appointment of a new
Non-executive Director.
• Considered the Executive Committee
succession plan.
• Participated in employee engagement
workshops.
• Evaluated and approved the 2022 business
plan and budget, and the approach and
process for the viability and going concern
statements.
• Reviewed the company’s forecast net debt
levels, facility headroom and covenants and
working capital.
• Considered and agreed the
õèæòððèñçä÷ìòñòé÷ëè" "!Ĥñäïçìùìçèñç
and the payment of the 2021 interim
dividend.
• Reviewed and considered the monthly
operational performance of the divisions.
• Reviewed the company’s contracts
performance and revenue over the year.
• Revised the company’s delivery of
initiatives against its sustainability and ESG
objectives.
• Initiated an investor perception audit and
received feedback.
• Considered the principal and emerging
risks and uncertainties which could impact
the Group.
• Reviewed the risk management framework
with particular regard to its going concern
and impact on making the viability
statement.
• Implemented actions following the 2020
external Board and Committees’
performance evaluation.
• Received updates on legal and regulatory
changes.
Business development and strategy
Finance
Operational performancePeople
Governance and risk
Summary of Committees’ activities and initiatives
The table below summarises the activities carried out and initiatives promoted by the Main Board Committees following the restructuring put in place in
Óøïü" "!÷òåè÷÷èõõèĥèæ÷÷ëèêõòúìñêìðóòõ÷äñæèòéÎÜÐðä÷÷èõöäñç÷òóõòùìçèêõèä÷èõéòæøöäñçòùèõöìêë÷
What Status When
Further
information What’s next
ESG reporting framework formalised, with terms of
reference in place for all new and rebranded Committees.
Stock Exchange announcement issued, along with
website disclosures
July 2021 Page 64 ESG website disclosures to be reviewed with an
aim to improve transparency.
Charitable Giving Policy approved
July 2021 Page 87 The Charitable Giving Policy will be communicated across
the Group and implemented fully during 2022.
To complement the policy, a standard setting out the
protocols and rules for applying and granting charitable
donations will be created and communicated.
Ûèêøïäõõèóòõ÷ìñêòéæëäõì÷äåïèêìùìñêúìïïåèðäçè÷òåò÷ë
the Executive and the Social and Community
Committees by the Group Company Secretary.
TCFD reporting framework agreed
July 2021 Page 52 Íèùèïòóçìöæïòöøõèö÷òèñöøõèéøïïæòðóïìäñæèìñ" ""
UK MAR refresher training for Executive Committee
members
June 2021 n/a Session on the treatment of inside information
scheduled for later in 2022.
Reinforcement of subsidiary governance standard and
training of directors of the three divisions
November 2021
and February 2022
n/a Öòõèíøõìöçìæ÷ìòñ¡öóèæìĤæ÷õäìñìñêìöæøõõèñ÷ïüåèìñê
developed, to be delivered during 2022 along with
÷õäìñìñêòñÍìõèæ÷òõöäñçØĦæèõöđïìäåìïì÷üìñöøõäñæè
Review, relaunch and refreshed training –
Code of Business Conduct (Keller Ways of Working)
December 2021 Page 64 German, Spanish, French, Polish and Czech versions of the
training will be launched in March 2022.
Board Diversity Policy implementation
February 2022 Page 82 Work by the Nomination and Governance Committee
will continue throughout the year.
Keller Group plc Annual Report and Accounts 2021 Governance 75

Section 172 statement
As a Board, we have always taken decisions for
the long term. Collectively and individually, our
aim is always to uphold the highest standards of
conduct. We understand that our business can
only grow and be successful over the long term
if we understand and respect the views and
needs of our employees, customers and the
communities in which we operate, as well as our
suppliers, the environment and the shareholders
to whom we are accountable.
In summary, as required by section 172 of the 2006 Act, a
director of a company must act in the way they consider, in good
IDLWKZRXOGPRVWOLNHO\SURPRWHWKHVXFFHVVRIWKHFRPSDQ\IRU
WKHEHQHƬWRILWVVKDUHKROGHUV,QGRLQJWKLVWKHGLUHFWRUPXVW
have regard, amongst other matters, to the:
• OLNHO\FRQVHTXHQFHVRIDQ\GHFLVLRQVLQWKHORQJWHUP
• LQWHUHVWVRIWKHFRPSDQ\pVHPSOR\HHV
• need to foster the company’s business relationships with
VXSSOLHUVFXVWRPHUVDQGRWKHUV
• impact of the company’s operations on the community and
HQYLURQPHQW
• FRPSDQ\pVUHSXWDWLRQIRUKLJKVWDQGDUGVRIEXVLQHVVFRQGXFW
and
• need to act fairly as between members of the company.
The Directors of Keller – and those of all UK companies – must act in
accordance with a set of general duties. These duties are detailed in the
2006 Act and include a duty to promote the success of the company,
which is summarised above. As part of their induction, the Directors are
briefed on their duties and they can access professional advice on these
– either through the company or, if they judge it necessary, from an
ìñçèóèñçèñ÷óõòùìçèõÝëèÍìõèæ÷òõöéøïĤï÷ëèìõçø÷ìèöóäõ÷ïü÷ëõòøêëä
governance framework that delegates day-to-day decision-making to
employees of the company. The Board recognises that such delegation
ñèèçö÷òåèðøæëðòõè÷ëäñöìðóïèĤñäñæìäïäø÷ëòõì÷ìèöäñçìñ÷ëìö
section of the report, we have summarised our governance structure.
This covers: the values and behaviours expected of our employees; the
standards they must adhere to; how we engage with stakeholders; and
how the Board looks to ensure that we have a robust system of control
and assurance processes.
For more detail on our governance framework, see pages 78 and 79.
Details about the principal decisions the Board made during the year
and the activities of the Committees can be found on page 75.
Strategy
ÝëèÌëìèéÎûèæø÷ìùèØĦæèõäñçÌëìèéÏìñäñæìäïØĦæèõðè÷ðäíòõ
shareholders following the preliminary announcement of the Group’s 2020
results to discuss a number of matters, including progress against the
Ðõòøóđöö÷õä÷èêüÝëèÌëìèéÎûèæø÷ìùèØĦæèõäñç÷ëèÌëìèéÏìñäñæìäï
ØĦæèõëäçæäïïöúì÷ëðäíòõöëäõèëòïçèõöéòïïòúìñê÷ëèäññòøñæèðèñ÷òé
the Group’s 2021 interim results. Following these announcements,
analysts’ notes were circulated to the Board.
Performance
The Board initiated an investor perception audit and received feedback.
ÝëèÌëìèéÎûèæø÷ìùèØĦæèõäñç÷ëèÌëìèéÏìñäñæìäïØĦæèõëäçæäïïöúì÷ë
major shareholders following the Group’s trading update announcement in
November 2021. The Chairman and the Senior Independent Director had
calls with shareholders to discuss Group performance and risk
management throughout the year.
Website
The investor relations section of our website provides information on the
ĤñäñæìäïæäïèñçäõçìùìçèñçöÊÐÖöäñçò÷ëèõäõèäöòéìñ÷èõèö÷÷ò
shareholders. Copies of annual reports and investor presentations are
available to view and download. Shareholders can also register to receive
‘news alerts’ relating to the Group’s activities.
AGM
The Board uses the AGM as an opportunity to communicate with
shareholders, who are invited to attend, ask questions and meet Directors
prior to, and after, the formal proceedings. The Chairs of the Main Board
Committees are present at the AGM to answer questions on the work of
their Committees.
The results of the voting at the 2021 AGM can be found on our website.
Dividend
We have consistently either grown or maintained our dividend in the
"'üèäõööìñæèïìö÷ìñêàèëäùèö÷õòñêæäöëêèñèõä÷ìòñäñçäõòåøö÷åäïäñæè
sheet, which together support our ability to continue to increase the
dividend to shareholders sustainably through the market cycle.
Outcomes for our shareholders:
• Keller is a stable business with a long-term track record.
• Continued growth opportunities.
Our stakeholders, why they are important
to us and the duties we perform
Shareholders
Delivering for our shareholders
ensures that the business
continues to be successful in
the long term and can therefore
continue to deliver for all our
stakeholders.
Keller Group plc Annual Report and Accounts 2021 Governance76

Employees
Our people are our most valuable asset.
We want them to be inspired and motivated,
equipped with the right skills, tools and
standards to be successful.
Workforce engagement
During 2021, the Board continued its approach to
engagement with the workforce led by Baroness
Kate Rock, Keller’s designated Non-executive
Director for employee engagement matters.
Our Non-executive Directors each led
engagement focus groups on topics ranging
from safety to innovation.
Also in 2021 we introduced our Diversity, Equity
and Inclusion commitments and implemented
our Wellbeing Foundations.
Communications
We communicate regularly with our employees
through face-to-face meetings, webcasts, our
company intranet and newsletter and site and
òĦæèùìöì÷ö
Outcomes for our employees:
•
Local and global opportunities.
• Development and training.
• Long-term employment.
Customers
Our customers are central to our business
– without them we would not exist. We want
to deliver a consistently high performance in
äñèĦæìèñ÷äñçæòñ÷ìñøòøöïüìðóõòùìñêúäü
across all our strategic levers so as to meet
our customers’ needs.
Contact
ÝëèÌëìèéÎûèæø÷ìùèØĦæèõäñç÷ëèÍìùìöìòñäï
Presidents are in regular contact with our
customers, and they regularly brief the Board
on our performance in delivering on our
commitments to customers and the quality
of these critical relationships.
Research
We conduct a wide range of customer research
to better understand their expectations of us.
During the year, our local teams engaged with
our customer network to better understand
their requirements throughout the pandemic.
Outcomes for our customers:
• ËèñèĤ÷éõòðÔèïïèõđöêïòåäïö÷õèñê÷ëäñç
local focus.
• Ùõòùìöìòñòéæòö÷¡èģèæ÷ìùèêèò÷èæëñìæäï
solutions.
Communities
What we do is an integral part of the
community and the community is ultimately
our customer. Poor relationships can
damage and even destroy our reputation.
Good relationships win us goodwill.
Contributing to the community
The Board recognises the importance of leading
a company that not only generates value for
shareholders but also contributes to wider
society.
The Board adopted a Charitable Giving Policy in
2021 and approved a donation of £300,000 to
UNICEF in support of COVAX.
Our environmental impact
As a geotechnical engineering specialist, we
understand that environmental and climate risks
could impact us directly. We are committed to
protecting the environment, and aim to have a
positive impact on it – so we safeguard the future.
Outcomes for our communities:
•
Local employment.
• Charitable partnerships.
• Participation by our employees in community
events.
• Sustainable commitments.
Suppliers
Building strong relationships with our
suppliers enables us to obtain the best
value, service and quality. We want to work
with suppliers who understand us and
adhere to our ways of working.
Procurement
Established in 2016, our procurement function
continued to work hard to understand our
supply chain and how to develop deeper and
more strategic relationships with key suppliers.
Working together to do the right thing
Keller’s Supply Chain Code of Business Conduct
sets out our expectations that our supply
chain should respect the human rights of their
employees and contractors and treat them fairly,
in accordance with all applicable laws.
Increased communications with our suppliers
during the year has assisted us in managing our
resources and materials on site.
Outcomes for our suppliers:
•
Õòæäïõèïä÷ìòñöëìóúì÷ëäĤñäñæìäïïüö÷õòñê
global company.
• Support in meeting global supply chain
standards.
Keller Group plc Annual Report and Accounts 2021 Governance 77

Governance framework
The Board is appointed by shareholders, who are the owners of the company.
The Board’s principal responsibility is to act in the best interests of shareholders
as a whole, within the legal framework of the 2006 Act and taking into account
the interests of all stakeholders, including employees, customers, suppliers
and communities. Ultimate responsibility for the management and long-term
success of the Group rests always with the Board, notwithstanding the
delegated authorities framework detailed below.
ÝëèËòäõççèïèêä÷èöäø÷ëòõì÷ü÷òðäñäêè÷ëèåøöìñèöö÷ò÷ëèÌëìèéÎûèæø÷ìùèØĦæèõ¤ÌÎØ¥äñçäïöòçèïèêä÷èöò÷ëèõðä÷÷èõö÷òì÷öÌòððì÷÷èèöäñç
management as appropriate. The Board has formally adopted a schedule of matters reserved to it for its decision, which is available on our website.
Íè÷äìïöäåòø÷÷ëèóõìñæìóäïçèæìöìòñö÷ëèËòäõçðäçèçøõìñê÷ëèüèäõæäñåèéòøñçòñóäêè'%
The CEO in turn chairs the Executive Committee for day to day management matters and delegates other matters to various Management
Committees.
Develops strategy,
grows shareholder
value, provides
oversight and corporate
governance, and sets
the tone from the top.
Governs the Group
within a framework of
óõøçèñ÷äñçèģèæ÷ìùè
controls, which enable
risks to be assessed
and managed to an
appropriate level.
Provides entrepreneurial
leadership of the Group,
driving it forward for the
åèñèĤ÷äñçëäùìñê
regard to the views, of
its shareholders and
other stakeholders.
Approves the Group’s
strategic objectives.
Îñöøõèö÷ëä÷öøĦæìèñ÷
resources are available
to the Group to enable
it to meet strategic
objectives.
Board
Main Board Committees
Committees Remit Membership Quorum
Audit and Risk Committee
Øùèõöìêë÷òé÷ëèÐõòøóđöĤñäñæìäïäñçñòñ¡Ĥñäñæìäï
reporting, risk management (including TCFD) and
internal control procedures and the work of its
internal and external auditor.
Independent Non-executive
Directors (NEDs)
Tw o
Nomination and
Governance Committee
Review of the composition of the Board and senior
management, and plans for its progressive
refreshing with regard to balance and structure as
well as succession planning, taking account of
evolving legal and regulatory requirements as well
as stakeholders’ expectations.
Responsibility for governance matters.
Chairman and independent NEDs Two
Remuneration Committee Framework, policy and levels of remuneration of
the Executive Directors and senior executives.
Independent NEDs Two
Disclosure Committee Inside information determination and advice on
scope and content of disclosures to the market.
Any two Directors (incl. CEO or Chief
ÏìñäñæìäïØĦæèõ¥äñç÷ëèÐõòøó
Company Secretary and Legal Advisor
Tw o
Environment Committee Oversight of the Board’s responsibilities in relation
to environmental matters, incl. climate-related
matters and TCFD.
Independent NEDs and CEO Two
Social and Community Committee Understanding of the key concerns of the
workforce and wider stakeholders, apart from
shareholders.
Independent NEDs and CEO Two
The terms of reference for each of the Main Board Committees are reviewed on an annual basis and can be found on our website.
Keller Group plc Annual Report and Accounts 2021 Governance78

Other Board Committees
Committees Summary Membership Quorum
Share Plans Committee
Consideration of administrative matters related to
÷ëèóõòùìöìòñòéöëäõè¡åäöèçèðóïòüèèåèñèĤ÷öéòõ
the company and its subsidiaries.
All Directors and the Group Company
Secretary and Legal Advisor
Tw o
Bank Guarantees and
Facilities Committee
Consideration of matters related to the provision of
bank guarantees and facilities for the company and
its subsidiaries.
All Directors and the Group Company
Secretary and Legal Advisor
Tw o
The terms of reference for each of these Other Board Committees can be found on our website.
Main Management Committees
Committees Remit Membership Chair Quorum
Executive Committee
Day-to-day management CEO, CFO, Group Company Secretary and
ÕèêäïÊçùìöòõäñçäñüò÷ëèõòĦæèõöäöìñùì÷èç
by the CEO. Minimum of six.
CEO or Chief
ÏìñäñæìäïØĦæèõ
(CFO) in CEO’s
absence
Four (incl.
CEO or CFO)
Safety Leadership
Committee
Safety culture CEO, Divisional Presidents of Europe, North
America and AMEA, Group HSEQ Director,
Group Company Secretary and Legal Advisor
and any other direct reports as required by
the CEO. Minimum of six.
CEO Four (incl. CEO
or Group HSEQ
Director)
Sustainability Steering
Committee
Mostly climate-related and
environmental matters but
also people, community,
governance and
reputational matters.
A minimum of six representatives of each
division and Group’s relevant functions.
Group Engineering
and Operations
Director
Four (incl. Group
Engineering
and Operations
Director)
Other Management Committees
Committees Remit Membership Chair Quorum
Treasury Committee
Management of the
ÌòðóäñüđöĤñäñæìäïõìöîöìñ
accordance with the
objectives and policies
approved by the Board.
CFO, Group Financial Controller, Group Head
of Treasury, Group Head of Tax
Group Head of
Treasury
Two (incl. CFO)
Data Protection Steering
Committee
Implementation of Keller’s
strategy for compliance
with data protection laws.
Legal representatives from each division
(Europe, North America, AMEA) and Group
n/a n/a
Keller Group plc Annual Report and Accounts 2021 Governance 79

Governance framework continued
Key roles Responsibilities
Chairman Ûèöóòñöìåïèéòõïèäçìñê÷ëèËòäõçì÷öèģèæ÷ìùèñèööäñçêòùèõñäñæè
The Chairman is also responsible for the following matters pertaining to the
leadership of the Board:
• Being the ultimate custodian of
shareholders’ interests.
• Ensuring appropriate Board
composition and succession.
• Îñöøõìñêèģèæ÷ìùèËòäõçóõòæèööèö
• Setting the Board’s agenda.
• Attends meetings with major
shareholders to obtain an
understanding of their issues and
æòñæèõñöèñöøõìñêèģèæ÷ìùè
communication with them.
• Ensuring that Directors are
properly briefed in order to take a
full and constructive part in Board
and Board Committee discussions.
• Ensuring constructive relations
between Executive and
Non-executive Directors.
• Being the designated Director for
ESG and sustainability matters, in
particular climate-related issues.
Chief
Executive
2ƯFHU
Ûèöóòñöìåïèéòõ÷ëèéòõðøïä÷ìòñòéö÷õä÷èêüäñç÷ëèòóèõä÷ìòñäïäñçĤñäñæìäï
business of the Group.
The CEO is also responsible for the following matters:
• Formulating strategy proposals for
the Board.
• Formulating annual and medium-
term plans, charting how
this strategy will be delivered.
• Apprising the Board of all matters
úëìæëðä÷èõìäïïüäģèæ÷÷ëèÐõòøó
and its performance, including any
öìêñìĤæäñ÷ïüøñçèõóèõéòõðìñê
business activities.
• Leading executive management in
order to enable the Group’s
businesses to meet the
requirements of shareholders.
• Ensuring adequate, well-motivated
and incentivised management
resources.
• Ensuring appropriate succession
planning.
• Ensuring business processes for
long-term value creation.
The roles of the Chairman and the CEO are quite distinct from each other and are
FOHDUO\GHƬQHGLQZULWWHQWHUPVRIUHIHUHQFH7KH\GRFROODERUDWHDQGKDYHDFORVH
ZRUNLQJUHODWLRQVKLS
Senior
Independent
Director
• Works closely with the Chairman,
acting as a sounding board and
providing support.
• Acts as an intermediary for other
Directors as and when necessary.
• Is available to shareholders and other
NEDs to address any concerns or
issues they feel have not been
adequately dealt with through the
usual channels of communication.
• Meets at least annually with the
NEDs to review the Chairman’s
performance and carries out
succession planning for the
Chairman’s role.
• Ê÷÷èñçööøĦæìèñ÷ðèè÷ìñêöúì÷ë
major shareholders to obtain a
balanced understanding of their
issues and concerns.
Keller Group Charter of
([SHFWDWLRQVDQG5ROH3URƬOHV
ÝëèÌëäõ÷èõòéÎûóèæ÷ä÷ìòñöäñçÛòïèÙõòĤïèö
çòæøðèñ÷öè÷ö÷ëèõòïèóõòĤïèöéòõäïïòé÷ëèîèü
positions on the Keller Group plc Board, and
states the expectations that are demanded of
each of the Directors.
It is available on our website so that there is
complete transparency of the standards we set
ourselves for all our stakeholders. The
performance of the Board and Board
Committees and of each of the Directors
individually is measured against these
expectations.
Keller Group plc Annual Report and Accounts 2021 Governance80

Key roles Responsibilities
Chief
Financial
2ƯFHU
ÛèöóòñöìåïèéòõĤñäñæìäïðäñäêèðèñ÷äñçæòñ÷õòïåøçêè÷ìñêäñçéòõèæäö÷ìñê
tax and treasury and investor relations.
The CFO is also responsible for the following matters:
• Adherence within the company to all
applicable accounting standards.
• Òñ÷èõñäïĤñäñæìäïæòñ÷õòïöúì÷ëìñ÷ëè
company.
• Ìøö÷òçìäñòé÷ëèÐõòøóđöĤñäñæìäï
resources.
• Oversight of the company’s
Ĥñäñæìäïéøñæ÷ìòñöäñçö÷äĦñê
including motivation, development
and succession.
• Öäìñ÷äìñìñêäçèôøä÷èĤñäñæìäï
liquidity and ensuring the viability
and resilience of the Group.
Group
Company
Secretary and
Legal Advisor
• Îñöøõèöêòòçìñéòõðä÷ìòñĥòúö÷ò
the Board and its Committees and
between senior management and
NEDs.
• All Directors have access to their
advice and services.
• Responsible for ensuring that the
Board operates in accordance with
the governance framework it has
äçòó÷èçäñç÷ëä÷÷ëèõèäõèèģèæ÷ìùè
ìñéòõðä÷ìòñĥòúö÷ò÷ëèËòäõçäñç
its Committees and between senior
management and the NEDs.
• Advises on evolving standards and
supports the Chairman on the
continuing development of the
Board.
• Their appointment and resignation
is a matter for consideration by the
Board as a whole.
Committee
Chairs
Ûèöóòñöìåïèéòõ÷ëèèģèæ÷ìùèñèööòéèäæëÌòððì÷÷èèäñçìñçìùìçøäïðèðåèõ
Directors.
Keller Group plc Annual Report and Accounts 2021 Governance 81

Nationality (%)
*HQGHU
Length of tenure (%)
Number of Board members
with relevant experience
Number of Board members with
relevant international experience
British
Oil and Gas
Americas
Construction
Middle East
ÊöìäÙäæìĤæ
Female
57%
3
6
5
4
5
57%
Other
Technology
Europe
Africa
Engineering
Male
1–3 years
4–6 years
7–9 years
43%
5
7
3
5
43%
57%
29%
14%
Board composition, succession and evaluation
Board composition
At the beginning of 2021, the structure of the
Board Committees and their operation were
considered by the Board and, in recognition of
the increased focus on Environmental, Social and
Governance (ESG) matters, were realigned and
reconstituted from May 2021 to allow more
focus on Keller’s ESG priorities.
More information can be found in the ESG and
sustainability section of this report.
Board diversity
Building on the work of our Group-wide Inclusion
Commitments, our Board Diversity Policy has
been in place since January 2021.
In 2021, Keller’s Board of Directors had a 57%
female share (2020: 44%), meeting the
Hampton-Alexander Review target of 33%
female share of Board Directors by 2020.
With the appointment of Juan G. Hernández
Abrams to the Board from 1 February 2022, we
also meet the Parker Review target with one
Board Director from an ethnic minority
background by 2022.
The selection of candidates to join the Board
continues to be made based on merit and the
individual appointee’s ability to contribute to the
èģèæ÷ìùèñèööòé÷ëèËòäõçúëìæëìñ÷øõñìö
dependent on the pool of candidates available.
All appointments and succession plans will seek
to promote diversity of gender, ethnicity, skills,
background, knowledge, international and
industry experience and other qualities.
Our commitment to equality, diversity and
inclusion aligns with our values of integrity,
collaboration and excellence and is underpinned
by our Inclusion Commitments.
The Board is committed to promoting equality,
diversity and inclusion in the boardroom, to
ensure all are able to contribute to Board
discussions, and aims to meet industry targets
and recommendations wherever possible. This
includes our objective of meeting the diversity
targets recommended by the Hampton-
Alexander Review and Parker Review.
The Board, supported by the Nomination and
Governance Committee, is also committed to:
• ensuring that the Board is comprised of a
good balance of skills, experience, knowledge,
perspective and varied backgrounds;
• òñïüèñêäêìñêöèäõæëĤõðöúëòäõèöìêñèçøó
to the Voluntary Code of Conduct for
Executive Search Firms;
• ensuring that Board appointment ‘long lists’
will be inclusive according to the widest
çèĤñì÷ìòñòéçìùèõöì÷ü
• considering candidates for Non-executive
Director Board appointments from a wide
pool, including those with no listed company
board-level experience; and
• reporting annually on the diversity of the
executive pipeline as well as the diversity of the
Board.
Ýëèäññøäïèùäïøä÷ìòñòé÷ëèËòäõçèģèæ÷ìùèñèöö
considers the composition and diversity of the
Board.
We also aim to develop a strong pipeline of
diverse candidates for executive Board roles and
for the Executive Committee with a goal of
ensuring that it is made up of an appropriate
balance of skills, experience and knowledge
õèôøìõèç÷òèģèæ÷ìùèïüòùèõöèè÷ëèðäñäêèðèñ÷
of the company in the delivery of its strategy.
Our gender diversity statistics across the Group
are shown on page 56.
Board evaluation and review of the
Chairman’s performance
The 2021 Board evaluation was conducted by
Donata Denny, Leadership Coach and
Professional Development Advisor.
Building on the 2020 Board evaluation, feedback
of the performance of the Board as a whole and
its Committees, the Board’s 2021 Strategy Day,
and the Chairman and individual Directors was
sought from the Board and, in the case of the
Chairman, also from key external advisers.
Feedback on the Board and its Committees and
the Board’s 2021 Strategy Day was reviewed at
the Board’s meeting in January 2022. Individual
feedback sessions for the Directors with the
Chairman, and feedback on the Chairman, will be
æäõõìèçòø÷ìñ÷ëèĤõö÷ôøäõ÷èõòé" ""
The evaluation of the Chairman and his
performance in 2021 will be led by Baroness
Kate Rock, the Senior Independent Director.
Participants provided full and frank feedback
and reported that the dynamics of the Board
continued to improve and progress over the
year with recognition that this was an ongoing
process.
The new Board Committees’ structure,
membership and operation were felt to be
working well and, in particular, the Chair of each
Committee received praise from the members
éòõ÷ëèìõõòïèäñçèģèæ÷ìùèñèöö
Whilst the 2021 Board Strategy Day was felt to be
the best for a number of years, suggestions for
further improvement of the event were fed back
to the Executive Directors and the Group
Company Secretary and Legal Advisor.
Data as at 31 December 2021
Keller Group plc Annual Report and Accounts 2021 Governance82

The Company expects to update shareholders
on the progress made in relation to the matters
ìçèñ÷ìĤèçäåòùèìñì÷ö" ""äññøäïõèóòõ÷
ÝëèÌëäìõðäñëäöæòñĤõðèç÷ëä÷÷ëèÍìõèæ÷òõö
standing for election and re-election at this
üèäõđöÊÐÖæòñ÷ìñøè÷òóèõéòõðèģèæ÷ìùèïüäñç
to demonstrate commitment to their roles.
Board development
On appointment, Directors are provided with
induction training and information about the
Group, the role of the Board and the matters
reserved for its decision, the terms of reference
and membership of the Board Committees and
÷ëèïä÷èö÷Ĥñäñæìäïìñéòõðä÷ìòñäåòø÷÷ëèÐõòøó
This is supplemented by meetings with the
company’s legal and other professional advisers,
and, where appropriate, visits to key locations
and meetings with certain senior executives to
develop the Directors’ understanding of the
business.
Ýëõòøêëòø÷÷ëèìõóèõìòçòéòĦæè×òñ¡èûèæø÷ìùè
Directors are continually updated on our
business, markets, social responsibility matters
äñçò÷ëèõæëäñêèöäģèæ÷ìñê÷ëèÐõòøóäñç÷ëè
industry in which we operate, including changes
to the legal and governance environment and the
òåïìêä÷ìòñöòñ÷ëèðöèïùèöäöÍìõèæ÷òõöÜóèæìĤæ
updates this year revolved around ESG and TCFD
and were provided by the Keller Sustainability,
Risk and Company Secretariat teams.
Board visit to HS2 site
In October 2021, the Board visited the site of
one of the ventilation shafts that services the
main tunnels running under London to and
from Euston Station.
Ôèïïèõìöæäõõüìñêòø÷êõòø÷ìñê÷òöèäïòģ
Ĥööøõèöìñ÷ëèæëäïîäñçíè÷êõòø÷ìñê÷ò
stabilise the ground, working for the Principal
Contractor SCS (Skanska Costain Strabag
Joint Venture) as part of the S1/S2 section of
HS2. GEO-Instruments is also on the site
monitoring the adjacent infrastructure.
The picture below shows the Chairman, the
Non-executive Directors and the Chief
Îûèæø÷ìùèØĦæèõäææòðóäñìèçåü÷ëè
President, Europe and Contracts Engineer
Kanan Garayev and Contracts Manager Sam
Cawthorne.
Information and support
ÝëèËòäõçäñçÌòððì÷÷èèöäõèöä÷ìöĤèç÷ëä÷
÷ëèüõèæèìùèöøĦæìèñ÷õèïìäåïèäñç÷ìðèïü
information in advance of meetings and are
provided with all necessary resources and
èûóèõ÷ìöè÷òèñäåïè÷ëèð÷òéøïĤï÷ëèìõ
responsibilities and undertake their duties in
äñèģèæ÷ìùèðäññèõ
The Chairman and the Group Company
Secretary and Legal Advisor keep under review
the forward agendas for the Board and the
content and construct of management papers to
allow for greater focus by the Board as a whole on
strategic matters and avoiding unnecessary
operation detail.
For each Board and Committee meeting,
Directors are provided with a tailored Board pack
in advance of the meeting. To improve the
delivery and security of meeting papers, we use
an electronic system that allows the Board to
easily access information, irrespective of
geographic location. Directors regularly receive
additional information between Board meetings,
including a monthly Group performance update
which from 2022 will include carbon reduction,
gender DEI and good governance performance.
If a Director is unable to attend a meeting, they
are provided with all the papers and information
relating to that meeting and have the opportunity
to discuss issues arising directly with the
ÌëäìõðäñäñçÌëìèéÎûèæø÷ìùèØĦæèõ
Accountability
Internal controls
The Board is ultimately responsible for the
Group’s system of internal control and for
õèùìèúìñêì÷öèģèæ÷ìùèñèööÑòúèùèõöøæëä
system is designed to manage, rather than
eliminate, the risk of failure to achieve business
objectives, and can provide only reasonable, not
absolute, assurance against material
misstatement or loss.
ÝëèËòäõçæòñĤõðö÷ëä÷÷ëèõèìöäñòñêòìñê
process for identifying, evaluating and managing
the principal risks faced by the Group, which has
been in place for the year under review and up to
the date of approval of the Annual Report and
Accounts. This process is regularly reviewed by
the Board and accords with the guidance of the
Financial Reporting Council.
Íè÷äìïöòñ÷ëèìçèñ÷ìĤæä÷ìòñäñçèùäïøä÷ìòñòé
risk, as well as on the management of project
risk, can be found in the section headed Principal
risks and uncertainties on pages 32 to 41.
The key elements of the Group’s system of
internal controls are explained in the Audit and
Risk Committee report on page 94.
Ýëèðäñäêèðèñ÷òéĤñäñæìäïõìöîöìöçèöæõìåèç
ìñ÷ëèÌëìèéÏìñäñæìäïØĦæèõđöõèùìèúòñóäêèö
26 to 31.
Information included in
the Directors’ report
Ìèõ÷äìñìñéòõðä÷ìòñ÷ëä÷éøïĤïö÷ëè
requirements of the Corporate governance
statement can be found in the Directors’
report in the sections headed ‘Substantial
shareholdings’, ‘Repurchase of shares’,
‘Amendment of the company’s Articles
of Association’, ‘Appointment and
replacement of Directors’ and ‘Powers
of the Directors’ and is incorporated
into this Corporate governance section
by reference.
Keller Group plc Annual Report and Accounts 2021 Governance 83

Environment Committee report
+LJKOLJKWVRIWKH|&RPPLWWHHpV
activities in 2021
• Recommended new terms of reference of
the Committee to the Board.
• Approved the Group’s approach to TCFD
reporting.
• Recommended carbon targets.
• Monitored progress against the year’s
environment objectives.
• Monitored progress of the Group’s
sustainability initiatives.
• Ûèùìèúèç÷ëèèģèæ÷ìùèñèööòé÷ëè
Committee.
• Reviewed the Committee’s priorities for
2022.
The Committee will
work with management to
oversee ways of improving the
environmental performance of
the Group, and to agree priorities
that consider the needs of our
stakeholders and drive the right
EHKDYLRXUr
Nancy Tuor Moore
Chair of the Environment Committee
Composition of the Committee
Nancy Tuor Moore, Paula Bell, Eva Lindqvist,
Baroness Kate Rock, Michael Speakman, Juan
G. Hernández Abrams (from 1 February 2022)
For full biographies
See pages 70 and 71
Role of the Committee
The role of the Committee is to help the
%RDUGRI'LUHFWRUVIXOƬOLWVRYHUVLJKW
responsibilities in relation to environmental
and related sustainability matters arising out
RIWKHDFWLYLWLHVRIWKH*URXS
Dear shareholder
On behalf of the Board, I am pleased to present
÷ëèĤõö÷õèóòõ÷òé÷ëèÎñùìõòñðèñ÷Ìòððì÷÷èè
for the year ended 31 December 2021.
A new Committee
The Committee was established in July 2021 and
assumed, where relevant, the responsibilities of
the former Health, Safety, Environment and
Quality Committee. Since then, the Board has
continued to oversee Safety and Quality via the
ÌëìèéÎûèæø÷ìùèØĦæèõäñç÷ëèÎûèæø÷ìùè
Committee. Further information can be found in
the ESG and sustainability section of this report.
Ýëèóøõóòöèòé÷ëèæëäñêèöúäö÷òõèĥèæ÷÷ëè
growing emergence of Environmental, Social and
Governance matters and to provide greater
focus and oversight on these issues which the
Board considers of key importance.
Carbon targets and TCFD
Ê÷ì÷öĤõö÷ðèè÷ìñêìñÓøïü÷ëèÌòððì÷÷èè
äóóõòùèçÔèïïèõđöĤõö÷ñè÷ýèõòæäõåòñ÷äõêè÷öéòõ
recommendation to the Board.
These targets, covering Scopes 1 to 3, set out
Keller’s ambition to build the foundations for a
sustainable future. For more information on the
öóèæìĤææäõåòñ÷äõêè÷öäñçõèçøæ÷ìòñìñì÷ìä÷ìùèö
please see the ESG and sustainability section of
this report.
The Committee also oversaw the strengthening
of Keller’s climate-related risks and opportunities
process, in line with TCFD guidance, to ensure
Keller is better equipped to manage and mitigate/
realise these key risks and opportunities.
The Committee is ideally placed to provide
Board-level governance and scrutiny of strategic,
climate-related topics.
Ïòõðòõèìñéòõðä÷ìòñòñ÷ëèöóèæìĤææïìðä÷è¡
related risks and opportunities, please see page
38 in the Principal risks and uncertainties section
of this report.
Keller Group plc Annual Report and Accounts 2021 Governance84

CDP score
We were pleased to see that our CDP score went
up this year, from a C to a B, putting us in line with
the construction sector average and above the
global average.
Ýëìöìñæõèäöèõèĥèæ÷èç÷ëèéäæ÷úè
• Planned to set net zero targets.
• Could account for a small proportion of our
Scope 3 emissions.
• Could explain more about our change in
emissions over 2020.
Corporate governance
The remit of the Committee is set out in its new
terms of reference which were approved during
the year and are available on the Group’s website
(www.keller.com) and on request, from the
Ìòððì÷÷èèÜèæõè÷äõüÍøõìñê÷ëìöĤñäñæìäïüèäõ
we met once, with attendance at this meeting
shown on page 74. We had another meeting
scheduled for December but this had to be
rescheduled to January due to the Omicron
variant of COVID-19 outbreak in the UK.
The Committee is comprised of the independent
Non-executive Directors of the company and the
CEO. The Committee may invite members of the
senior management team to attend meetings
where it is felt appropriate and the Board
Chairman, the CFO, the Group Company
Secretary and Legal Advisor and the Engineering
and Operations Director regularly attend
meetings of the Committee.
ÝëèÌòððì÷÷èèæòñçøæ÷èçäñèģèæ÷ìùèñèöö
review of the business covered during the year
against its terms of reference.
In addition, the Committee’s performance, and
that of its members, was evaluated in an exercise
facilitated by Donata Denny, a highly respected
Leadership Coach and Professional
Development Advisor. The Committee and its
ðèðåèõöúèõèéòøñç÷òåèòóèõä÷ìñêèģèæ÷ìùèïü
The outcome of this exercise can be found on
pages 82 and 83.
The new Board Committees’ structure,
membership and operation, to respond to
ever-increasing ESG demands, were felt to be
working well and, in particular, the Chair of each
Committee received praise from the members
éòõ÷ëèìõõòïèäñçèģèæ÷ìùèñèöö
Looking forward
We are a new Committee and we are still
developing our programme of work. Our
priorities for 2022 will revolve around:
• Horizon scanning on climate-related and
environmental matters, in particular the
implications of the Task Force on Nature-
related Financial Disclosures.
• Supporting the company in its progress
towards net zero.
• Assisting the Remuneration Committee in
monitoring the impact of ESG targets on
remuneration.
• Supporting the company in developing its
disclosures under TCFD, in line with the
framework we agreed this year, and working
closely with the Audit and Risk Committee
òñöæèñäõìòäñäïüöìö
Public health and safety legal requirements
permitting, I look forward to meeting
shareholders who attend our AGM this year to
answer any questions on this report or on the
Committee’s activities. Shareholders are also
encouraged to email their questions to the
Committee Secretary at secretariat@keller.com.
This will be my last AGM and at that time Juan G.
Hernández Abrams will replace me as Chair of
this Committee. It has been a privilege to serve
at the Keller Board and to chair the HSEQ and the
Environment Committees.
Nancy Tuor Moore
Chair of the Environment Committee
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 85

Social and Community Committee report
The Committee will continue
to ensure that our workforce
and wider stakeholders are
represented appropriately in
the Board’s decision-making
SURFHVVr
Baroness Kate Rock
Chair of the Social and Community Committee
Composition of the Committee
Baroness Kate Rock, Paula Bell,
Michael Speakman, Nancy Tuor Moore, Juan G.
Hernández Abrams (from 1 February 2022)
+LJKOLJKWVRIWKH|&RPPLWWHHpV
activities in 2021
• Oversaw the implementation of DEI
initiatives.
• Reviewed and challenged management on
the delivery of the employee engagement
programme.
• Recommended a Charitable Giving Policy to
the Board.
• Recommended new terms of reference of
the Committee to the Board.
• Ûèùìèúèç÷ëèèģèæ÷ìùèñèööòé÷ëè
Committee.
Role of the Committee
The role of the Committee is to understand
NH\FRQFHUQVRIWKHZRUNIRUFHDQGZLGHU
VWDNHKROGHUVGHƬQHWKHWHUPoZRUNIRUFHpLQ
the context of Keller, and review relevant
people, social and community policies and
practices.
We are also responsible, along with the Audit
DQG5LVN&RPPLWWHHIRUHQVXULQJWKDWWKH
company has policies in place to encourage,
understand and address employee concerns
DQGIHHGEDFN
)LQDOO\ZHZRUNFORVHO\ZLWKWKH
5HPXQHUDWLRQ&RPPLWWHHPDNLQJ
recommendations to the Board on whether
Keller’s policies and practices are in line with
the purpose and values, and support the
desired culture.
Dear shareholder
Ò÷ìöðüóïèäöøõèäöÌëäìõ÷òóõèöèñ÷÷ëìöòøõĤõö÷
report of the Social and Community Committee,
for the year ended 31 December 2021 on behalf
of the Board.
A new Committee
The Committee was established in July 2021 and
assumed, where relevant, the responsibilities of
the former Workforce Engagement Committee.
Òæòñ÷ìñøèçìñðüõòïèäöÜèñìòõÒñçèóèñçèñ÷
Director and designated Non-executive Director
for workforce engagement, with responsibility to
èñöøõè÷ëä÷÷ëèËòäõçèñêäêèöèģèæ÷ìùèïüúì÷ë
our workforce and understand and learns from
the views of all our stakeholders.
Ýëèóøõóòöèòé÷ëèæëäñêèöúäö÷òõèĥèæ÷÷ëè
growing emergence of environmental, social and
governance matters and provide greater focus
and oversight on these issues which the Board
considers of key importance in support of
delivering the Group’s long-term strategic
objectives and is committed to understanding and
learning from the views of all our stakeholders.
Our obligations are delivered by:
• Ensuring that the ‘voice of the employee’
is considered within the boardroom.
• Reviewing formal data and informal feedback
that has been obtained from the workforce
with management.
• Regularly reviewing Keller’s HR strategy as
to its appropriateness in delivering the
strategy and supporting our values and
desired culture.
• Identifying consistent themes received via
feedback from employees.
• Ensuring that they are incorporated within
Keller’s updated HR strategy, along with the
ìñ÷õòçøæ÷ìòñòéäñüËòäõçìçèñ÷ìĤèç÷òóìæö÷ëä÷
support the company’s business strategy and
desired culture.
For full biographies
See pages 70 and 71
Keller Group plc Annual Report and Accounts 2021 Governance86

Our Committee met once this year since
its establishment and I reported on the
Committee’s activities at the Board meeting
the following day. We had another meeting
scheduled for December but this had to be
rescheduled to January due to the Omicron
variant of COVID-19 outbreak in the UK.
The Committee’s new terms of reference can
be found on our Group website (www.keller.com)
and on request from the Committee Secretary.
Activities
Further detail on the Committee’s activities can
be found in the ESG and sustainability section of
this report, but I would like to highlight the
following topics considered during the year.
The Committee reviewed and challenged
management on the delivery of the employee
engagement programme, which comprised
focus groups led by each of the Non-executive
Directors. The themes were health, safety and
wellbeing; systems, processes and ways of
working; communications; and diversity, equity
and inclusion.
During 2021, management introduced Keller’s
Wellbeing Foundations, which focused on
equipping our workforce to be healthy and
éøïĤïïèçäæõòööĤùèîèüóìïïäõöìñæïøçìñêåòçü
ðìñçæòððøñì÷üêõòú÷ëäñçĤñäñæìäïöèæøõì÷ü
The Committee reviewed this framework prior
to launch.
We also designed and agreed a Charitable Giving
Policy for recommendation to the Board. Under
such policy we were proud to make a funding
contribution of £300,000 to UNICEF’s COVID-19
Vaccines Appeal. This helped UNICEF to deliver
two billion doses of vaccines by the start of 2022
for frontline health workers, social workers,
teachers and those at highest risk.
The Committee was kept abreast of the
implementation of our Diversity, Equity and
Inclusion Commitments, which continued at pace,
úì÷ëäéòæøöòñìñùèö÷ìñêìñòøõúòõîéòõæèäñç
ö÷õèñê÷ëèñìñêäñççìùèõöìéüìñêòøõ÷äïèñ÷óìóèïìñè
In line with best practice, the Committee
æòñçøæ÷èçäñèģèæ÷ìùèñèööõèùìèúòé÷ëè
business covered during the year against its
terms of reference.
In addition, the Committee’s performance,
and that of its members, was evaluated in an
exercise facilitated by Donata Denny, a highly
respected Leadership Coach and Professional
Development Advisor. The Committee and its
ðèðåèõöúèõèéòøñç÷òåèòóèõä÷ìñêèģèæ÷ìùèïü
The outcome of this exercise can be found on
pages 82 and 83.
The new Board Committees’ structure,
membership and operation, to respond to
ever-increasing ESG demands, were felt to be
working well and, in particular, the Chair of each
Committee received praise from the members
éòõ÷ëèìõõòïèäñçèģèæ÷ìùèñèöö
Looking forward
We are a new Committee and we are still
developing our programme of work.
As we evolve towards becoming a company that
is representative of the local communities in
which we operate, it’s essential to ensure that our
talent programmes and promotion practices
continue to be based on merit and are inclusive.
As such, one of our priorities for next year will be
talent and skills development.
I will continue to give the Board feedback on the
thoughts and ideas of our employees, ensuring
that our workforce and wider stakeholders are
represented appropriately in the Board’s
decision-making process.
Baroness Kate Rock
Chair of the Social and Community Committee
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
Supporting The
Brilliant Breakfast
2021
Keller supported The Brilliant Breakfast with
a donation of £5,000. Working with The
Prince’s Trust, this UK initiative aims to
change the lives of young women by
helping them gain the skills needed to
live, learn and earn.
The Julia and Hans Rausing Trust
has pledged to match fund all 2021
donations of £5,000 or over to
The Brilliant Breakfast, meaning
that Keller’s donation will allow
an incredible £10,000 of support
for young women in the UK.”
Kerry Porritt
Group Company Secretary
and Legal Advisor
Keller Group plc Annual Report and Accounts 2021 Governance 87

Nomination and Governance
Committee report
The Board is committed to
promoting equality, diversity and
inclusion in the boardroom, to
ensure all are able to contribute to
%RDUGGLVFXVVLRQVr
Peter Hill CBE
Chairman of the Nomination
and Governance Committee
Composition of the Committee
Peter Hill CBE, Paula Bell, Eva Lindqvist,
Nancy Tuor Moore, Baroness Kate Rock, Juan
G. Hernández Abrams (from 1 February 2022)
For full biographies
See pages 70 and 71
+LJKOLJKWVRIWKH|&RPPLWWHHpV
activities in 2021
• Recruitment of Juan G. Hernández Abrams
as a Non-executive Director.
• Evaluation of the Board and its Committees,
the Board Strategy Day and the Chairman
and Directors.
• Continued to develop and monitor
succession plans for the Board and senior
management.
• Monitored the length of tenure of the
Non-executive Directors.
• Reviewed and refreshed the terms of
reference of the Committee and changed
÷ëèÌòððì÷÷èèđöñäðè÷òåè÷÷èõõèĥèæ÷ì÷ö
responsibility for governance matters.
Role of the Committee
7KHUROHRIWKH1RPLQDWLRQDQG*RYHUQDQFH
Committee is to recommend the structure,
size and composition of the Board and its
Committees. It is also responsible for
succession planning of the Board and
executive management, for promoting the
RYHUDOOHƪHFWLYHQHVVRIWKH%RDUGDQGLWV
Committees, and for governance matters
in general.
Dear shareholder
Welcome to the report of the Nomination and
Governance Committee for the year ended
#!Íèæèðåèõ" "!
The Committee has continued to review the
balance of skills on the Board as well as the
knowledge, experience, length of service and
performance of the Directors. During the year,
we held two meetings. The attendance at the
meetings is shown on page 74.
Particular areas of focus this year included the
recruitment of a new Non-executive Director,
Juan G. Hernández Abrams, who joined the
Ëòäõçúì÷ëèģèæ÷éõòð!Ïèåõøäõü" ""
Nancy Tuor Moore, who has been on the Board
since 2014, will retire after the Annual General
Meeting in May 2022.
Board evaluation
The 2021 Board evaluation was conducted by
Donata Denny, Leadership Coach and
Professional Development Advisor. Building on
the 2020 Board evaluation, feedback of the
performance of the Board as a whole and its
Committees, the Board’s 2021 Strategy Day, and
the Chairman and individual Directors was
sought from the Board and, in the case of the
Chairman, also from key external advisers.
Feedback on the Board and its Committees and
the Board’s 2021 Strategy Day was reviewed at
the Board’s meeting in January 2022. Individual
feedback sessions for the Directors with the
Chairman, and feedback on the Chairman, will be
æäõõìèçòø÷ìñ÷ëèĤõö÷ôøäõ÷èõòé" ""
Keller Group plc Annual Report and Accounts 2021 Governance88

We welcomed the full and frank feedback
received from all participants, who reported that
Board dynamics continued to improve and
progress over the year with recognition that this
was an ongoing process. The Board Committees’
structure, membership and operation were felt
to be working well and, in particular, the Chair of
each Committee received praise from the
ðèðåèõöéòõ÷ëèìõõòïèäñçèģèæ÷ìùèñèööàëìïö÷
the 2021 Board Strategy Day was felt to be the
best for a number of years, suggestions for
further improvement of the event were fed back
to the Executive Directors and the Group
Company Secretary and Legal Advisor.
%RDUGHƪHFWLYHQHVVDQGVNLOOV
As part of our work regarding Board
èģèæ÷ìùèñèööÌòððì÷÷èèäæ÷ìùì÷ìèöìñæïøçèç
• Considering the number of Executive and
Non-executive Directors on the Board, and
whether the balance is appropriate to ensure
òó÷ìðøðèģèæ÷ìùèñèöö
• Reviewing the balance of industry knowledge,
relevant experience, skills and diversity on the
Board.
• ÊööèööìñêäñçæòñĤõðìñê÷ëä÷äïï÷ëè
Non-executive Directors remain independent.
àèäõèæòñĤçèñ÷÷ëä÷èäæëÍìõèæ÷òõõèðäìñö
committed to their role. In our view, the Board
æòñ÷ìñøèö÷òúòõîúèïïäñçåèñèĤ÷öéõòðäñ
appropriate and diverse mix of skills and industry
knowledge. Collectively, the Directors bring a
õäñêèòéèûóèõ÷ìöèäñçèûóèõìèñæèòéçìģèõèñ÷
business sectors to Board deliberations, and this
encourages constructive and challenging debate
around the boardroom table.
Our Committee continues to work to balance the
skills and experience of the Board members to
meet the changing needs of the business.
Having a good mix of skills plays an important role
in keeping the Board relevant and up to date with
the market.
Board diversity
In January 2021 the Board and the Nomination
Committee approved a Board Diversity Policy.
Keller’s Board Diversity Policy sets out the
approach to diversity both on the Board of
Directors of Keller Group plc and more widely
across the organisation.
Our commitment to equality, diversity and
inclusion aligns with our values of integrity,
collaboration and excellence and is underpinned
by our Inclusion Commitments.
The Board is committed to promoting equality,
diversity and inclusion in the boardroom, to
ensure all are able to contribute to Board
discussions, and aim to meet industry targets
and recommendations wherever possible. This
includes our objective of meeting the diversity
targets recommended by the Hampton-
Alexander and the Parker Reviews.
In 2021, Keller’s Board of Directors had a 57%
female share (2020: 44%) meeting the
Hampton-Alexander Review target of 33%
female share of Board Directors by 2020. With
the appointment of Juan G. Hernández Abrams
to the Board from 1 February 2022, we also meet
the Parker Review target with one Board Director
from an ethnic minority background by 2022.
For further information on diversity at Board level,
as well as more generally at Keller, please see the
ESG and sustainability section of this report.
Non-executive appointments
and time commitments
When we make recommendations to the
Board regarding Non-executive Director
appointments, we will consider the expected
time commitment of the proposed candidate,
and any other existing commitments, to ensure
÷ëä÷÷ëèüëäùèöøĦæìèñ÷÷ìðèäùäìïäåïè÷òçèùò÷è
to the company.
Before accepting any additional commitments,
Non-executive Directors will discuss them with
the Chairman of the Board, or in the case of
the Chairman, with the Senior Independent
Director and the CEO. Board agreement is
õèôøìõèç÷òèñöøõè÷ëä÷äñüæòñĥìæ÷öòéìñ÷èõèö÷
äõèìçèñ÷ìĤèçäñç÷ëä÷÷ëèìñçìùìçøäïúìïïæòñ÷ìñøè
÷òëäùèöøĦæìèñ÷÷ìðèäùäìïäåïè÷òçèùò÷è÷ò
÷ëèæòðóäñü
Corporate governance
The Committee’s terms of reference are
available on the Group’s website (www.keller.
com) and on request from the Group Company
Secretary and Legal Advisor. The terms of
reference were amended this year and the
name of the Committee changed to better
õèĥèæ÷ì÷öõèðì÷
Only the Chairman and Non-executive Directors
are members of the Committee, and no other
person is entitled to be present at Committee
meetings. We may invite members of senior
management to attend meetings where we feel
it is appropriate, and the CEO and Group People
Director both attended certain meetings during
the year.
Our 2021 evaluation of the Committee
concluded that, consistent with the Code and
our own terms of reference, the Committee is
çìöæëäõêìñêì÷öòåïìêä÷ìòñöìñäñèģèæ÷ìùèðäññèõ
In accordance with the requirements of the
Code, all members of the Board will seek
election/re-election at the AGM in May 2022,
with the exception of Nancy Tuor Moore, who
will retire after the AGM.
Peter Hill CBE
Chairman of the Nomination
and Governance Committee
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 89

Audit and Risk Committee report
Dear shareholder
On behalf of the Audit and Risk Committee, I am
óïèäöèç÷òóõèöèñ÷òøõõèóòõ÷éòõ÷ëèĤñäñæìäï
year ended 31 December 2021.
The Group operates within a large, global and
fast-changing environment, which requires an
adaptive approach to assurance. The COVID-19
pandemic continued to pose challenges to
the Group so it was important to ensure that
the Group’s risk management and internal
æòñ÷õòïöüö÷èðöòóèõä÷èçèģèæ÷ìùèïüàè
were pleased with the actions delivered by
management, in particular the focus on
working capital and cash management.
The Committee retained its focus on the
development of the risk management and
internal control systems. Being mindful of the
increasing depth of review and reporting required
of audit committees, we continued to follow a
detailed programme of work which ensured the
personnel and systems were in place to enable
the Board to perform a robust assessment of
principal and emerging risks and the Group’s
responses to them. The continued focus on risk
management activity, following the appointment
of the Group Head of Risk and Internal Audit in
2020, resulted in a more integrated and consistent
äóóõòäæë÷òõìöîìçèñ÷ìĤæä÷ìòñäööèööðèñ÷äñç
management across the organisation.
Throughout the year the Committee received
regular updates from management on the
çèùèïòóðèñ÷òé÷ëèĤñäñæìäïæòñ÷õòï
environment and systems of internal control.
The Committee remains fully committed to
æëäðóìòñìñêêòòçĤñäñæìäïäñçõìöîõèóòõ÷ìñê
äñç÷òèñöøõìñêúèëäùèìñóïäæèäñèģèæ÷ìùè
internal control framework. The internal and
external assurance programmes operated
èģèæ÷ìùèïüçøõìñê" "!
The Committee ensured that the internal audit
programme delivered appropriate coverage of all
areas of business risk and reviewed an
assessment of the internal auditor to ensure that
the services provided continued to provide
required assurance.
The Committee reviewed the output of a
detailed assessment of the external auditor. The
èû÷èõñäïäøçì÷òõúäöçèèðèç÷òåèèģèæ÷ìùèäñç
development points were noted that ensured a
ðòõèèĦæìèñ÷óõòæèööéòõ÷ëèäøçì÷òé÷ëè" "!
year-end accounts.
In addition, during the year we devoted a lot of
time to consider the BEIS consultation,
‘Restoring Trust in Audit and Corporate
Governance’, and reviewed the company’s
response and preparation plans. We also
supported management in addressing the
requirements of TCFD.
This has been another busy year for the
Committee and management has worked hard
to drive improvements in the areas of risk,
ìñ÷èõñäïæòñ÷õòïĤñäñæìäïõèóòõ÷ìñêäñçèû÷èõñäï
äøçì÷àèäõèæòñĤçèñ÷ìñ÷ëèóõòêõèöö÷ëä÷ëäö
been made and expect the momentum gained
will carry this progress forward into 2022, when
our priorities will revolve around assessing the
impact of the audit and corporate governance
reform and ensuring the company is prepared
and compliant.
Public health and safety legal requirements
permitting, I look forward to meeting
shareholders who attend our AGM this year to
answer any questions on this report or on the
Committee’s activities. Shareholders are
encouraged to email their questions to the
Committee Secretary at secretariat@keller.com
Paula Bell
Chair of the Audit and Risk Committee
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
This has been another busy year
and we expect the momentum
gained will carry the progress
IRUZDUGLQWRr
Paula Bell
Chair of the Audit and Risk Committee
Composition of the Committee
Paula Bell, Eva Lindqvist, Nancy Tuor Moore,
Baroness Kate Rock, Juan G. Hernández
Abrams (from 1 February 2022)
For full biographies
See pages 70 and 71
+LJKOLJKWVRIWKH|&RPPLWWHHpV
activities in 2021
• Continued to oversee the development of
÷ëèÐõòøóđöĤñäñæìäïæòñ÷õòïéõäðèúòõî
• Monitored the implementation of the
Group’s risk management framework.
•
Monitor
ed the implementation of key business
change initiatives including Platform for
Success, new Group-wide operating model
and cyber risk review.
•
Reviewed and challenged the output of
management’s assurance map to assess
controls maturity in the context of the
forthcoming audit and corporate governance
reform.
• Reviewed the company’s response to the
audit and corporate governance reform
proposals, and monitored and challenged
management plans in preparation.
• Reviewed the detailed output of the
evaluation of the external auditor, EY.
• Reviewed and challenged the
implementation of the internal audit
programme to ensure appropriate coverage
of matters of business risk.
•
Reviewed and approved the results of the
Group’s annual Electronic Internal Control
Questionnaire.
• Reviewed its terms of reference and
recommended changes to the Board.
• Ûèùìèúèç÷ëèèģèæ÷ìùèñèööòé÷ëèÌòððì÷÷èè
Role of the Committee
The Committee is responsible for overseeing
WKHLQWHUQDOULVNPDQDJHPHQWIUDPHZRUN
HQVXULQJHƪHFWLYHLQWHUQDOFRQWUROV
DUHLQSODFHƬQDQFLDODQGQRQƬQDQFLDO
reporting and appropriate external and
internal audit arrangements.
Keller Group plc Annual Report and Accounts 2021 Governance90

Item of business When
Ûèêøïäõøóçä÷èöòñðäñäêèðèñ÷óïäñö÷òèģèæ÷ìùèïüðäñäêèõìöî
pertaining to the impact of COVID-19
At every meeting
Regular updates on the Group’s system of internal controls and its
èģèæ÷ìùèñèöö
At every meeting
Impact of audit and corporate governance reform and plan of action,
including review of response to consultation, alignment with work under
way under the Platform for Success programme, ERP implementation
and impact on principal risks
July, September
and December
Ùõòêõèööõèùìèúòé÷ëèúòõîøñçèõ÷äîèñ÷òö÷õèñê÷ëèñ÷ëèĤñäñæìäïäñç
business control landscape across the Group
At every meeting
Review and challenge of the output of management’s assurance map to
assess controls maturity
At every meeting
Öäñäêèðèñ÷õèóòõ÷öòñ÷ëèö÷ä÷øöòéõèðèçìä÷ìòñäæ÷ìòñöìçèñ÷ìĤèç
from completed internal audit reviews
At every meeting
Responses and key themes arising from the Group’s annual Electronic
Internal Control Questionnaire
At every meeting
Review of the Board delegated authorities February
Ûèùìèúòé÷ëèÐõòøóđöóõìñæìóäïäñçèðèõêìñêõìöîöäñççèĤñì÷ìòñòé÷ëè
Group’s risk appetite
December and February
Updates on the risk management framework including oversight of
work to develop a solution to ensure compliance with TCFD
At every meeting
Cyber risk review aligned with Platform for Success February and September
Îģèæ÷ìùèñèööäñçöæòóèõèùìèúòé÷ëèìñ÷èõñäïäøçì÷éøñæ÷ìòñ December and July
Ûèêøïäõøóçä÷èöòñîèüĤñçìñêöéõòð÷ëèõèùìèúöóèõéòõðèçäöóäõ÷òé
the 2021 internal audit programme
At every meeting
Review and approval of the programme of internal audit reviews of the
Ðõòøóđöòóèõä÷ìòñöäñçĤñäñæìäïæòñ÷õòïöéòõ" ""åøìïçìñêòñ÷ëè
ïèäõñìñêöéõòð÷ëè" "
!óõòêõäððèäñçĤñçìñêöúëìæëõèöøï÷èçìñä
more operationally focused programme for the year
December
ÛèùìèúäñçäóóõòùäïòéäõèäöòéöìêñìĤæäñ÷äææòøñ÷ìñêíøçêèðèñ÷ö December and February
Management report on the process for assessing the Group’s going
concern and viability
December and February
Basis of provisioning within the Group’s captive insurance vehicle February
Review and approval of the EY engagement letter, audit fee and their
audit plan
December and February
Scope and results review of the external audit, its quality and
èģèæ÷ìùèñèööäñç÷ëèìñçèóèñçèñæèäñçòåíèæ÷ìùì÷üòéÎâ
December and July
Group’s tax strategy review and approval for recommendation to
the Board
February
ËõìèĤñêöòñêïòåäï÷äûçèùèïòóðèñ÷öúëìæëìðóäæ÷÷ëèÐõòøó As necessary
ÛèùìèúòéĤñäñæèéøñæ÷ìòñõèöòøõæìñêäñç÷äïèñ÷ September
Updates on matters relating to ethics, fraud and compliance At every meeting
Review and approval of the Whistleblowing Policy February
Review of the Executive Directors’ expenses February
Ûèùìèúòé÷ëèÌòððì÷÷èèđöèģèæ÷ìùèñèöö December
Review and recommendation for changes to the Committee’s
terms of reference
July
Interaction with the regulator December
Non-audit services policy review and amendment September
Êæ÷ìùì÷ìèöòé÷ëèÌòððì÷÷èè
The Committee has an extensive agenda of
ì÷èðöòéåøöìñèööäïìêñèçúì÷ë÷ëèĤñäñæìäï
reporting cycle, focusing on the audit,
assurance and risk processes within the
business which it deals with in conjunction with
senior management, the external auditor, the
ìñ÷èõñäïäøçì÷éøñæ÷ìòñäñç÷ëèĤñäñæìäï
reporting team.
The Committee’s role is to ensure that
ðäñäêèðèñ÷đöçìöæïòöøõèöõèĥèæ÷÷ëè
supporting detail provided to the Committee
or challenge them to explain and justify their
interpretation and, if necessary, re-present
the information. The Committee reports its
Ĥñçìñêöäñçðäîèöõèæòððèñçä÷ìòñö÷ò÷ëè
Board accordingly.
The Committee is supported in this role by
using the expertise of EY. In doing so it ensures
÷ëä÷ëìêëö÷äñçäõçöòéĤñäñæìäïêòùèõñäñæèìñ
line with the regulatory framework as well as
market practice for audit committees going
forward, are maintained.
Furthermore, PwC in their role as internal
auditors contribute to the assurance process
by reviewing compliance with internal processes.
The Committee met four times during the
year, with attendance at these meetings
shown in the table on page 74, and considered
the items of business shown on the table on
the right.
The Committee also reviewed the information
presented in the Group’s preliminary
announcement, the company’s processes for
the preparation of the Annual Report and
Accounts and the outcomes of those
processes to ensure that we were able to
recommend to the Board that the 2021
ÊññøäïÛèóòõ÷äñçÊææòøñ÷ööä÷ìöĤèç÷ëè
requirement of being fair, balanced and
understandable. The following processes
are in place to provide this assurance:
• Coordination and review of the Annual
Report and Accounts performed alongside
the formal audit process undertaken by EY.
• Guidance issued to contributors at an
operational level.
• Òñ÷èõñäïæëäïïèñêèäñçùèõìĤæä÷ìòñóõòæèöö
dealing with the factual content of the
information within the Annual Report
and Accounts.
• Comprehensive review by senior
management and external advisers to
ensure consistency and overall balance.
Keller Group plc Annual Report and Accounts 2021 Governance 91

Audit and Risk Committee report continued
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õèôøìõèç÷òåèðäçèòñæòñ÷õäæ÷öéòõúëìæëäçèêõèèòéøñæèõ÷äìñ÷üõèðäìñö
äé÷èõäóóïìæä÷ìòñòé÷ëèðè÷ëòçòïòêü
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" "!äñçÏèåõøäõü" ""Ýëèõèäöòñäåïèñèööòé÷ëè
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.HOOHU*URXSSOF ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! *RYHUQDQFH92

Internal audit
The Keller internal audit programme is risk-
based, ensuring appropriate coverage
dependent upon the size of the entity and the
perceived risks associated with that operation.
It also includes theme-based audits to review
adherence to Group policies across the
organisation.
The programme carried out by PwC during the
year consisted of 18 operational entity audits
and themed audits across 16 countries, which
together represented approximately 16% of the
Group’s revenue for the year.
The Committee received and considered reports
from PwC which detailed the progress against
÷ëèäêõèèçúòõîóõòêõäððèäñç÷ëèĤñçìñêöÒñ
the majority of reviews, following the successful
update and deployment of the Group Finance
Ü÷äñçäõçöĤñçìñêöúèõèïìðì÷èç÷ò÷ëèñèèçéòõ
formalising maintenance of evidence of controls
óèõéòõðèçàëèõèðòõèöìêñìĤæäñ÷æòñ÷õòï
ìööøèöúèõèìçèñ÷ìĤèçúèõèùìèúèç÷ëèĤñçìñêö
discussed the remediation plans with
management and received updates on the
óõòêõèööòéõèðèçìä÷ìñê÷ëèæòñ÷õòïçèĤæìèñæìèö
×òñèòé÷ëèæòñ÷õòïçèĤæìèñæìèöìçèñ÷ìĤèçäõè
öìêñìĤæäñ÷ìñõèïä÷ìòñ÷ò÷ëèóõèóäõä÷ìòñòé
the 2021 Annual Report and Accounts.
The audits carried out during 2021 have been
performed against updated control standards
wherever they have been issued and any
improvement actions aligned to them. The
majority of control standards are now in place
and embedded across the Group, helping to
improve the control environment and enable
èäõïüìçèñ÷ìĤæä÷ìòñòéóò÷èñ÷ìäïæòñ÷õòï
breakdowns.
Overall progress has been made across business
units and we have observed a demonstrably
stronger control environment.
During the year, the Committee completed an
ìñ÷èõñäïèģèæ÷ìùèñèööäööèööðèñ÷òé÷ëèìñ÷èõñäï
audit function, which measured its performance
against the quality assessment criteria provided
by the Institute of Internal Auditors. The work of
the internal audit function was rated as fully
conforming.
External audit
The Committee places great importance on
ensuring there are high standards of quality and
èģèæ÷ìùèñèöö
EY was appointed by shareholders at the AGM
held in May 2019. The lead EY partner during the
Ĥñäñæìäïüèäõèñçèç#!Íèæèðåèõ" "!úäö
Kevin Harkin, who had no previous involvement
with the Group in any capacity prior to
appointment.
ÝëèÌòððì÷÷èèæòñöìçèõèç÷ëèèģèæ÷ìùèñèööòé
the external audit process and of EY as external
auditor. This review included consideration of
comprehensive papers from both management
and the external auditor, and meetings with
management in the absence of the external
auditor. It considered matters including: the
competence of the key senior members of the
team and their understanding of the business
and its environment; the planning process;
èģèæ÷ìùèñèööìñìçèñ÷ìéüìñêîèüõìöîö÷èæëñìæäï
expertise displayed by the auditor over complex
accounting matters; communicating and
resolving audit issues; timeliness of the audit
process; cost; and communication of issues and
risks to management and the Committee.
There are a number of checks and controls
in place for safeguarding the objectivity and
independence of EY. These include open lines of
communication and reporting between EY and
the Committee and, when presenting their
‘independence letter’, EY discuss with the
Committee their internal process for ensuring
independence.
àèäööèöö÷ëèèģèæ÷ìùèñèööòé÷ëèèû÷èõñäïäøçì÷
process on an ongoing basis, paying particular
attention to the mindset and culture, skills,
character and knowledge, quality control and
íøçêèðèñ÷òé÷ëèèû÷èõñäïäøçì÷Ĥõðìñ÷ëèìõ
handling of key judgements, responsiveness to
the Committee and in their commentary where
appropriate on the systems of internal control.
We hold regular private meetings with the
external auditor, during which we discuss:
• Ñòú÷ëèäøçì÷òõëäöìçèñ÷ìĤèçäñçäççõèööèç
potential risks to the audit quality.
• Ýëèæòñ÷õòïöìñóïäæèúì÷ëìñ÷ëèäøçì÷Ĥõð÷ò
identify risks to audit quality.
• The level of challenge the auditor has
discussed with the management team and
÷ëèìõæòñĤçèñæèòñ÷ëèæòñ÷õòïïäñçöæäóè
• Whether the auditor has met the agreed audit
plan and how it has responded to any changes
that have been required.
• Feedback from key people involved in the
audit.
• The content of the auditor’s management
letter.
A detailed assessment of the amounts and
relationship of audit and non-audit fees and
services is carried out each year and we have
developed and implemented a policy regulating
the placing of non-audit services to EY. This
should prevent any impairment of
independence and ensure compliance with the
updates to the Code and revised Auditing and
Ethical Standards with regard to non-audit fees.
The approval thresholds were amended in 2021
and now any work awarded to EY, other than
audit, with a value in excess of £50,000, requires
÷ëèöóèæìĤæóõè¡äóóõòùäïòé÷ëèËòäõçÒñ" "!
non-audit related fees paid to EY were less than
5% of the total audit fee. These relate to the
half-year report review and are considered to be
permitted services.
The external audit contract is put out to tender
at least every 10 years. As part of the review of
÷ëèèģèæ÷ìùèñèööäñçìñçèóèñçèñæèòé÷ëè
external auditor, we recommend the
reappointment of EY for the year ending
#!Íèæèðåèõ" ""
àèæòñĤõðæòðóïìäñæèúì÷ë÷ëèóõòùìöìòñöòé÷ëè
Statutory Audit Services for Large Companies
Market Investigation (Mandatory Use of
Competitive Tender Processes and Audit
Committee Responsibilities) Order 2014.
Keller Group plc Annual Report and Accounts 2021 Governance 93

Risk management and internal
control
The Committee has a key role, as delegated by
the Board, in ensuring appropriate governance
and challenge around risk management. We also
set the tone and culture within the organisation
regarding risk management and internal control.
The Committee’s name and terms of reference
úèõèäðèñçèçìñ" "!÷òæïèäõïüçèĤñèì÷öõèðì÷
relating to risk.
Further information on the Group’s risks can be
found on pages 32 to 41.
The system of internal control is designed both
to safeguard shareholders’ investment and the
Ðõòøóđöäööè÷öäñç÷òéäæìïì÷ä÷è÷ëèìçèñ÷ìĤæä÷ìòñ
èùäïøä÷ìòñäñçðäñäêèðèñ÷òé÷ëèöìêñìĤæäñ÷
risks facing the Group. Key elements of the
Group’s system of internal control include:
•
ÊñèûóèõìèñæèçäñçôøäïìĤèçĤñäñæèéøñæ÷ìòñ
úëìæëõèêøïäõïüäööèööèö÷ëèóòööìåïèĤñäñæìäï
impact of the risks facing the Group.
• Monthly dashboard packs reviewed by the
Executive Committee and the Board.
• Detailed business unit budget reviews with
updates provided to the Board.
• Regular reports to the Board on health and
safety issues.
• Regular visits to operating businesses by head
òĦæèäñççìùìöìòñäïçìõèæ÷òõö
• Annual completion of internal control
questionnaires by business unit management.
• Reports to the Committee by PwC on the
Ĥñçìñêöòé÷ëèìõìñ÷èõñäïäøçì÷õèùìèúöòé÷ëè
controls, processes and procedures in place at
each of the Group’s in-scope units.
The Group aims to continuously strengthen its
processes, with the involvement of the
Committee, to ensure these processes are
embedded throughout the organisation. In 2021,
we worked with management to continue to
èñëäñæè÷ëèöüö÷èðòéìñ÷èõñäïæòñ÷õòïöçèĤñìñê
the following priorities and receiving updates on
their progress:
• Continued development of the Group’s
Ĥñäñæìäïæòñ÷õòïéõäðèúòõîäñçöè÷÷ìñêòé
minimum control standards for all areas of
Ĥñäñæìäïõèóòõ÷ìñêäñçòóèõä÷ìòñäïĤñäñæè
• Monitoring of the implementation of the
ðòñ÷ëïüöìêñ¡òģæëèæîïìö÷ä÷èäæëåøöìñèöö÷ò
certify that accounting controls have been
performed/complied with for the month.
• Review of internal control questionnaires, to
identify common areas for improvement as
úèïïäö÷òäççõèöööóèæìĤæõìöîöäñççìõèæ÷
äööøõäñæèèģòõ÷ö
• Mapping of the Group’s control environment
to assess controls maturity across all
functions within the Group.
Although we review the Group’s system of
internal controls, any such system can only
provide reasonable and not absolute assurance
against any material misstatement or loss.
Ýëèèģèæ÷öòéæäöëäñçóõòĤ÷æòñ÷äìñðèñ÷
initiatives during the COVID-19 pandemic were
reported regularly, along with scenario analysis,
to ensure that management had near real-time
understanding of the impact.
ÜìêñìĤæäñ÷óõòêõèööëäöåèèñðäçèçøõìñê" "!
to enhance the Group’s enterprise risk
management framework, despite the continuing
restrictions placed on us due to COVID-19.
This has included developing a process to
identify, manage, review and report on climate-
related risks and opportunities in line with TCFD
risk reporting requirements. These risks and
opportunities were then incorporated into the
existing emerging risk register as, by their nature,
the vast majority of them are emerging risks and
opportunities. This allowed the business to
review all emerging risks and opportunities
together. More information about this work can
be found in the Principal risks and uncertainties
(pages 32 to 41) and the ESG and sustainability
(pages 42 to 67) sections of this report.
In addition, the Committee reviewed and
challenged the output of management’s
assurance map to assess controls maturity in the
context of the forthcoming audit and corporate
governance reform. This will be an area of
considerable focus for the Committee next year,
along with the implementation of the new ERP
system and its impact on principal risks.
Interaction with the FRC
During the year, the FRC included the company’s
Annual Report and Accounts for the year ended
31 December 2020 in their thematic review of
IAS 37, ‘Provisions, Contingent Liabilities and
Contingent Assets’ which resulted principally in
requesting further information in respect of
provisions for insurance and legal claims, as well
as minor observations on other areas of the
accounts.
The Group responded fully to the matters raised
in the correspondence and has restated the
relevant sections of this year’s accounts to
õèĥèæ÷÷ëìöÝëèõèö÷ä÷èðèñ÷ìðóäæ÷èç÷ëè
balance sheet reported in the 2020 Annual
Report and Accounts as detailed in the
accounting policies note on page 133. The FRC’s
enquiry did not result in any changes to reported
óõòĤ÷èäõñìñêöóèõöëäõèñè÷äööè÷öòõ÷ëèæäöë
ĥòúöõèóòõ÷èçìñ÷ëè" " Ĥñäñæìäïüèäõ
The Chair of the Committee has been involved
in reviewing the Group’s response to the points
õäìöèçäñçìööä÷ìöĤèç÷ëä÷÷ëèðä÷÷èõöëäùè
åèèñäççõèööèçèģèæ÷ìùèïüúì÷ëäççì÷ìòñäïòõ
amended disclosure adopted in this year’s
Annual Report and Accounts.
In addition, during the year the FRC’s Audit
Quality Review team selected for review the audit
òé÷ëèÐõòøóđöĤñäñæìäïö÷ä÷èðèñ÷öéòõ÷ëèüèäõ
ended 31 December 2020. At the conclusion of
the review, the Committee considered the
Ĥñçìñêöäñç÷ëèäæ÷ìòñö÷äîèñåüÎâ÷òäççõèöö
the matters raised.
Audit and Risk Committee report continued
Keller Group plc Annual Report and Accounts 2021 Governance94

Corporate governance
The Committee’s terms of reference, which were
reviewed and updated during the year, are
available on our website (www.keller.com) and on
request from the Committee Secretary.
It is intended that the Committee is comprised of
at least three members, all of whom are
independent Non-executive Directors of the
æòðóäñüúì÷ë÷ëèñèæèööäõüõäñêèòéĤñäñæìäï
and commercial expertise to challenge
management. The Code requires the inclusion of
òñèĤñäñæìäïïüôøäïìĤèçðèðåèõ¤äöõèæòêñìöèç
by the Consultative Committee of Accountancy
Ëòçìèö¥úì÷ëõèæèñ÷Ĥñäñæìäïèûóèõ÷ìöèÌøõõèñ÷ïü
÷ëèÌòððì÷÷èèÌëäìõéøïĤïö÷ëìöõèôøìõèðèñ÷
àèìñùì÷è÷ëèÌëäìõðäñÌëìèéÎûèæø÷ìùèØĦæèõ
ÌëìèéÏìñäñæìäïØĦæèõÐõòøóÏìñäñæìäïÌòñ÷õòïïèõ
Group Head of Risk and Internal Audit, the Group
Company Secretary and Legal Advisor, the
company’s external auditor, EY, and PwC, in their
role as internal auditor, to all meetings. On three
occasions, the Committee met privately with EY
without management being present and we also
met with PwC and the Group Head of Risk and
Internal Audit without management present.
In line with best practice, the Committee
æòñçøæ÷èçäñèģèæ÷ìùèñèööõèùìèúòé÷ëè
business covered during the year against its
terms of reference.
Looking forward
In 2022 our priorities will be:
• Êööèööìñê÷ëèĤñäïËÎÒÜõèéòõðöúëèñ
published, along with the company’s
proposed response to meeting the
revised requirements.
• Supporting the company in developing
the disclosures requirements under
TCFD, in particular around risk
management and scenario analysis.
• Ûèùìèúìñê÷ëèóõòæèööéòõìçèñ÷ìĤæä÷ìòñ
and reporting of risks and the
company’s control environment.
• Supporting the company in delivering
the Platform for Success programme
and implementing the ERP system.
In addition, the Committee’s performance,
and that of its members, was evaluated in an
exercise facilitated by Donata Denny, a highly
respected Leadership Coach and Professional
Development Advisor. The Committee and its
members were found to be operating
èģèæ÷ìùèïüÝëèòø÷æòðèòé÷ëìöèûèõæìöèæäñ
be found on pages 82 and 83.
The new Board Committees’ structure,
membership and operation, to respond to ESG
requirements, were felt to be working well and,
in particular, the Chair of each Committee
received praise from the members for their
õòïèäñçèģèæ÷ìùèñèöö
Collectively, the Committee has the
competence relevant to the sector as required
by the provisions of the Code, as well as the
contracting and international skills and
experience required to fully discharge its
duties. The Committee is authorised by the
Board to seek any information necessary to
éøïĤï÷ëèöèçø÷ìèöäñç÷òòå÷äìñäñüñèæèööäõü
independent legal, accounting or other
professional advice, at the company’s
expense.
Keller Group plc Annual Report and Accounts 2021 Governance 95

Annual statement from the Chair
of the Remuneration Committee
Keller delivered another set of
results in 2021 which were above
PDUNHWH[SHFWDWLRQVr
Eva Lindqvist
Chair of the Remuneration Committee
Composition of the Committee
Eva Lindqvist, Paula Bell, Baroness Kate Rock,
Nancy Tuor Moore, Juan G. Hernández
Abrams (from 1 February 2022)
For full biographies
See pages 70 and 71
+LJKOLJKWVRIWKH|&RPPLWWHHpV
activities in 2021
• Monitored developments in corporate
governance and market trends, including
alignment of the impact of the COVID-19
pandemic on our employees, shareholders,
customers, suppliers and other
stakeholders with 2021 executive
remuneration.
• Consulted with shareholders and
successfully renewed the company’s
remuneration policy.
• Benchmarked and assessed the
remuneration packages of the Executive
Directors and the Executive Committee.
• Determined bonus outcomes for 2021 and
the vesting outcome of the 2019–21
Performance Share Plan (PSP) awards.
• Set base salaries and established Executive
Director bonus arrangements for 2022;
reviewed base salaries and bonus
arrangements for the Executive Committee
for 2022; approved 2022–24 LTIP awards to
Executive Directors and senior executives.
• Reviewed the arrangements for the wider
workforce.
• Reviewed its terms of reference and the
èģèæ÷ìùèñèööòé÷ëèÌòððì÷÷èè
Role of the Committee
The role of the Committee is to determine
DQGDJUHHZLWKWKH%RDUGWKHIUDPHZRUNRU
broad policy for the remuneration of the
Chairman, the Executive Directors, their
direct reports and such other members of
the executive management as it is
designated to consider. In addition, the
Committee is responsible for determining
WKHWRWDOLQGLYLGXDOUHPXQHUDWLRQSDFNDJHVRI
the Chairman, the Executive Directors, the
*URXS&RPSDQ\6HFUHWDU\DQG/HJDO$GYLVRU
and other senior executives.
The Committee also:
• determines the measures and targets for
annual bonus plan objectives and
outcomes for the Executive Directors,
Executive Committee and other senior
H[HFXWLYHV
• exercises the powers of the Board in
UHODWLRQWRVKDUHSODQV
• sets and oversees the selection and
appointment process of its remuneration
DGYLVHUV
• monitors developments in corporate
governance and, particularly, any impacts
RQUHPXQHUDWLRQSUDFWLFHVDQG
• reports on its activities to shareholders on
an annual basis.
The Chair of the Committee reports on the
Committee’s activities at the Board meeting
immediately following each meeting.
Dear shareholder
On behalf of the Committee, I am pleased
to provide an overview of Executive
Director remuneration for the year ended
31 December 2021.
2021 business performance and
incentive outcomes
Keller delivered another strong set of results in
2021 which were above market expectations.
Revenue increased to £2,224.4m, up 13% (at
constant currency) as a result of increased trading
activity, particularly during the second half, and
several bolt-on acquisitions (up 9.7% on an
òõêäñìæåäöìö¥Þñçèõïüìñêòóèõä÷ìñêóõòĤ÷
decreased to £92.8m, a reduction of 10% at
constant currency, impacted primarily by the
COVID-19 adverse pressure on market pricing
and operational disruption across our businesses,
whilst underlying diluted earnings per share
decreased by 8% to 88.4p per share
¤" " )&#óóèõöëäõè¥õèĥèæ÷ìñê÷ëèçèæõèäöèìñ
òóèõä÷ìñêóõòĤ÷äñçöòðèúëä÷òģöè÷åüäïòúèõ
÷äûõä÷èõèĥèæ÷ìñê÷ëèõèæòêñì÷ìòñòéäóõìòõüèäõ
research and development tax credit in North
America. After funding acquisitions, net debt (on
a bank covenant IAS 17 basis) was down marginally
to £119.4m, equating to net debt/EBITDA
leverage ratio of 0.8x (2020: 0.7).
Contents
)&Êññøäïö÷ä÷èðèñ÷éõòð÷ëè
Chair of the Remuneration
Committee
)(Ûèðøñèõä÷ìòñìñæòñ÷èû÷
! Ûèðøñèõä÷ìòñä÷äêïäñæè
! "Êññøäïõèðøñèõä÷ìòñõèóòõ÷
Keller Group plc Annual Report and Accounts 2021 Governance96

The targets for the 2021 annual bonus for
executive management were set by the
Committee in February of last year and remained
unchanged throughout the year. The strong and
õèöìïìèñ÷Ĥñäñæìäïóèõéòõðäñæèòé÷ëèÐõòøóìñ
" "!ìöõèĥèæ÷èçìñ÷ëè" "!äññøäïåòñøö
òø÷æòðèö÷ëèĤñäñæìäïðèäöøõèöÐõòøóóõòĤ÷
before tax and net debt, have paid out at
maximum. The Executive Directors made
progress against their corporate objectives,
achieving 15% out of a possible 30% maximum.
Project performance diluted the other good work
in the year and will be a continued focus for the
senior management team in 2022. Overall, the
annual bonus outturn was 90% of maximum.
When determining the bonus outcome, the
Committee considered overall company
performance over the period.
Considerations included the ongoing impact
of COVID-19 on our business and the broader
market. Whilst the pandemic has continued to
pose challenges for our business and our people
ïìîèéòõöòðäñüò÷ëèõæòðóäñìèöòøõóõòĤ÷
and net debt performance demonstrate the
resilience of the business. We did not take
any UK furlough monies in 2021 and we have
maintained our progressive dividend levels in
" " äñç" "!÷ò÷ëèåèñèĤ÷òéöëäõèëòïçèõö
During 2021, management introduced Keller’s
Wellbeing Foundations, which focused on
èôøìóóìñêòøõúòõîéòõæè÷òåèëèäï÷ëüäñçéøïĤïïèç
äæõòööĤùèîèüóìïïäõöìñæïøçìñêĤñäñæìäïöèæøõì÷ü
We continued to train our workforce on the
importance of safety and continued to improve
our accident frequency and total recordable
incident rates. The Group’s accident frequency
rate (AFR) reduced by 42% compared with 2020,
and our total recordable incident rate (TRIR)
äïöòìðóõòùèçåü#"]äñìñçøö÷õü¡ïèäçìñê
performance. The Committee fully considered
a tragic fatality at the beginning of the year that
occurred following an accident on a site in Austria
in which we lost a long-serving and valued
employee. Whilst it has been determined Keller
was not at fault for the accident, management
has continued to advance our safety programmes.
Our Social and Community Committee agreed
a Charitable Giving Policy, under which we
were proud to make a funding contribution
of £300,000 to UNICEF’s COVID-19 Vaccines
Appeal. This helped UNICEF to deliver two billion
doses of vaccines by the start of 2022
for frontline health workers, social workers,
teachers and those at highest risk. The
implementation of our Diversity, Equity and
Inclusion Commitments continued, with a
focus on investing in our workforce as well as
strengthening and diversifying our talent pipeline.
As we evolve towards becoming a company that
is representative of the local communities in
which we operate, it’s essential to ensure that
our talent programmes and promotion practices
continue to be based on merit and are inclusive.
After considering all the relevant factors for the
2021 bonus, the Committee’s view was that the
outcome was fair and appropriate from both a
performance perspective and also taking into
account the wider stakeholder experience.
Therefore no discretion was exercised.
The performance of the LTIP granted to
executives in 2019 and vesting in March 2022
was improved from the previous LTIP cycle.
Ýëèæòñ÷ìñøèçìðóäæ÷òé÷ëèúèäîĤñäñæìäï
performance in 2018 on the company’s share
price in that year, driven primarily by poorly
performing contracts in the APAC Division,
meant that the EPS targets were not met
during the performance period. However, the
TSR element vested at near maximum and there
was partial vesting under the ROCE element.
Therefore, overall, the 2019 LTIP awards vested
at 36.6% of maximum.
Shareholders will recall that, prior to the
company’s 2019 AGM, ISS proxy advisers
highlighted that the number of shares awarded
to Executive Directors were not being scaled
back in recognition of the fall in the Company’s
share price during 2018. We engaged with a large
number of our major shareholders as a result and
the Committee undertook that, at the time of
vesting of the 2019 award, it would make a
determination as to whether to use its discretion
to reduce vesting levels as appropriate.
Against this background, the Committee
carefully considered the vesting levels of the
2019 award, with additional reference to both
the shareholder and wider workforce experience.
Ò÷äïöòöóèæìĤæäïïüæòñöìçèõèçöëäõèóõìæè
ðòùèðèñ÷öäñçúäööä÷ìöĤèç÷ëä÷÷ëèõèëäç
been no inappropriate windfall gains over the
period. The Committee determined that the LTIP
òø÷æòðèéäìõïüäñçäóóõòóõìä÷èïüõèĥèæ÷èç
performance over the three years and no
discretion was exercised.
2022 salary review
Salary increases for UK-based employees across
÷ëèÐõòøóúèõèêèñèõäïïüäõòøñç$]èģèæ÷ìùè!
January 2022. Michael Speakman, CEO, and David
Burke, CFO, were awarded salary increases of 3%.
As additional context, the CEO and CFO are
already aligned with the wider workforce
pension rate of 7% of salary.
2021 policy and shareholder
consultation
The Committee was grateful to shareholders for
the time they gave to the 2021 policy consultation
which helped to facilitate a more robust decision-
making process. All of our major shareholders
were supportive of the proposals put forward with
over 90% of votes in favour of the new policy.
Year ahead: 2022 annual bonus plan
and LTIP metrics
As set out last year, management’s focus will be
on driving value by focusing on, and investing in,
our key markets and the sustainability of
òóèõä÷ìñêóõòĤ÷öäñçèñëäñæèçðäõêìñöúëìïö÷
maintaining a robust balance sheet.
In our half-year results for 2021, the company
committed to ambitious net zero targets for all
three of our emission scopes which will culminate
in carbon neutrality by 2050 at the latest. In
recognition of the importance of achieving these
goals, we have agreed a Scope 2 reduction target
as one of management’s corporate objectives
for 2022. Further detail on the 2022 corporate
objectives will be disclosed in the 2022 Annual
remuneration report.
Last year we agreed a refreshed set of four
measures for the 2021 LTIP that we believe
support the delivery of the strategy. These
measures have been carried forward into 2022
and, together with the targets for the LTIP for
the year ahead, are disclosed in the 2021
Directors’ remuneration report. See page 104
for further details.
2022 Annual General Meeting
We very much hope that you will support our
2021 Annual report on remuneration at the AGM
in May. I will be available at the AGM to answer any
questions you may have about our work. Please
also feel free to email your questions to the
Group Company Secretary and Legal Advisor
at secretariat@keller.com and we will respond
to them directly.
Eva Lindqvist
Chair of the Remuneration Committee
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 97

Remuneration in context
The Committee addresses the need to balance
risk and reward. The Committee monitors the
variable pay arrangements to take account of risk
levels, ensuring an emphasis on long-term and
sustainable performance. The Committee
believes that the incentive plans are appropriately
managed and that the choice of performance
measures and targets does not encourage
undue risk-taking by the Executives so that the
long-term performance of the business is not
compromised by the pursuit of short-term value.
The plans incorporate a range of internal and
external performance metrics, measuring both
òóèõä÷ìòñäïäñçĤñäñæìäïóèõéòõðäñæèòùèõ
çìģèõìñêäñçòùèõïäóóìñêóèõéòõðäñæèóèõìòçö
providing a rounded assessment of overall
company performance.
Linkage to all-employee pay
The Committee reviews changes in
remuneration arrangements in the workforce
generally as we recognise that all our people play
an important role in the success of the company.
Keller is committed to creating an inclusive
working environment and to rewarding our
employees throughout the organisation in a fair
manner. In making decisions on executive pay,
the Committee considers wider workforce
remuneration and conditions to ensure that
they are aligned on an ongoing basis.
As part of our commitment to fairness, we have a
section in this report (see ESG and sustainability)
which sets out more information on our wider
workforce and our diversity initiatives. We
recognise there is always an opportunity to
improve in relation to these issues.
Shareholder views
The Committee engages proactively with the
Company’s major shareholders and is committed
to maintaining an open dialogue. The Committee
reviews any feedback received from shareholders
as a result of the AGM process. Committee
members are available to answer questions at
the AGM and throughout the rest of the year.
The Committee takes into consideration the
latest views of investor bodies and their
representatives, including the Investment
Association, the Pension and Lifetime Savings
Association and proxy advice agencies such as
Institutional Shareholder Services.
Remuneration principles
We strongly believe in fair and transparent reward
throughout the organisation and when making
decisions on executive remuneration the
Committee considers the context of wider
workforce remuneration. This section shows how
the 2018 Code is embedded in our remuneration
principles and how they are cascaded throughout
the organisation. The diagram on the following
page shows how the policy is aligned with the
factors set out in Provision 40, and how our
principles and policy are aligned with the
" !(Ìòçè
The Committee sets the Remuneration Policy for
Executive Directors and other senior executives,
WDNLQJLQWRDFFRXQWWKHFRPSDQ\pVVWUDWHJLF
objectives over both the short and the long term
DQGWKHH[WHUQDOPDUNHW
Keller Group plc Annual Report and Accounts 2021 Governance98

Embedding our purpose and
vision in our remuneration
guiding principles
• Support our purpose, values and our
wider business goals.
• Drive long-term sustainable performance
éòõ÷ëèåèñèĤ÷òéäïïòøõæøö÷òðèõö
shareholders and wider stakeholders.
• Be simple, transparent and easily
understood by internal and external
stakeholders.
• Attract, motivate and retain all our
employees with diverse backgrounds,
skills and capabilities.
Our purpose: Building the foundations for a sustainable future
Alignment of the policy to the provisions of the 2018 Code
How we address the requirements under Provision 40
Clarity: The company’s performance remuneration is based on supporting the implementation of the company’s strategy measured
through KPIs which are used for the annual bonus and LTIP. This provides clarity to all stakeholders on the relationship between the
successful implementation of the company’s strategy, including its sustainability framework, and the remuneration paid.
Simplicity: The policy includes the following:
• öè÷÷ìñêçèĤñèçïìðì÷öòñ÷ëèðäûìðøðäúäõçöúëìæëæäñåèèäõñèç
• requiring the deferral of a substantial proportion of the incentives in shares for a material period of time, helping to
ensure that the performance earning the award was sustainable, and thereby discouraging short-term behaviours;
• aligning the performance conditions with the agreed strategy of the company as well as our sustainability and net zero
carbon ambitions;
• ensuring a focus on long-term sustainable performance through the LTIP; and
• èñöøõìñê÷ëèõèìööøĦæìèñ÷ĥèûìåìïì÷ü÷òäçíøö÷óäüðèñ÷ö÷ëõòøêëðäïøöäñçæïäúåäæîäñçäñòùèõõìçìñêçìöæõè÷ìòñ÷ò
depart from formulaic outcomes, especially if it appears that the behaviours giving rise to the awards are inappropriate
òõ÷ëä÷÷ëèæõì÷èõìäòñúëìæë÷ëèäúäõçúäöåäöèççòñò÷õèĥèæ÷÷ëèøñçèõïüìñêóèõéòõðäñæèòé÷ëèÌòðóäñü
Predictability: Shareholders are given full information on the potential values which can be earned under the annual bonus and LTIP plans on their
approval. In addition, all the checks and balances set out above under ‘Risk’ are disclosed at the time of shareholder approval.
Proportionality: The company’s incentive plans clearly reward the successful implementation of the strategy and our environmental ambitions, and
through deferral and measurement of performance over a number of years ensure that the Executives have a strong drive to ensure
that the performance is sustainable over the long term. Poor performance cannot be rewarded due to the Committee’s overriding
çìöæõè÷ìòñ÷òçèóäõ÷éõòð÷ëèéòõðøïäìæòø÷æòðèöøñçèõ÷ëèìñæèñ÷ìùèóïäñöìé÷ëèüçòñò÷õèĥèæ÷øñçèõïüìñêåøöìñèööóèõéòõðäñæè
Alignment
to culture:
Êîèüóõìñæìóïèòé÷ëèæòðóäñüđöæøï÷øõèìöäéòæøöòñòøõö÷äîèëòïçèõöäñç÷ëèìõèûóèõìèñæè÷ëìöìöõèĥèæ÷èççìõèæ÷ïüìñ÷ëè÷üóèòé
performance conditions used for the bonus. The focus on long-term sustainable performance is also a key part of the company’s
culture. In addition, the measures used for the incentive plans are measures used to determine the success of the implementation
of the strategy.
Clarity
The Committee ensures that Executives are
provided with a remuneration opportunity
which is competitive against companies of a
similar size and complexity, with a strong
emphasis on the variable elements.
Cultural alignment and risk
• ÝëèÌòððì÷÷èèèñöøõèö÷ëä÷äöìêñìĤæäñ÷
portion of reward is equity-based and
thereby linked to shareholder return.
• Îûèæø÷ìùèöäõèõèôøìõèç÷òåøìïçöìêñìĤæäñ÷
personal shareholdings in the Company
and this is regularly monitored by the
Committee.
Simplicity, clarity and predictability
• The Committee ensures the highest
standards of disclosure to our internal
and external stakeholders.
• The Committee makes decisions on
executive pay in the context of all
employees and the external environment.
Proportionality and risk
• ÊöìêñìĤæäñ÷óõòóòõ÷ìòñòéõèðøñèõä÷ìòñ
is delivered in variable pay linked to
corporate performance.
• Performance measures/targets for
incentives are objectively determined.
• Outcomes under incentive plans are
based on holistic assessment of
performance.
Cultural alignment and proportionality
• The Committee ensures that the overall
reward framework embeds our purpose
and values.
• The Committee reviews the executive
reward framework regularly to ensure it
supports the company’s strategy.
Keller Group plc Annual Report and Accounts 2021 Governance 99

Fixed pay
Attract and retain high-calibre
individuals needed to execute
and deliver on the Group’s
strategic objectives.
Annual bonus
Rewards achievement of
öëòõ÷¡÷èõðĤñäñæìäïäñç
strategic targets.
Shareholding guideline
Performance share plan (PSP)
Focus on delivering value
creation for shareholders
äñçöøö÷äìñäåïèĤñäñæìäï
performance for the company
over the long term.
Remuneration at a glance
Overview of Remuneration Policy – How Executive Directors will be paid in future years
Shareholders approved a revised policy at the 2021 AGM, full details of which can be found in our 2020 annual report. An overview of our policy and how it
is proposed to apply in 2022 is set out below:
Cash
element
Maximum opportunity – up to 150% of salary.
Awards subject to malus and clawback.
2022 bonus metrics:
• 60% PBT
• 20% Net debt
• 20% Corporate objectives
25% of bonus deferred into
shares for two years
Maximum opportunity – up to 150% of salary.
For 2022, CEO will receive 150% of salary and
CFO will receive 125% of salary.
Awards subject to malus and clawback
2022 PSP metrics:
Aligned with our strategy
• 25% Cumulative EPS
• 25% ROCE
• 25% Relative TSR
• 25% Operating margin
 Aligned with shareholders
 Aligned with strategic KPIs
 Drives quality and
sustainable performance
3-year performance
period
2-year holding
period
In-post guideline: 200% of salary
Post-employment guideline: 100% of in-post
shareholding (or actual shareholding if lower) in
year 1 and at least 50% in year 2
Guideline applies in post,
and extends beyond tenure
Policy
The policy approved in 2021
introduced or formalised a
number of good governance
features in line with evolving best
practice.
Introduced
• Post-employment shar
eholding requirement
• Discretion for the Committee to override
formulaic outcomes
Formalised
• Malus and claw
back policy
• Alignment of Executive Directors’ pensions
to the general workforce rate
• Mitigation measures in service contracts
• Settlement of deferred bonus and dividend
equivalents in shares
Remuneration in 2022
Salary CEO: £588,300 – 3% increase from 2021, below salary increases awarded to UK-based employees of 4%
CFO: £386,250 – 3% increase from 2021, below salary increases awarded to UK-based employees of 4%
Pension 7% of salary – aligned with the wider workforce rate
%HQHƬWV Includes car allowance, private health care and life assurance and long-term disability insurance
Keller Group plc Annual Report and Accounts 2021 Governance100

150
Keller FTSE 250 FTSE All -Share
31 Dec 20 31 Mar 21 30 June 21 30 Sep 21 31 Dec 21
120
140
110
130
100
90
Remuneration for 2021 – What Executive Directors earned during 2021
Overall our TSR performance over 2021 was 47%, compared to the FTSE 250 returning 18% and the FTSE All-Share also returning 18%.
Annual bonus Weighting Threshold Target Max
Outcome
(% of max)
PBT, £m 60% 62.6 69.5 76.5 100%
Performance outcome: 82.8
1
Net debt (IAS 17 basis), £m 20% 123.5 112.3 101.1 100%
Performance outcome: 92.5
1
Corporate objectives 20% Summary of objectives on page 103 50%
Actual: 50% of max
Overall 90%
PSP (2019–21) Weighting Threshold Max
Outcome
(% of max)
EPS 50% 300p 345p 0%
Actual: 270.6p
TSR 25% Median Upper quartile 94%
Actual: marginally below upper quartile
ROCE 25% 14% 20% 52.5%
Actual: 16.2%
2
Overall 
1 At 2021 actual exchange rates, before non-underlying items, adjusted for acquisitions.
2 Average of the three-year ROCE for 2019–21.
Keller Group plc Annual Report and Accounts 2021 Governance 101

Annual remuneration report
Ýëèéòïïòúìñêöèæ÷ìòñóõòùìçèöçè÷äìïöòéëòúÔèïïèõđöÛèðøñèõä÷ìòñÙòïìæüúäöìðóïèðèñ÷èççøõìñê÷ëèĤñäñæìäïüèäõèñçèç#!Íèæèðåèõ" "!
6LQJOHWRWDOƬJXUHRIUHPXQHUDWLRQIRU([HFXWLYH'LUHFWRUVDXGLWHG
Ýëè÷äåïèåèïòúöè÷öòø÷äöìñêïèĤêøõèéòõ÷ëè÷ò÷äïõèðøñèõä÷ìòñõèæèìùèçåüèäæëÎûèæø÷ìùèÍìõèæ÷òõéòõ÷ëèĤñäñæìäïüèäõöèñçèç#!Íèæèðåèõ" " 
and 2021:
EXECUTIVE DIRECTORS
Michael Speakman David Burke
2021
£000
2020
£000
2021
£000
2020
£000
Salary 571 560 375 84
ÝäûäåïèåèñèĤ÷ö
1
14 14 20 5
ÙèñöìòñåèñèĤ÷ö
2
40 37 26 6
7RWDOƬ[HGSD\ 625 611 421 95
Annual bonus
3
771 784 506 117
PSP
4
295 40 0 _
Total variable pay 1,066 824 506 117
Total pay 1,691 1,435 927 212
! ÝäûäåïèåèñèĤ÷öæòñöìö÷óõìðäõìïüòéäæäõäïïòúäñæèòé|!" äñç|!( éòõÖìæëäèïÜóèäîðäñäñçÍäùìçËøõîèõèöóèæ÷ìùèïü
" ÙèñöìòñåèñèĤ÷öõèóõèöèñ÷æäöëìñïìèøòéóèñöìòñéòõÖìæëäèïÜóèäîðäñÍäùìçËøõîèđöóèñöìòñæòñ÷õìåø÷ìòñìöóäìçìñ÷òäóõìùä÷èÜÒÙÙ
# Ýëèäññøäïåòñøöõèóõèöèñ÷ö÷ëèùäïøèòé÷ëèåòñøöõèæèìùäåïèìñõèöóèæ÷òé÷ëèÐõòøóđöäññøäïåòñøöóïäñéòõ÷ëèõèïèùäñ÷Ĥñäñæìäïüèäõ"%]òé÷ëèåòñøööëòúñäåòùèúìïïåèçèéèõõèçìñ÷òÔèïïèõ
shares for a period of two years.
$ Ïòõ÷ëèÙÜÙ÷ëèùäïøèöëòúñéòõ" "!õèĥèæ÷ö÷ëèĤñäïùèö÷ìñêòø÷æòðèòé÷ëè" !)ÙÜÙäúäõçúì÷ëóèõéòõðäñæèðèäöøõèçòùèõ÷ëè÷ëõèè¡üèäõóèõéòõðäñæèóèõìòç!Óäñøäõü" !)÷ò#!Íèæèðåèõ
" "!ÝëèĤñäïùèö÷ìñêòø÷æòðèòé÷ëè" !)ÙÜÙäúäõçúäö#&&]òéðäûìðøðÝëèùäïøèòé÷ëèäúäõçúäöæäïæøïä÷èçøöìñêä÷ëõèè¡ðòñ÷ëäùèõäêèæïòöìñêöëäõèóõìæè÷ò#!Íèæèðåèõ" "!òé)"!&ó
See page 104 for further details. The 2019 award will vest on 8 March 2022. Using the average closing share price to 31 December 2021, the price appreciated from the date of the award.
Total pension entitlements (audited)
Michael Speakman and David Burke’s pension rate has been set at 7% of base salary in line with the contribution rate provided to the majority of the UK
workforce. The Committee keeps the pension entitlement of the Executive Directors under review in the context of any changes in pension provision
across the Group.
2021 annual bonus
Ýëè" "!äññøäïåòñøöúäöåäöèç( ]òñ÷ëèäæëìèùèðèñ÷òéö÷õè÷æëìñêóõòĤ÷äåìïì÷üäñçñè÷çèå÷÷äõêè÷öäñç" ]òñìñçìùìçøäïæòõóòõä÷èòåíèæ÷ìùèö
aligned to the delivery of key strategic and operational priorities. Overall, the bonus outcome for 2021 was 90% of the maximum payout, for each
Executive Director, based on performance as set out below.
Measures
2021 measurement ranges and outcome Bonus as % of salary
Threshold
0%
Target
50%
Maximum
100%
Performance
outcome
1
EXECUTIVE DIRECTORS
Michael Speakman David Burke
Max Outcome Max Outcome
Group PBT, £m 62.6 69.5 76.5 82.8 90% 100% 100% 100%
Group net debt (IAS 17 basis), £m 123.5 112.3 101.1 92.5 30% 20% 20% 20%
Total Group measures 120% 120% 120% 120%
Corporate objectives assessment 30% 15% 30% 15%
Total bonus 150% 135% 150% 135%
Base salary £571,200 £375,000
Bonus based on performance outcomes 135% £771,120 135% £506,250
1 At 2021 actual exchange rates, before non-underlying items, after adjusting for acquisitions.
Keller Group plc Annual Report and Accounts 2021 Governance102

&RUSRUDWHREMHFWLYHV
Corporate objectives are measurable deliverables that are jointly shared by the Executive Directors and the Executive Committee and are focused on
supporting the delivery of Keller’s key strategic activities. The Committee determined that this was an appropriate basis to incentivise management to
increase collaboration on strategic activities. Each category of the corporate objectives has a maximum of 9% of base salary that can be attained, with an
overall maximum of 30% of base salary available (20% weighting of total annual bonus plan for Executive Directors). The Committee retains the right to
apply discretion to the overall evaluation of the attainment of corporate objectives.
2021 annual bonus outcomes
ÝëèĤñäñæìäï÷äõêè÷öéòõÔèïïèõúèõèðè÷ìñéøïïìñ" "!
The objective scoring by the Committee for performance in 2021 against corporate objectives resulted in an outcome of 15% of salary. Project
performance diluted the other good work in the year and will be a continued focus for the senior management team in 2022.
As described in the Chair’s letter, the Committee considered all relevant factors when determining the level of bonus payout and concluded that it was
äóóõòóõìä÷èéòõ÷ëèĤñäñæìäï÷äõêè÷ö÷òóäüòø÷ìñéøïïäñç÷ëèæòõóòõä÷èòåíèæ÷ìùèö÷òóäüòø÷ä÷ëäïéòéðäûìðøð
Corporate objective Opportunity (maximum) Actual performance
Outcome
(maximum 30%)
Margin enhancement
Maintaining the operating
margin of the North America
Foundations businesses during
the course of the pandemic
6.0% of base salary Despite the impact of the pandemic on bidding and execution of work
in the North America Foundations business in 2021, margin improved
against that of 2020.
4.0%
/RVVPDNLQJSURMHFWV/03 9.0% of base salary LMP performance did not meet the target for the year. 0.0%
Portfolio
Strategic restructuring of the
European Division
6.0% of base salary The divisional headquarters were successfully rationalised to meet
the requirements of the newly formed division. Further progress on
rationalisation of the portfolio was completed with the merger of two
business units; however, the full programme wasn’t fully completed in
the year.
4.0%
Strengthening the Group’s
global governance standards
and systems
9.0% of base salary A number of activities took place during 2021 to strengthen the
Group’s global governance standards and systems as the business
develops and prepares to implement a Group-wide operating model
and the enhancement of the Group’s policies and standards.
The InSite safety system, already deployed successfully across the
North America Division, successfully continued its global roll out
across Europe and AMEA, marking a cultural and behavioural shift
across the business.
7. 0 %
Attainment as assessed
by the Committee
15% achieved
Discretion applied 0% reduction
Final outcome 15% achieved
Keller Group plc Annual Report and Accounts 2021 Governance 103

Annual remuneration report continued
2019–21 Performance Share Plan (PSP) outcomes (audited)
Based on EPS and TSR performance over the three years ended 31 December 2021, the PSP awards made in 2019 will vest as follows:
Measures
Vesting schedule and outcome
3
% of award that will vest
0% 25% 100% Outcome Vesting %
50% weight
Cumulative earnings per share (EPS) over three years
1
Below 300p 300p 345p 270.6p 0%
25% weight
Keller’s TSR ranking relative to the constituents of the
FTSE 250 comparator index
2
Less than
median Median
Upper quartile
or higher
Marginally below
upper quartile 23.5%
25% weight
ROCE over three years
4
Below 14% 14% 20% 16.2% 13.1%
Total vesting 36.6%
1 EPS is before non-underlying items on an IAS 17 basis.
" Îûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö
# ÝëèÐõòøóäçòó÷èçÒÏÛÜ!&òñ!Óäñøäõü" !)äöçìöæïòöèçìññò÷è"÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öäñçæòðóäõä÷ìùèĤñäñæìäïðèäöøõèöëäùèñò÷åèèñõèö÷ä÷èçÝëèòø÷æòðèöëäùèåèèñ
prepared on the basis of IAS 17, the previous leasing standard.
4 Average of the three-year ROCE for 2019–21.
Shareholders will recall that, prior to the company’s 2019 AGM, ISS proxy advisers highlighted that the number of shares awarded to Executive Directors
were not being scaled back in recognition of the fall in the Company’s share price during 2018. We engaged with a large number of our major shareholders
as a result and the Committee undertook that, at the time of vesting of the 2019 award, it would make a determination as to whether to use its discretion
to reduce vesting levels as appropriate. Against this background, the Committee carefully considered the vesting levels of the 2019 award, with additional
õèéèõèñæè÷òåò÷ë÷ëèöëäõèëòïçèõäñçúìçèõúòõîéòõæèèûóèõìèñæèÒ÷äïöòöóèæìĤæäïïüæòñöìçèõèçöëäõèóõìæèðòùèðèñ÷öäñçúäööä÷ìöĤèç÷ëä÷÷ëèõèëäç
åèèññòìñäóóõòóõìä÷èúìñçéäïïêäìñöòùèõ÷ëèóèõìòçÝëèÌòððì÷÷èèçè÷èõðìñèç÷ëä÷÷ëèÕÝÒÙòø÷æòðèéäìõïüäñçäóóõòóõìä÷èïüõèĥèæ÷èçóèõéòõðäñæè
over the three years and no discretion was exercised.
In line with the policy, the Committee has the ability to exercise malus and clawback with regard to incentive awards in certain circumstances as outlined in
the policy. Overall, the Committee considers that the policy has operated as it was intended during 2021.
Scheme interests awarded in 2021 (audited) 2021–23 PSP
The three-year performance period over which performance will be measured began on 1 January 2021 and will end on 31 December 2023. Awards will
vest in March 2024, subject to meeting performance conditions. Awards were made as follows:
Executive Director Date of grant
Shares over which
awards granted
Market price
at award (£)
Face value of the
award at grant
Face value at
threshold (£)
Face value at
maximum (£) Performance period
Michael Speakman 15 Mar 21 102,858 8.33
1
150% of salary 214,202 856,807 1 Jan 21–31 Dec 23
David Burke 15 Mar 21 56,273 8.33
1
125% of salary 117,189 468,754 1 Jan 21–31 Dec 23
1 The average of the daily closing price on 10, 11 and 12 March 2021 of the company’s shares on the main market of the London Stock Exchange.
Keller Group plc Annual Report and Accounts 2021 Governance104

Vesting of the 2021–23 Performance Share Awards is subject to achieving the following performance conditions:
Measures
Vesting schedule
% of award that will vest
0% 25% 100%
25% weight
Cumulative EPS over three years
1
Below 245p 245p 310p
25% weight
Keller’s relative TSR performance vs FTSE 250
2
Index over three years Below median Median Upper quartile
25% weight
Average ROCE over three years Below 12% 12% 18%
25% weight
Øóèõä÷ìñêóõòĤ÷ðäõêìñìñüèäõ÷ëõèè Below 5.2% 5.2% 6.2%
1 EPS and ROCE are before non-underlying items on an IFRS 16 basis.
" Îûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö
Ýòõèĥèæ÷÷ëèìðóäæ÷òéäñüæëäñêèöìñÒÏÛÜäææòøñ÷ìñêö÷äñçäõçö÷ëèÌòððì÷÷èèúìïïæòñöìçèõäçíøö÷ìñêĤñäñæìäï÷äõêè÷öäóóõòóõìä÷èïüéòõäïïöøåöìö÷ìñê
PSP awards, ensuring that they are not materially easier or harder to satisfy than the original targets. Any amended targets determined by the Committee
will be disclosed to shareholders in the next Directors’ remuneration report.
Directors’ interests (audited information)
Ýëè÷äåïèåèïòúöè÷öòø÷÷ëèåèñèĤæìäïìñ÷èõèö÷öòé÷ëèÍìõèæ÷òõöäñç÷ëèìõéäðìïìèöìñ÷ëèöëäõèæäóì÷äïòé÷ëèæòðóäñüäöä÷#!Íèæèðåèõ" "!×òñèòé
÷ëèÍìõèæ÷òõöëäöäåèñèĤæìäïìñ÷èõèö÷ìñ÷ëèöëäõèöòéäñüò÷ëèõÐõòøóæòðóäñüÝëèõèëäùèåèèññòæëäñêèöìñ÷ëèÍìõèæ÷òõöđìñ÷èõèö÷öìñöëäõèööìñæè
31 December 2021 and the date of this report.
Director
Ordinary shares at
31 December 2021
Ordinary shares at
31 December 2020
Michael Speakman 44,280 40,000
David Burke 4,872 –
Peter Hill 53,000 53,000
Nancy Tuor Moore 3,000 3,000
Eva Lindqvist – –
Kate Rock 2,500 2,500
Paula Bell 1,581 1,581
Executive Directors’ shareholding guideline (audited information)
The table below shows the shareholding of each Executive Director against their respective shareholding guideline as at 31 December 2021.
Shares held Awards held
1
Shareholding guideline %
salary/fee
Current shareholding %
3
salary/feeOwned outright or vested
Unvested and subject to
performance conditions
Unvested without
performance conditions
2
Michael Speakman 44,280 309,913 29,762 200% 76%
David Burke 4,872 58,621 3,669 200% 13%
1 Dividend accruals are included in these numbers.
2 Deferred awards.
# Ûèĥèæ÷öæïòöìñêóõìæèòñ#!Íèæèðåèõ" "!òé)(%ó
Keller Group plc Annual Report and Accounts 2021 Governance 105

Annual remuneration report continued
Supplementary information on Directors’ remuneration
Outstanding Performance Share options/awards
Details of current awards outstanding to the Executive Directors are detailed in the table below:
At 1 January
2021
1,2
Granted
during
the year
Vested
in year
2
Lapsed during
the year
2
Dividend
equivalents
accrued during
the year
At 31 December
2021
2
Vesting date
Michael Speakman
20 August 2018 58,258 – 6,447 52,069 258 – 20/08/21
8 March 2019 79,163 – – – 3,304 82,467 08/03/22
8 March 2019 (deferred award) 1,596 – 1,596 – – – 08/03/21
9 March 2020 110,856 – – – 4,627 115,483 09/03/23
9 March 2020
3
4,619–––1934,81209/03/23
9 March 2020 (deferred award) 5,040 – – – 210 5,250 09/03/22
15 March 2021 – 102,858 – – 4,293 107,151 15/03/24
15 March 2021 (deferred award) – 23,530 – – 982 24,512 15/03/23
David Burke
15 March 2021 – 56,273 – – 2,348 58,621 15/03/24
15 March 2021 (deferred award) – 3,522 – – 147 3,669 15/03/23
! Ïòõäúäõçöêõäñ÷èçìñ" !(÷ò" " óèõéòõðäñæèæòñçì÷ìòñöäõèðèäöøõèç"%]òñÝÜÛòø÷óèõéòõðäñæèòé÷ëèÏÝÜÎ"% èûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö% ]òñÎÙÜòùèõ÷ëõèè
üèäõöòé÷ëèóèõéòõðäñæèóèõìòçäñç"%]òñÛØÌÎÊúäõçöêõäñ÷èçìñ" "!äõèðèäöøõèç"%]òñÝÜÛòø÷óèõéòõðäñæèòé÷ëèÏÝÜÎ"% èûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö"%]òñ
EPS over three years of the performance period, 25% on ROCE, and 25% on operating margin in year three. Each performance period ends on 31 December of the third year.
2 Includes dividend equivalents added as shares since the date of grant.
# ÝëèÌòððì÷÷èèçèæìçèç÷òðäîèäñäççì÷ìòñäïÙÜÙäúäõç÷òÖìæëäèïÜóèäîðäñ÷òõèĥèæ÷ëìööèõùìæèäöÌÎØéõòð!Üèó÷èðåèõ÷ò#!Íèæèðåèõ" !)Ýëìöäúäõçúìïïæäõõü÷ëèöäðè" !)ðèäöøõèöäö
the 2019–21 PSP award and will vest in three years from date of grant. The award was made at the same time as the 2020 PSP awards in March 2020, albeit the Committee considers it to be
remuneration awarded in respect of 2019 and supplements his 2019 PSP award.
CEO pay for performance comparison
The graph below shows the company’s performance, measured by TSR, compared with the performance of the FTSE 250 Index (excluding investment
÷õøö÷öäñçĤñäñæìäïöèõùìæèö¥äñç÷ëèÏÝÜÎÊïï¡ÜëäõèÒñçèûÝëèöèìñçìæèöëäùèåèèñöèïèæ÷èçéòõæòñöìö÷èñæüúì÷ë÷ëèæòðóäõä÷òõêõòøóöøöèç÷ò
measure TSR performance for PSP awards.
This graph shows the growth in value of a hypothetical £100 holding in Keller Group plc ordinary shares over 10 years, relative to a hypothetical £100
holding in the FTSE 250 and FTSE All-Share Indices.
600
Keller FTSE 250 FTSE All-Share
Dec 2011 Dec 2013Dec 2012 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021
300
500
200
400
100
0
Keller Group plc Annual Report and Accounts 2021 Governance106

Ýëè÷äåïèåèïòúçè÷äìïö÷ëèÌÎØöìñêïèĤêøõèòéõèðøñèõä÷ìòñòùèõ÷ëèöäðèóèõìòç
2012 2013 2014 2015
1
2016 2017 2018
2
2019
3
2020 2021
ÌÎØöìñêïèĤêøõèòéõèðøñèõä÷ìòñ¤| ¥ 951 1,870 1,630 1,420 715 1,427 639 921 1,433 1,691
Annual bonus as a % of maximum opportunity 57% 84% 22% 85% 12% 59% 0% 38% 93% 90%
PSP vesting as a % of maximum opportunity 0% 100% 100% 67.3% 0% 33.9% 0% 26.5% 10.6% 
! ÝëèÌÎØöìñêïèĤêøõèòéõèðøñèõä÷ìòñëäöåèèñæäïæøïä÷èçøöìñêÓøö÷ìñÊ÷îìñöòñđöèðòïøðèñ÷öéòõ÷ëèóèõìòçéõòð!Óäñøäõü" !%÷ò!$Öäü" !%äñçÊïäìñÖìæëäèïìöđèðòïøðèñ÷öéòõ÷ëèóèõìòç!$
May 2015 to 31 December 2015.
2 The Committee exercised its discretion and applied 0% bonus in 2018.
# ÝëèÌÎØöìñêïèĤêøõèòéõèðøñèõä÷ìòñëäöåèèñæäïæøïä÷èçøöìñêÊïäìñÖìæëäèïìöđèðòïøðèñ÷öéòõ÷ëèóèõìòçéõòð!Óäñøäõü" !)÷ò# Üèó÷èðåèõ" !)äñçÖìæëäèïÜóèäîðäñđöèðòïøðèñ÷öéòõ÷ëè
period 1 October 2019 to 31 December 2019.
Percentage change in CEO remuneration
Comparing 2021 to 2020 Salary ËèñèĤ÷ö Bonus
% change in CEO remuneration 2.0% (0.8)% (1.6)%
% change in comparator group remuneration
1,2
0.5% (0.4)% (11.7)%
1 The comparator group comprises the population of Keller UK employees being professional/managerial employees based in the UK and employed on more readily comparable terms.
" Ýëè]æëäñêèìñæòðóäõä÷òõêõòøóõèðøñèõä÷ìòñìöçèõìùèçéõòðäöìêñìĤæäñ÷æëäñêèìñèðóïòüèèðìûìñ÷ëèÞÔåøöìñèööÝëìöæëäñêèìöçøè÷ò÷ëèõèæõøì÷ðèñ÷òéäöìêñìĤæäñ÷äðòøñ÷òéöì÷è¡åäöèç 
èðóïòüèèöçøõìñê" "!éòõ÷ëèÑìêëÜóèèç"ðèêä¡óõòíèæ÷Ýëèèģèæ÷òéäñìñæõèäöèìñ÷ëìöæä÷èêòõüòéèðóïòüèèëäöçìïø÷èç÷ëèäùèõäêèæëäñêèìñõèðøñèõä÷ìòñòé÷ëèæòðóäõä÷òõêõòøóåè÷úèèñ
2020 and 2021.
CEO pay ratio
Ýëè÷äåïèåèïòúöëòúö÷ëèæòðóäõìöòñòé÷ëèÌÎØđööìñêïè÷ò÷äïĤêøõèòéõèðøñèõä÷ìòñ¤ÜÝÏÛ¥÷ò÷ëè"%÷ëðèçìäñäñç'%÷ëóèõæèñ÷ìïèÜÝÏÛòééøïï¡÷ìðè
equivalent UK employees on a Group-wide basis consistent with The Companies (Miscellaneous Reporting) Regulations 2018.
Financial year Method 25th percentile pay ratio Median pay ratio 75th percentile pay ratio
2020 Option A 38:1 25:1 19:1
2020 (restated with actual bonuses) Option A 37:1 24:1 18:1
2021 Option A 43:1 30:1 22:1
Ýëèèðóïòüèèöøöèçéòõ÷ëèóøõóòöèöòé÷ëè÷äåïèäåòùèúèõèìçèñ÷ìĤèçäöåäöèçìñ÷ëèÞÔäñçòñäéøïï¡÷ìðèèôøìùäïèñ÷åäöìöäöä÷#!Íèæèðåèõ" "!
Option A was chosen as it is considered to be the most accurate way of identifying the relevant employees required by The Companies (Miscellaneous
Reporting) Regulations 2018.
The CEO pay ratio has been calculated to show the remuneration of the CEO Michael Speakman, who has been CEO on a permanent basis for the full
Ĥñäñæìäïüèäõ
Due to the timing of bonus payouts for the 2021 performance year, we have used the bonus payout for 2021 for the CEO and the bonus payouts for the
æòðóäõìöòñóòóøïä÷ìòñ÷ëä÷úäöóäìçìñ" "!ìñõèöóèæ÷òé÷ëè" " óèõéòõðäñæèüèäõàèúìïïøóçä÷è÷ëèöèĤêøõèöúì÷ë÷ëèäæ÷øäïäðòøñ÷öóäìçìñ" ""
in respect of the 2021 performance year, in next year’s Annual report on remuneration.
Keller Group plc Annual Report and Accounts 2021 Governance 107

Annual remuneration report continued
The following table provides salary and total remuneration information in respect of the employees at each quartile.
Financial year Element of pay 25th percentile employee Median employee 75th percentile employee
2020 reported Salary £32,789 £37,724 £63,762
Total remuneration £37,736 £57,970 £74,469
" " õèö÷ä÷èçúì÷ëäæ÷øäïåòñøöĤêøõèö Salary £30,345 £50,575 £42,866
1
Total remuneration £39,150 £60,131 £79,567
2021 Salary £31,823 £44,986 £58,806
Total remuneration £39,320 £56,531 £76,235
! Ýëèöäïäõüöëòúñëèõèìöïòúèõ÷ëäñ÷ëèðèçìäñçøè÷ò÷ëèõäñîìñêåèìñêçòñèòñä÷ò÷äïõèðøñèõä÷ìòñåäöìöÝëèèðóïòüèè÷ëä÷õäñîèçä÷÷ëè'%÷ëóèõæèñ÷ìïèëäçöìêñìĤæäñ÷òóèõä÷ìòñäï¡õèïä÷èç
remuneration.
ÝëèËòäõçëäöæòñĤõðèç÷ëä÷÷ëèõä÷ìòìöæòñöìö÷èñ÷úì÷ë÷ëèæòðóäñüđöúìçèõóòïìæìèöòñèðóïòüèèóäüõèúäõçäñçóõòêõèööìòñ
Director percentage change versus employee group
Ýëè÷äåïèåèïòúöëòúöëòú÷ëèóèõæèñ÷äêèìñæõèäöèìñèäæëÍìõèæ÷òõđööäïäõü¦éèèö÷äûäåïèåèñèĤ÷öäñçäññøäïåòñøöåè÷úèèñ" " äñç" "!æòðóäõèç
with the average percentage increase in each of those components of pay for the UK-based employees of the Group as a whole. The Committee has
óõèùìòøöïüðòñì÷òõèçüèäõ¡òñ¡üèäõæëäñêèöåè÷úèèñ÷ëèðòùèðèñ÷ìñöäïäõüåèñèĤ÷öäñçäññøäïåòñøöéòõ÷ëèÌÎØåè÷úèèñ÷ëèæøõõèñ÷äñçóõèùìòøö
Ĥñäñæìäïüèäõæòðóäõèçúì÷ë÷ëä÷òéèðóïòüèèöÊöõèôøìõèçøñçèõÝëèÌòðóäñìèö¤Íìõèæ÷òõöđÛèðøñèõä÷ìòñÙòïìæüäñçÍìõèæ÷òõöđÛèðøñèõä÷ìòñÛèóòõ÷¥
Regulations 2019, the analysis has been expanded to cover each Executive Director and Non-executive Director and this information will build up to
çìöóïäüäĤùè¡üèäõëìö÷òõü
% change 2020/21 % change 2019/20
% change in
salary or fees
% change
LQEHQHƬWV
% change in
annual bonus
% change in
salary or fees
% change
ìñåèñèĤ÷ö
% change in
annual bonus
Executive Directors
Michael Speakman
1
   39.3 0.0 412.4
David Burke
1
   n/a n/a n/a
Chairman and Non-executive Directors
2
Peter Hill    8.3 0.0 0.0
Kate Rock    26.3 0.0 0.0
Paula Bell    8.8 0.0 0.0
Eva Lindqvist    26.5 0.0 0.0
Nancy Tuor Moore    6.0 0.0 0.0
Paul Withers
3
n/a n/a n/a (60.0) 0.0 0.0
Keller Group plc employees
4,5
   15.5 16.7 146.4
! Ýëèöøåö÷äñ÷ìäïìñæõèäöèìñäïïðèäöøõèöéòõÍäùìçËøõîèåè÷úèèñ" " äñç" "!õèĥèæ÷öäéøïïüèäõòéèðóïòüðèñ÷éòïïòúìñêëìöö÷äõ÷çä÷èòñ!"Øæ÷òåèõ" " Òñåò÷ë" " äñç" "!÷ëèĤñäñæìäï
÷äõêè÷öõèïä÷ìñê÷òóõòĤ÷äåìïì÷üäñçæäöë¡åäöèçóèõéòõðäñæèúèõèäæëìèùèçìñéøïïÝëèÎûèæø÷ìùèÍìõèæ÷òõöäñç÷ëèæòðóäõä÷òõêõòøóòéèðóïòüèèöäõèìñæèñ÷ìùìöèçòñ÷ëèöäðèĤñäñæìäïðè÷õìæö
" Ýëèìñæõèäöèöéòõ×òñ¡èûèæø÷ìùèÍìõèæ÷òõöõèĥèæ÷÷ëèæëäñêèöðäçèçøõìñê" "!Ýëèõèçøæ÷ìòñìñ×äñæüÝøòõÖòòõèđöéèèöõèïä÷è÷òäõèçøæ÷ìòñìñìñ÷èõñä÷ìòñäï÷õäùèïìñ" "!æòðóäõèç÷ò" " 
3 Paul Withers retired in June 2020.
$ ÔèïïèõđöÐõòøóëèäçòĦæèìöåäöèçìñ÷ëèÞÔäñçéøïï¡÷ìðèèôøìùäïèñ÷èðóïòüèèöòé÷ëìöòõêäñìöä÷ìòñëäùèåèèñæëòöèñäö÷ëèæòðóäõä÷òõêõòøó
% Ýëèæëäñêèìñæòðóòñèñ÷öòé÷ëèæòðóäõä÷òõêõòøóõèðøñèõä÷ìòñìöòñäóèõæäóì÷äåäöìöäñç÷ëèüèäõ¡òñ¡üèäõìñæõèäöèöõèĥèæ÷ö÷ëèéøõ÷ëèõö÷õèñê÷ëèñìñêòé÷ëèÐõòøóëèäçòĦæèïèäçèõöëìó
during 2021 in key areas of strategic capability such as IT and ERP.
Relative importance of spend on pay
Ýëè÷äåïèåèïòúöëòúööëäõèëòïçèõçìö÷õìåø÷ìòñö¤ìèçìùìçèñçö¥äñç÷ò÷äïèðóïòüèèóäüèûóèñçì÷øõèéòõ÷ëèĤñäñæìäïüèäõöèñçèç#!Íèæèðåèõ" " äñç
31 December 2021, along with the percentage changes.
2021
£m
2020
£m
%
change
Distribution to shareholders
1
 25.9 0%
Remuneration paid to all employees
2
 572.4 1.5%
! ÝëèÍìõèæ÷òõöäõèóõòóòöìñêäĤñäïçìùìçèñçìñõèöóèæ÷òé÷ëèĤñäñæìäïüèäõèñçèç#!Íèæèðåèõ" "!òé"##óóèõòõçìñäõüöëäõè
" Ýò÷äïõèðøñèõä÷ìòñõèĥèæ÷öòùèõäïïèðóïòüèèæòö÷öÜèèñò÷è'÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öéòõéøõ÷ëèõìñéòõðä÷ìòñ
Keller Group plc Annual Report and Accounts 2021 Governance108

Summary of implementation of the Remuneration Policy during 2021 and 2022
Overall, the Committee considers that the Remuneration Policy has operated as it intended during 2021, with no deviations. A summary of how
the Committee intends the policy to be operated during 2022 can be found in the remaining pages of this report.
EDVHVDODU\DQGEHQHƬWV
ÝëèÌòððì÷÷èèñò÷èç÷ëä÷öäïäõüìñæõèäöèöéòõÞÔ¡åäöèçèðóïòüèèöäæõòöö÷ëèÐõòøóúèõèêèñèõäïïüäõòøñç$]èģèæ÷ìùè!Óäñøäõü" ""Ýëè
Executive Directors received salary increases below this amount for 2022.
ËèñèĤ÷öéòõ" ""úìïïõèðäìñåõòäçïüøñæëäñêèçéõòðóõìòõüèäõö
2022 pensions
Pension contributions for Michael Speakman and David Burke have been set at 7% of base salary in line with the rate provided to the majority of the
workforce in the UK and on a weighted average basis around Keller’s most populous locations.
2022 annual bonus
Ïòõ" ""( ]òéÎûèæø÷ìùèÍìõèæ÷òõöđåòñøöúìïïåèåäöèçòñÐõòøóĤñäñæìäïõèöøï÷öäñç" ]úìïïåèåäöèçòñöëäõèçæòõóòõä÷èòåíèæ÷ìùèö
ÝëèóèõéòõðäñæèðèäöøõèöúìïïåèóõòĤ÷åèéòõè÷äû¤ÙËÝ¥äñìðóòõ÷äñ÷ìñçìæä÷òõòé÷ëèæòðóäñüđöĤñäñæìäïäñçòóèõä÷ìñêóèõéòõðäñæèäñçä
cash-based target, a more operational measure. Targets for each measure are challenging but realistic and have been set in the context of the
business plan. Targets will be disclosed retrospectively in the 2022 Annual remuneration report to the extent that they are no longer considered
commercially sensitive.
25% of any bonus earned will be deferred into company shares for two years.
2022–24 Performance Share Plan Award (PSP)
The 2022–24 PSP performance conditions will be assessed over three years based on the following measures: relative TSR (25% weight), cumulative EPS
¤"%]úèìêë÷¥õè÷øõñòñæäóì÷äïèðóïòüèç¤ÛØÌÎ¥¤"%]úèìêë÷¥äñçòóèõä÷ìñêóõòĤ÷ðäõêìñ¤"%]úèìêë÷¥Ýëèöèðèäöøõèöö÷õòñêïüäïìêñóò÷èñ÷ìäïóäüòø÷
under the PSP with Keller’s strategic priorities.
Ûèïä÷ìùèÝÜÛóèõéòõðäñæèúìïïåèðèäöøõèçåüõäñîìñêäêäìñö÷ÏÝÜÎ"% æòðóäñìèö¤èûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö¥Þñçèõäõäñîèç
approach, a threshold vesting (resulting in 25% of that portion of the award vesting) will be for median performance against the comparator group;
maximum vesting for upper quartile performance (or above) against the comparator group. Straight-line vesting between these points.
ÎÙÜúìïïåèðèäöøõèçòñäæøðøïä÷ìùèåäöìöèñäåïìñê÷äõêè÷öè÷÷ìñê÷òõèĥèæ÷åøöìñèööóïäñöðäõîè÷æòñöèñöøöäñç÷ëèóòöì÷ìòñìñ÷ëèæòñö÷õøæ÷ìòñæüæïè
Cumulative EPS of 400p over the three-year period will enable full vesting of this performance condition, with a threshold vesting of 25% if 330p is
äæëìèùèçæäïæøïä÷èçòģ÷ëè" "!øñçèõïüìñêÎÙÜ¤ä÷ÒÏÛÜ!&åäöìö¥òé(($ó
ROCE will be measured on an average basis over the three-year performance period, with a threshold level of performance of 12% (leading to 25% of that
portion of the award vesting) and a maximum of 18% straight-line vesting between these points.
Øóèõä÷ìñêóõòĤ÷ðäõêìñúìïïåèðèäöøõèçìñüèäõ÷ëõèè¤úì÷ëä÷ëõèöëòïçùèö÷ìñêòé%%]ïèäçìñê÷ò"%]òé÷ëä÷óòõ÷ìòñòé÷ëèäúäõçùèö÷ìñê¥äñçðäûìðøð
of 6.5% straight-line vesting between these points.
These targets have been carefully assessed and the Committee considers them to be appropriately stretching, given the company’s business plans,
opportunity set and investor expectations.
Keller Group plc Annual Report and Accounts 2021 Governance 109

Annual remuneration report continued
2022–24 Performance Share Award
Measures
Vesting schedule
% of award that will vest
0% 25% 100%
25% weight
Cumulative EPS over three years
1
Below 330p 330p 400p
25% weight
Keller’s relative TSR performance vs FTSE 250
2
Index over three years Below median Median Upper quartile
25% weight
Average ROCE over three years Below 12% 12% 18%
25% weight
Øóèõä÷ìñêóõòĤ÷ðäõêìñìñüèäõ÷ëõèè Below 5.5% 5.5% 6.5%
Ýòõèĥèæ÷÷ëèìðóäæ÷òéäñüæëäñêèöìñÒÏÛÜäææòøñ÷ìñêö÷äñçäõçö÷ëèÌòððì÷÷èèúìïïæòñöìçèõäçíøö÷ìñêĤñäñæìäï÷äõêè÷öäóóõòóõìä÷èïüéòõäïïöøåöìö÷ìñêÙÜÙöèñöøõìñê÷ëä÷÷ëèüäõèñò÷ðä÷èõìäïïüèäöìèõòõ
harder to satisfy than the original targets. Any amended targets determined by the Committee will be disclosed to shareholders in the next Directors’ remuneration report.
1 EPS is before non-underlying items on an IFRS 16 basis.
" Îûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö
Chairman and Non-executive Director fees
Ïèèöéòõ÷ëè×òñ¡èûèæø÷ìùèÍìõèæ÷òõöúèõèõèùìèúèçúì÷ëèģèæ÷éõòð!Óäñøäõü" ""äñçì÷úäöçèæìçèç÷ëä÷÷ëèüúòøïçåèìñæõèäöèçåü#%]
The Chairman’s fee was increased by 3%.
6LQJOHWRWDOƬJXUHRIUHPXQHUDWLRQIRU1RQH[HFXWLYH'LUHFWRUVDXGLWHGLQIRUPDWLRQ
Ýëè÷äåïèåèïòúöè÷öòø÷äöìñêïèĤêøõèéòõ÷ëè÷ò÷äïõèðøñèõä÷ìòñõèæèìùèçåüèäæë×òñ¡èûèæø÷ìùèÍìõèæ÷òõéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
and the prior year:
Non-executive Director
2021
£
2020
£
Peter Hill 200,000 195,000
Eva Lindqvist
1
63,000 62,000
Nancy Tuor Moore
2
65,500 71,063
Paula Bell
3
63,000 62,000
Kate Rock
4
73,000 72,000
Paul Withers
5
– 26,000
Tot a l fees 464,500 488,063
1 Eva Lindqvist receives additional fees of £10,000 per annum as Chair of the Remuneration Committee.
2 Nancy Tuor Moore receives additional fees of £10,000 as Chair of the Environment Committee and £10,000 for international travel. The fee for international travel was reinstated in October 2021.
3 Paula Bell receives additional fees of £10,000 as Chair of the Audit and Risk Committee.
4 Kate Rock receives additional fees of £20,000 as Senior Independent Director and Chair of the Social and Community Committee.
5 Paul Withers retired from the Board on 30 June 2020.
Statement of shareholder voting
The following table sets out the results of the vote on the Remuneration report and the Remuneration Policy at the 2021 AGM:
Votes for Votes against
Votes cast
Number
Votes withheld
NumberNumber % Number %
Remuneration report 54,820,261 91.15% 5,324,060 8.85% 60,144,321 470,165
Remuneration Policy 54,665,416 90.20% 5,942,286 9.80% 60,607,702 6,784
Keller Group plc A
nnual Report and Accounts 2021 Governance110

Consideration by the Directors of matters relating to Directors’ remuneration
The following Directors were members of the Remuneration Committee when matters relating to the Directors’ remuneration for 2022 were being
considered:
• Eva Lindqvist
• Nancy Tuor Moore
• Paula Bell
• Baroness Kate Rock
• Juan G. Hernández Abrams (from 1 February 2022)
During the year, the Committee received assistance from Kerry Porritt (Group Company Secretary and Legal Advisor) and Graeme Cook (Group People
Íìõèæ÷òõ¥òñöäïäõüìñæõèäöèöåòñøöäúäõçööëäõèóïäñäúäõçöäñçùèö÷ìñêäñçóòïìæüäñçêòùèõñäñæèðä÷÷èõöÍäùìçËøõîè¤ÌëìèéÏìñäñæìäïØĦæèõ¥
óõèöèñ÷èçìñéòõðä÷ìòñúì÷ëõèêäõç÷ò" "!Ĥñäñæìäïóèõéòõðäñæèäñç" ""åøçêè÷äñç÷ëè÷ëõèè¡üèäõóïäñéòõ" ""¢"$Òñçè÷èõðìñìñê÷ëèÎûèæø÷ìùè
Directors’ remuneration for 2021 and 2022, the Committee has consulted the Chairman and the CEO about its proposals, except (in the case of the CEO)
in relation to their own remuneration. No Director is involved in determining their own remuneration.
×òðèðåèõòé÷ëèÌòððì÷÷èèëäöäñüóèõöòñäïĤñäñæìäïìñ÷èõèö÷¤ò÷ëèõ÷ëäñäöäöëäõèëòïçèõ¥æòñĥìæ÷òéìñ÷èõèö÷äõìöìñêéõòðæõòöö¡çìõèæ÷òõöëìóöòõ
çäü¡÷ò¡çäüìñùòïùèðèñ÷ìñõøññìñê÷ëèåøöìñèööÐìùèñ÷ëèìõçìùèõöèåäæîêõòøñçö÷ëèËòäõçåèïìèùèö÷ëä÷÷ëèðèðåèõöòé÷ëèÌòððì÷÷èèäõèäåïè÷òòģèõ
an informed and balanced view on executive remuneration issues.
Corporate governance
The Committee’s terms of reference, which were reviewed during the year, are available on the Group’s website (www.keller.com) and on request from
the Group Company Secretary and Legal Advisor.
ÝëèÌòððì÷÷èèæòñçøæ÷èçäñèģèæ÷ìùèñèööõèùìèúòé÷ëèåøöìñèööæòùèõèççøõìñê÷ëèüèäõäêäìñö÷ì÷ö÷èõðöòéõèéèõèñæèÒñäççì÷ìòñ÷ëèÌòððì÷÷èèđö
performance, and that of its members, was evaluated in an exercise facilitated by Donata Denny, a highly respected Leadership Coach and Professional
Íèùèïòóðèñ÷ÊçùìöòõÝëèÌòððì÷÷èèäñçì÷öðèðåèõöúèõèéòøñç÷òåèòóèõä÷ìñêèģèæ÷ìùèïüÝëèòø÷æòðèòé÷ëìöèûèõæìöèæäñåèéòøñçòñóäêèö("äñç(#
External advisers
Íøõìñê÷ëèüèäõ÷ëèÌòððì÷÷èèõèæèìùèçäçùìæèéõòðÍèïòì÷÷èäñìñçèóèñçèñ÷Ĥõðòéõèðøñèõä÷ìòñæòñöøï÷äñ÷öäóóòìñ÷èçåü÷ëèÌòððì÷÷èèäé÷èõ
æòñöøï÷ä÷ìòñúì÷ë÷ëèËòäõçÝëèÌòððì÷÷èèìööä÷ìöĤèç÷ëä÷Íèïòì÷÷èìöäñçõèðäìñöìñçèóèñçèñ÷òé÷ëèæòðóäñüäñç÷ëä÷÷ëèäçùìæèóõòùìçèçìöìðóäõ÷ìäï
and objective. Deloitte is a founding member and signatory of the Code of Conduct for Remuneration Consultants, details of which can be found at
www.remunerationconsultantsgroup.com.
Íøõìñê÷ëèüèäõÍèïòì÷÷èäïöòóõòùìçèçäçùìæèìñõèïä÷ìòñ÷ò÷äûæòðóïìäñæèäñçõìöîäçùìöòõüöèõùìæèöÝëèÌòððì÷÷èèìööä÷ìöĤèç÷ëä÷÷ëèóõòùìöìòñòé
these services did not impair Deloitte’s ability to advise the Committee independently. Their total fees for the provision of remuneration services to the
Committee for 2021 were £30,250.
ÝëèÌòððì÷÷èèìööä÷ìöĤèç÷ëä÷÷ëèäçùìæè÷ëèüëäùèõèæèìùèçëäöåèèñòåíèæ÷ìùèäñçìñçèóèñçèñ÷
Eva Lindqvist
Chair of the Remuneration Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 111

Directors’ report
Results and dividends
The results for the year, showing an underlying
óõòĤ÷åèéòõè÷äûä÷ìòñòé|(#)ð¤" " |)&)ð¥
äõèöè÷òø÷òñóäêèö!"'÷ò!(%Ü÷ä÷ø÷òõüóõòĤ÷
before tax was £71.6m (2020: £63.8m). The
Íìõèæ÷òõöõèæòððèñçäĤñäïçìùìçèñçòé"##ó
per share to be paid on 1 July 2022, to members
on the register at the close of business on 6 June
2022. An interim dividend of 12.6p per share was
paid on 10 September 2021. The total dividend
for the year of 35.9p (2020: 35.9p) will amount to
£25.9m (2020: £25.9m).
Going concern and
viability statement
Information relating to the going concern and
viability statements is set out on page 33 of the
Strategic report and is incorporated by reference
into this report.
Financial instruments
Full details can be found in note 25 to the
Ĥñäñæìäïö÷ä÷èðèñ÷öäñçìñ÷ëèÌëìèéÏìñäñæìäï
ØĦæèõđöõèùìèú
Post balance sheet events
Please see page 174 for post balance
öëèè÷èùèñ÷ö
Change of control
The Group’s main banking facilities contain
provisions that, upon 15 days’ notice being given
to the Group, lenders may exercise their
discretion to require immediate repayment of
the loans on a change of control and cancel all
commitments under the agreement.
Certain other commercial agreements, entered
into in the normal course of business, include
change of control provisions. There are no
agreements providing for compensation for the
Directors or employees on a change of control.
Transactions with related parties
Apart from transactions between the company,
its subsidiaries and joint operations, which are
related parties, there have been no related party
transactions during the year.
Directors and their interests
The names of all persons who, at any time during
the year, were Directors of the company can be
found on pages 70 and 71. The interests of the
Íìõèæ÷òõöëòïçìñêòĦæèä÷÷ëèèñçòé÷ëèüèäõìñ
the issued ordinary share capital of the company
and any interests in its Performance Share Plan
are given in the Directors’ remuneration report
on pages 105 and 106.
No Director had a material interest in any
öìêñìĤæäñ÷æòñ÷õäæ÷ò÷ëèõ÷ëäñäöèõùìæè
contract or a contract for services, with the
company or any of its operating companies
during the year.
The company’s Articles of Association indemnify
the Directors out of the assets of the company in
÷ëèèùèñ÷÷ëä÷÷ëèüöøģèõäñüïòööòõïìäåìïì÷üìñ
the execution of their duties as Directors, subject
to the provisions of the 2006 Act. The company
ðäìñ÷äìñöìñöøõäñæèéòõÍìõèæ÷òõöäñçØĦæèõöìñ
respect of liabilities which could arise in the
discharge of their duties.
Powers of the Directors
The business of the company is overseen by the
Board, which may exercise all the powers of the
company subject to the provisions of the
company’s Articles of Association, the 2006 Act
and any ordinary resolution of the company.
ÜóèæìĤæ÷õèä÷ðèñ÷òéÍìõèæ÷òõöđóòúèõö
regarding allotment and repurchase of shares
is provided under separate headings in the
following pages.
Kerry Porritt
Group Company Secretary and Legal Advisor
Overview
The Directors present their report together
ZLWKWKHDXGLWHGFRQVROLGDWHGƬQDQFLDO
statements for the year ended
|'HFHPEHU
This report is required to be produced by law.
7KH'LVFORVXUH*XLGDQFHDQG7UDQVSDUHQF\
Rules and the Listing Rules also require us to
PDNHFHUWDLQGLVFORVXUHV
The Corporate governance statement,
LQFOXGLQJWKH$XGLWDQG5LVN&RPPLWWHH
report, forms part of this Directors’ report
and is incorporated by reference. Disclosures
elsewhere in the Annual Report and
$FFRXQWVDUHFURVVUHIHUHQFHGZKHUH
DSSURSULDWH7DNHQWRJHWKHUWKH6WUDWHJLF
report on pages 1 to 67 and this Directors’
UHSRUWIXOƬOWKHUHTXLUHPHQWRI'LVFORVXUH
*XLGDQFHDQG7UDQVSDUHQF\5XOH5WR
provide a Management report.
Keller Group plc Annual Report and Accounts 2021 Governance112

Amendment of the company’s
Articles of Association
Any amendments to the company’s Articles of
Association may be made in accordance with the
provisions of the 2006 Act by way of special
resolution. The company’s Articles of
Association were last amended in May 2017.
Appointment and replacement
of Directors
Directors shall be no fewer than two and no more
than 12 in number. Subject to applicable law, a
Director may be appointed by an ordinary
resolution of shareholders in a general meeting
following nomination by the Board or a member
(or members) entitled to vote at such a meeting,
or following retirement by rotation if the Director
chooses to seek re-election at a general
meeting. In addition, the Directors may appoint a
Íìõèæ÷òõ÷òĤïïäùäæäñæüòõäöäñäççì÷ìòñäï
Director, provided that the individual retires at the
next AGM. A Director may be removed by the
company as provided for by applicable law, in
certain circumstances set out in the company’s
Articles of Association (for example bankruptcy,
or resignation), or by a special resolution of the
company. All Directors stand for re-election on
an annual basis, in line with the
recommendations of the Code.
Employees
The Group employed approximately 10,000
people at the end of the year.
Employment policy
The Group gives full and fair consideration to
applications for employment made by disabled
persons, having regard for their respective
aptitudes and abilities. The policy includes, where
practicable, the continued employment of those
who become disabled during their employment
and the provision of training and career
development and promotion, where appropriate.
Information on the Group’s approach to
employee involvement, equal opportunities and
health, safety and the environment can be found
in the ESG and sustainability section of this
report on pages 53 to 63.
Section 172 statement
Íøõìñê÷ëèĤñäñæìäïüèäõ÷ëèÍìõèæ÷òõöëäùè
considered the needs of the company’s
stakeholders as part of their decision-making
process. Details are set out in our section 172
statement on pages 76 and 77.
Political donations
No political donations were made during the year.
Keller has an established policy of not making
donations to any political party, representative
or candidate in any part of the world.
Greenhouse gas emissions
Information relating to the greenhouse gas
emissions of the company is set out on page 48
and is incorporated by reference into this report.
Research and development
The Group continues to have in-house design,
development and manufacturing facilities, where
employees work closely with site engineers to
çèùèïòóñèúäñçðòõèèģèæ÷ìùèðè÷ëòçöòé
solving problems of ground conditions and
behaviour. Most of the specialised ground
improvement equipment used in the business
is designed and built in-house and, where
applicable, the development costs are included
in the cost of the equipment.
Share capital
Details of the share capital, together with details
of the movements in the company’s issued share
capital during the year, are shown in note 27 to
÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öÝëè
company has one class of ordinary shares which
is listed on the London Stock Exchange (ordinary
öëäõèö¥Øõçìñäõüöëäõèöæäõõüñòõìêë÷÷òäĤûèç
income and each ordinary share carries the right
to one vote at general meetings of the company.
ÝëèõèäõèñòöóèæìĤæõèö÷õìæ÷ìòñöòñ÷ëèöìýèòéä
shareholding, nor on the transfer of shares,
which are both governed by the Articles of
Association and the prevailing law. The Directors
are not aware of any agreements between
shareholders that may result in restrictions on
voting rights and the transfer of securities. No
person has any special rights of control over the
company’s share capital and all issued shares are
fully paid.
Details of employee share plans are set out
ìññò÷è#!÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäï
statements. Treasury shares and shares held
åü÷ëèÔèïïèõÐõòøóóïæÎðóïòüèèËèñèĤ÷Ýõøö÷
are not voted.
Repurchase of shares
The company obtained shareholder authority at
the last AGM (19 May 2021) to buy back up to
7,221,000 ordinary shares. The authority
remains outstanding until the conclusion of the
2022 AGM but could be varied or withdrawn by
agreement of shareholders at an intervening
general meeting. The minimum price which must
be paid for each ordinary share is its nominal
value and the maximum price is the higher of an
amount equal to not more than 5% above the
average of the middle market quotations for an
ordinary share, as derived from the London Stock
ÎûæëäñêèÍäìïüØĦæìäïÕìö÷éòõ÷ëèĤùèåøöìñèöö
days immediately before the purchase is made,
and an amount equal to the higher of the price of
the last independent trade of an ordinary share
and the highest current independent bid for an
ordinary share on the trading venue where the
purchase is carried out.
The Directors have not used, and have no
current plans to use, this authority.
Allotment of shares and
pre-emption disapplication
Shareholder authority was also given at the last
AGM for the Directors to allot new shares up to a
nominal amount of £2,407,000, equivalent to
approximately one-third of the company’s issued
share capital (excluding treasury shares) as at
)Öäõæë" "!äñç÷òçìöäóóïüóõè¡èðó÷ìòñõìêë÷ö
up to an aggregate nominal amount of £361,050,
representing approximately 5% of the company’s
issued share capital as at 9 March 2021.
The Directors have not used, and have no
current plans to use, these authorities.
Auditors
The Board, upon the recommendation of the
Audit and Risk Committee, has decided that
Ernst & Young LLP (EY) will be proposed as the
Group’s auditors for the year ending 31
December 2022 and a resolution to appoint EY
will be put to shareholders at the 2022 AGM.
AGM
The full details of the 2022 AGM, which will take
place on 18 May 2022, are set out in the Notice
of Meeting, together with the full wording of the
resolutions to be tabled at the meeting. We
continue to closely monitor health and safety
guidance and any changes to venue and logistics
äöäõèöøï÷úìïïåèñò÷ìĤèçåüúäüòéäÜ÷òæî
Exchange announcement.
Keller Group plc Annual Report and Accounts 2021 Governance 113

Disclaimer
The purpose of this Annual Report and Accounts
is to provide information to the members of the
company, as a body, and no other persons.
The company, its Directors and employees,
agents or advisers do not accept or assume
responsibility to any other person to whom this
document is shown or into whose hands it may
come and any such responsibility or liability is
expressly disclaimed.
The Annual Report and Accounts contains
certain forward-looking statements with respect
÷ò÷ëèòóèõä÷ìòñöóèõéòõðäñæèäñçĤñäñæìäï
condition of the Group. By their nature, these
statements involve uncertainty since future
events and circumstances can cause results and
çèùèïòóðèñ÷ö÷òçìģèõðä÷èõìäïïüéõòð÷ëòöè
anticipated. The forward-looking statements
õèĥèæ÷îñòúïèçêèäñçìñéòõðä÷ìòñäùäìïäåïèä÷
the date of preparation of this Annual Report
äñçÊææòøñ÷öäñç÷ëèæòðóäñüøñçèõ÷äîèö
ñòòåïìêä÷ìòñ÷òøóçä÷è÷ëèöèéòõúäõç¡ïòòîìñê
statements. Nothing in this Annual Report
äñçÊææòøñ÷ööëòøïçåèæòñö÷õøèçäöä
óõòĤ÷éòõèæäö÷
Other information
ÝëèÍìõèæ÷òõöúëòëèïçòĦæèä÷÷ëèçä÷èòé
äóóõòùäïòé÷ëìöÍìõèæ÷òõöđõèóòõ÷æòñĤõð÷ëä÷ìñ
accordance with the provisions of section 418 of
the 2006 Act, so far as they are each aware, there
is no relevant audit information of which the
company’s auditors are unaware; and each
Director has taken all the steps that he or she
ought to have taken as a Director to make him or
herself aware of any relevant audit information
and to establish that the company’s auditors are
aware of that information.
Kerry Porritt
Group Company Secretary and Legal Advisor
Approved by the Board of Directors and
authorised for issue on 7 March 2022.
Ûèêìö÷èõèçòĦæè
2 Kingdom Street
London W2 6BD
Registered in England No. 2442580
Directors’ report continued
Substantial shareholdings
Ê÷'Öäõæë" ""÷ëèæòðóäñüëäçåèèññò÷ìĤèçìñäææòõçäñæèúì÷ëæëäó÷èõ%òé÷ëèÍìöæïòöøõè
Guidance and Transparency Rules of the Financial Conduct Authority of the voting rights of
shareholders in the company as per the table below:
Ordinary shares
Number of
ordinary shares
Percentage
of the total
voting rights
Schroders plc 7,264,752 10.046%
Old Mutual Plc 4,242,670 5.96%
FIL Limited 3,881,863 5.37%
Aberforth Partners LLP 3,589,696 5%
Franklin Templeton Institutional, LLC 3,557,757 4.96%
Artemis Investment Management LLP 3,561,152 4.94%
Standard Life Aberdeen plc 3,443,366 4.78%
ËäìïïìèÐìģòõçÌò 3,327,404 4.6%
Norges Bank 2,676,017 3.71%
ÜòøõæèÝÛ!ñò÷ìĤæä÷ìòñöðäçèåüöëäõèëòïçèõö÷ò÷ëèæòðóäñü
Keller Group plc Annual Report and Accounts 2021 Governance114

The Directors are responsible for preparing
the Annual Report and the Group and company
Ĥñäñæìäïö÷ä÷èðèñ÷öìñäææòõçäñæèúì÷ë
applicable law and regulations.
Company law requires the Directors to prepare
ÐõòøóäñçæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öéòõ
èäæëĤñäñæìäïüèäõÞñçèõ÷ëä÷ïäú÷ëèüëäùè
èïèæ÷èç÷òóõèóäõè÷ëèÐõòøóĤñäñæìäï
statements in accordance with International
Accounting Standards in conformity with the
requirements of the Companies Act 2006, and
÷ëèóäõèñ÷æòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öìñ
accordance with UK Accounting Standards,
including FRS 101 Reduced Disclosure
Framework. Under the Financial Conduct
Authority’s Disclosure Guidance and
ÝõäñöóäõèñæüÛøïèöÐõòøóĤñäñæìäïö÷ä÷èðèñ÷ö
are required to be prepared in accordance with
UK-adopted International Accounting Standards.
Under company law the Directors must not
äóóõòùè÷ëèĤñäñæìäïö÷ä÷èðèñ÷öøñïèöö÷ëèüäõè
öä÷ìöĤèç÷ëä÷÷ëèüêìùèä÷õøèäñçéäìõùìèúòé÷ëè
ö÷ä÷èòéäģäìõöòé÷ëèÐõòøóäñçæòðóäñüäñçòé
÷ëèìõóõòĤ÷òõïòööéòõ÷ëä÷óèõìòçÒñóõèóäõìñê
èäæëòé÷ëèÐõòøóäñçæòðóäñüĤñäñæìäï
statements, the Directors are required to:
• select suitable accounting policies and
then apply them consistently;
• make judgements and estimates that are
reasonable and prudent;
• éòõ÷ëèÐõòøóĤñäñæìäïö÷ä÷èðèñ÷öö÷ä÷è
whether they have been prepared in
accordance with UK-adopted International
Accounting Standards in conformity with the
requirements of the Companies Act 2006;
• éòõ÷ëèæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷ö
state whether the applicable UK
Accounting Standards have been followed,
subject to any material departures
disclosed and explained in the company
Ĥñäñæìäïö÷ä÷èðèñ÷ö
• assess the Group and company’s ability to
continue as a going concern, disclosing,
as applicable, matters relating to going
concern; and
• use the going concern basis of accounting
unless they either intend to liquidate the
Group or the company or to cease operations,
or have no realistic alternative but to do so.
The Directors are responsible for keeping
adequate accounting records that are
öøĦæìèñ÷÷òöëòúäñçèûóïäìñ÷ëèæòðóäñüđö
transactions and disclose with reasonable
äææøõäæüä÷äñü÷ìðè÷ëèĤñäñæìäïóòöì÷ìòñòé÷ëè
company and enable them to ensure that its
Ĥñäñæìäïö÷ä÷èðèñ÷öæòðóïüúì÷ë÷ëèÌòðóäñìèö
Act 2006. They are responsible for such internal
control as they determine is necessary to enable
÷ëèóõèóäõä÷ìòñòéĤñäñæìäïö÷ä÷èðèñ÷ö÷ëä÷äõè
free from material misstatement, whether due to
fraud or error, and have general responsibility for
taking such steps as are reasonably open to
them to safeguard the assets of the Group
and to prevent and detect fraud and
other irregularities.
Under applicable law and regulations, the
Directors are also responsible for preparing a
Strategic report, a Directors’ report, a Directors’
remuneration report and a Corporate
governance statement that comply with
that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the corporate and
Ĥñäñæìäïìñéòõðä÷ìòñìñæïøçèçòñ÷ëèæòðóäñüđö
website. Legislation in the UK governing the
óõèóäõä÷ìòñäñççìööèðìñä÷ìòñòéĤñäñæìäï
ö÷ä÷èðèñ÷öðäüçìģèõéõòðïèêìöïä÷ìòñìñ
other jurisdictions.
Responsibility statement of the
Directors in respect of the Annual
5HSRUWDQGWKHƬQDQFLDOVWDWHPHQWV
àèæòñĤõð÷ëä÷÷ò÷ëèåèö÷òéòøõîñòúïèçêè
• ÷ëèĤñäñæìäïö÷ä÷èðèñ÷öóõèóäõèçìñ
accordance with the applicable set of
accounting standards, give a true and fair
ùìèúòé÷ëèäööè÷öïìäåìïì÷ìèöĤñäñæìäïóòöì÷ìòñ
äñçóõòĤ÷òõïòööòé÷ëèæòðóäñüäñç÷ëè
undertakings included in the consolidation
as a whole; and
• the Strategic report and the Directors’ report,
including content contained by reference,
includes a fair review of the development and
performance of the business and the position
and performance of the company and the
undertakings included in the consolidation
taken as a whole, together with a description
of the principal risks and uncertainties that
they face.
ÝëèËòäõçæòñĤõðö÷ëä÷÷ëèÊññøäïÛèóòõ÷äñç
÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö÷äîèñäöäúëòïèäõè
fair, balanced and understandable and provide
the information necessary for shareholders to
assess the Group’s position and performance,
business model and strategy.
The Strategic report (pages 1 to 67) and
the Directors’ report (pages 112 to 114) have
been approved by the Board of Directors and
authorised for issue on the date shown below.
Kerry Porritt
Group Company Secretary and Legal Advisor
7 March 2022
Ûèêìö÷èõèçòĦæè
2 Kingdom Street
London W2 6BD
Registered in England No. 2442580
Statement of Directors’ responsibilities
ìñõèöóèæ÷òé÷ëèÊññøäïÛèóòõ÷äñç÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö
Keller Group plc Annual Report and Accounts 2021 Governance 115

Independent auditor’s report
to the members of Keller Group plc
Opinion
In our opinion:
• ÔèïïèõÐõòøóóïæđöÐõòøóĤñäñæìäïö÷ä÷èðèñ÷öäñçóäõèñ÷æòðóäñüĤñäñæìäïö÷ä÷èðèñ÷ö¤÷ëèĐĤñäñæìäïö÷ä÷èðèñ÷öđ¥êìùèä÷õøèäñçéäìõùìèúòé÷ëèö÷ä÷è
òé÷ëèÐõòøóđöäñçòé÷ëèóäõèñ÷æòðóäñüđöäģäìõöäöä÷#!Íèæèðåèõ" "!äñçòé÷ëèÐõòøóđöóõòĤ÷éòõ÷ëèüèäõ÷ëèñèñçèç
• ÷ëèÐõòøóĤñäñæìäïö÷ä÷èðèñ÷öëäùèåèèñóõòóèõïüóõèóäõèçìñäææòõçäñæèúì÷ëÞÔäçòó÷èçìñ÷èõñä÷ìòñäïäææòøñ÷ìñêö÷äñçäõçö
• ÷ëèóäõèñ÷æòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öëäùèåèèñóõòóèõïüóõèóäõèçìñäææòõçäñæèúì÷ëÏÛÜ! !Þñì÷èçÔìñêçòðÐèñèõäïïüÊææèó÷èçÊææòøñ÷ìñê
Ùõäæ÷ìæèäñç
• ÷ëèĤñäñæìäïö÷ä÷èðèñ÷öëäùèåèèñóõèóäõèçìñäææòõçäñæèúì÷ë÷ëèõèôøìõèðèñ÷öòé÷ëèÌòðóäñìèöÊæ÷" &
àèëäùèäøçì÷èç÷ëèĤñäñæìäïö÷ä÷èðèñ÷öòéÔèïïèõÐõòøóóïæ¤÷ëèĐóäõèñ÷æòðóäñüđ¥äñçì÷ööøåöìçìäõìèö¤÷ëèĐÐõòøóđ¥éòõ÷ëèüèäõèñçèç#!Íèæèðåèõ
" "!úëìæëæòðóõìöè
Group Ùäõèñ÷æòðóäñü
Ìòñöòïìçä÷èçåäïäñæèöëèè÷äöä÷#!Íèæèðåèõ" "! Ëäïäñæèöëèè÷äöä÷#!Íèæèðåèõ" "!
Ìòñöòïìçä÷èçìñæòðèö÷ä÷èðèñ÷éòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "! Ü÷ä÷èðèñ÷òéæëäñêèöìñèôøì÷üéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
Ìòñöòïìçä÷èçö÷ä÷èðèñ÷òéæòðóõèëèñöìùèìñæòðèéòõ÷ëèüèäõèñçèç
#!Íèæèðåèõ" "!
Ûèïä÷èçñò÷èö!÷ò)÷ò÷ëèæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öìñæïøçìñêä
öøððäõüòéöìêñìĤæäñ÷äææòøñ÷ìñêóòïìæìèö
Ìòñöòïìçä÷èçö÷ä÷èðèñ÷òéæëäñêèöìñèôøì÷üéòõ÷ëèüèäõèñçèç
#!Íèæèðåèõ" "!
Ìòñöòïìçä÷èçæäöëĥòúö÷ä÷èðèñ÷éòõ÷ëèüèäõèñçèç
#!Íèæèðåèõ" "!
Ûèïä÷èçñò÷èö!÷ò#$÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö
ìñæïøçìñêäöøððäõüòéöìêñìĤæäñ÷äææòøñ÷ìñêóòïìæìèö
ÝëèĤñäñæìäïõèóòõ÷ìñêéõäðèúòõî÷ëä÷ëäöåèèñäóóïìèçìñ÷ëèìõóõèóäõä÷ìòñìöäóóïìæäåïèïäúäñçÞÔäçòó÷èçìñ÷èõñä÷ìòñäïäææòøñ÷ìñêö÷äñçäõçöäñçäö
õèêäõçö÷ëèóäõèñ÷æòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öäöäóóïìèçìñäææòõçäñæèúì÷ëöèæ÷ìòñ$ (òé÷ëèÌòðóäñìèöÊæ÷" &
Basis for opinion
àèæòñçøæ÷èçòøõäøçì÷ìñäææòõçäñæèúì÷ëÒñ÷èõñä÷ìòñäïÜ÷äñçäõçöòñÊøçì÷ìñê¤ÞÔ¥¤ÒÜÊö¤ÞÔ¥¥äñçäóóïìæäåïèïäúØøõõèöóòñöìåìïì÷ìèöøñçèõ÷ëòöè
ö÷äñçäõçöäõèéøõ÷ëèõçèöæõìåèçìñ÷ëèÊøçì÷òõđöõèöóòñöìåìïì÷ìèöéòõ÷ëèäøçì÷òé÷ëèĤñäñæìäïö÷ä÷èðèñ÷ööèæ÷ìòñòéòøõõèóòõ÷àèåèïìèùè÷ëä÷÷ëèäøçì÷
èùìçèñæèúèëäùèòå÷äìñèçìööøĦæìèñ÷äñçäóóõòóõìä÷è÷òóõòùìçèäåäöìöéòõòøõòóìñìòñ
Independence
àèäõèìñçèóèñçèñ÷òé÷ëèÐõòøóäñçóäõèñ÷æòðóäñüìñäææòõçäñæèúì÷ë÷ëèè÷ëìæäïõèôøìõèðèñ÷ö÷ëä÷äõèõèïèùäñ÷÷òòøõäøçì÷òé÷ëèĤñäñæìäï
ö÷ä÷èðèñ÷öìñ÷ëèÞÔìñæïøçìñê÷ëèÏÛÌđöÎ÷ëìæäïÜ÷äñçäõçäöäóóïìèç÷òïìö÷èçóøåïìæìñ÷èõèö÷èñ÷ì÷ìèöäñçúèëäùèéøïĤïïèçòøõò÷ëèõè÷ëìæäïõèöóòñöìåìïì÷ìèö
ìñäææòõçäñæèúì÷ë÷ëèöèõèôøìõèðèñ÷ö
Ýëèñòñ¡äøçì÷öèõùìæèöóõòëìåì÷èçåü÷ëèÏÛÌđöÎ÷ëìæäïÜ÷äñçäõçúèõèñò÷óõòùìçèç÷ò÷ëèÐõòøóòõ÷ëèóäõèñ÷æòðóäñüäñçúèõèðäìñìñçèóèñçèñ÷òé÷ëè
Ðõòøóäñç÷ëèóäõèñ÷æòðóäñüìñæòñçøæ÷ìñê÷ëèäøçì÷
Keller Group plc Ê
ññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements116

Conclusions relating to going concern
Òñäøçì÷ìñê÷ëèĤñäñæìäïö÷ä÷èðèñ÷öúèëäùèæòñæïøçèç÷ëä÷÷ëèÍìõèæ÷òõöđ
øöèòé÷ëèêòìñêæòñæèõñåäöìöòéäææòøñ÷ìñêìñ÷ëèóõèóäõä÷ìòñòé÷ëè
Ĥñäñæìäïö÷ä÷èðèñ÷öìöäóóõòóõìä÷èØøõèùäïøä÷ìòñòé÷ëèÍìõèæ÷òõöđ
äööèööðèñ÷òé÷ëèÐõòøóäñçóäõèñ÷æòðóäñüđöäåìïì÷ü÷òæòñ÷ìñøè÷ò
äçòó÷÷ëèêòìñêæòñæèõñåäöìöòéäææòøñ÷ìñêìñæïøçèç
• Òñæòñíøñæ÷ìòñúì÷ëòøõúäïî÷ëõòøêëòé÷ëèÐõòøóđöĤñäñæìäïö÷ä÷èðèñ÷
æïòöèóõòæèööúèæòñĤõðèçòøõøñçèõö÷äñçìñêòéðäñäêèðèñ÷đöêòìñê
æòñæèõñäööèööðèñ÷óõòæèööäñçäïöòèñêäêèçúì÷ëðäñäêèðèñ÷èäõïü
÷òèñöøõèîèüéäæ÷òõöúèõèæòñöìçèõèçìñ÷ëèìõäööèööðèñ÷ìñæïøçìñê
éäæ÷òõöúëìæëúèçè÷èõðìñèçéõòðòøõòúñìñçèóèñçèñ÷õìöî
äööèööðèñ÷äñç÷ëèèùäïøä÷ìòñòéäñüæòñ÷ìñøèçòóèõä÷ìòñäïäñç
èæòñòðìæìðóäæ÷öòéÌØßÒÍ¡!)òñ÷ëèÐõòøó
• àèòå÷äìñèçðäñäêèðèñ÷đöËòäõç¡äóóõòùèçéòõèæäö÷æäöëĥòúöäñç
æòùèñäñ÷æäïæøïä÷ìòñæòùèõìñê÷ëèóèõìòçòéäööèööðèñ÷éõòð÷ëèçä÷è
òéöìêñìñê÷ò#!Öäõæë" "#Êöóäõ÷òé÷ëìöäööèööðèñ÷÷ëèÐõòøóëäö
ðòçèïïèçäñøðåèõòéäçùèõöèöæèñäõìòöìñ÷ëèìõæäöëéòõèæäö÷öäñç
æòùèñäñ÷æäïæøïä÷ìòñöìñòõçèõ÷òìñæòõóòõä÷èøñèûóèæ÷èçæëäñêèö÷ò
÷ëèéòõèæäö÷èçïìôøìçì÷üòé÷ëèÐõòøó
• àèäööèööèç÷ëèõèäöòñäåïèñèööòé÷ëèæäöëĥòúéòõèæäö÷÷ëõòøêë
äñäïüöìñêðäñäêèðèñ÷đöëìö÷òõìæäïéòõèæäö÷ìñêäææøõäæüæëäïïèñêìñê÷ëè
õòåøö÷ñèööòé÷ëèêõòøóđöòõçèõåòòîäñçæòñöìçèõèçäæ÷øäïóòö÷üèäõ
èñçóèõéòõðäñæè÷òçä÷èàèèùäïøä÷èç÷ëèîèüäööøðó÷ìòñö
øñçèõóìññìñê÷ëèÐõòøóđöäööèööðèñ÷åüæëäïïèñêìñê÷ëèðèäöøõèðèñ÷
äñçæòðóïè÷èñèööòéçòúñöìçèöæèñäõìòöðòçèïïèçåüðäñäêèðèñ÷äñç
ëòú÷ëèöèæòðóäõèúì÷ëóõìñæìóäïõìöîöäñçøñæèõ÷äìñ÷ìèöòé÷ëèÐõòøó
• àèæòñöìçèõèç÷ëèèû÷èñ÷÷òúëìæëèðèõêìñêæïìðä÷è¡õèïä÷èçõìöîöðäü
äģèæ÷÷ëèÐõòøóđöäööèööðèñ÷ìñæïøçìñêäööøðó÷ìòñöäõòøñç÷ëè
ïòñê¡÷èõðõèïìäñæèòñæòñæõè÷èö÷èèïäñçõèïä÷èçðäñøéäæ÷øõìñê
óõòæèööèöëèäùüçø÷üæòðåøö÷ìòñðäæëìñèõüäñç÷ëèóò÷èñ÷ìäïéòõ
ĐÎñùìõòñðèñ÷äïÜòæìäïäñçÐòùèõñäñæèđõèïä÷èçæòùèñäñ÷öòõïèùìèö
úëìæëæòøïçìðóäæ÷÷ëèÐõòøóÊççì÷ìòñäïïüúèæòñöìçèõèçò÷ëèõ
ðäæõòèæòñòðìæéäæ÷òõööøæëäö÷ëèõìöìñêæòö÷òéðä÷èõìäïöèñèõêü
äñçïäåòøõúëìæëäõèæõì÷ìæäïóäõ÷öòé÷ëèÐõòøóđöòóèõä÷ìòñö
• àè÷èö÷èç÷ëèæïèõìæäïäææøõäæüäñçïòêìæäïìñ÷èêõì÷üòé÷ëèæäöëĥòú
éòõèæäö÷ðòçèïøöèç÷òóõèóäõè÷ëèÐõòøóđöêòìñêæòñæèõñäñçùìäåìïì÷ü
äööèööðèñ÷öäöúèïïäöæëäïïèñêìñê÷ëèòùèõäïïäóóõòóõìä÷èñèööòé
ðäñäêèðèñ÷đöéòõèæäö÷ìñ÷ëèæòñ÷èû÷òééø÷øõèæäöëĥòúö
• àèæòñöìçèõèçúëè÷ëèõ÷ëèÐõòøóđöéòõèæäö÷öäñçõèïä÷èçîèü
äööøðó÷ìòñöìñ÷ëèêòìñêæòñæèõñäööèööðèñ÷úèõèæòñöìö÷èñ÷úì÷ë
ò÷ëèõéòõèæäö÷öøöèçåü÷ëèÐõòøóìñì÷öäææòøñ÷ìñêèö÷ìðä÷èöìñæïøçìñê
êòòçúìïïìðóäìõðèñ÷äñççèéèõõèç÷äûäööè÷õèæòêñì÷ìòñ
• àèèùäïøä÷èçåäöèçòñòøõòúñìñçèóèñçèñ÷äñäïüöìöúëä÷õèùèõöè
ö÷õèöö÷èö÷ìñêöæèñäõìòöæòøïçïèäçèì÷ëèõ÷òäåõèäæëòé÷ëèÐõòøóđö
åäñîìñêæòùèñäñ÷öòõäïìôøìçì÷üöëòõ÷éäïïäñçúëè÷ëèõ÷ëèöèöæèñäõìòö
úèõèóïäøöìåïè
• Øøõäñäïüöìöäïöòæòñöìçèõèç÷ëèðì÷ìêä÷ìñêäæ÷ìòñö÷ëä÷ðäñäêèðèñ÷
æòøïçøñçèõ÷äîèìñäñèû÷õèðèçòúñöìçèöæèñäõìòäñçúëè÷ëèõ÷ëèöè
úèõèäæëìèùäåïèäñçìñæòñ÷õòïòéðäñäêèðèñ÷
• àèæòñĤõðèç÷ëèæòñ÷ìñøèçäùäìïäåìïì÷üòéçèå÷éäæìïì÷ìèö÷ëõòøêë÷ëè
êòìñêæòñæèõñóèõìòçäñçõèùìèúèç÷ëèìõøñçèõïüìñê÷èõðöìñæïøçìñê
æòùèñäñ÷öåüèûäðìñä÷ìòñòéèûèæø÷èççòæøðèñ÷ä÷ìòñ
• àèæòñöìçèõèçúëè÷ëèõðäñäêèðèñ÷đöçìöæïòöøõèöìñ÷ëèĤñäñæìäï
ö÷ä÷èðèñ÷ööøĦæìèñ÷ïüäñçäóóõòóõìä÷èïüæäó÷øõè÷ëèìðóäæ÷òé
ÌØßÒÍ¡!)èðèõêìñêæïìðä÷è¡õèïä÷èçõìöîöäñçò÷ëèõóõìñæìóäïõìöîöäñç
øñæèõ÷äìñ÷ìèöòñ÷ëèêòìñêæòñæèõñäööèööðèñ÷äñç÷ëõòøêë
æòñöìçèõä÷ìòñòéõèïèùäñ÷çìöæïòöøõèö÷äñçäõçö
• Ýëõòøêëòøõú
òõîóèõéòõðèçòñäøçì÷ìñêðäñäêèðèñ÷đöùìäåìïì÷ü
äööèööðèñ÷úèèû÷èñçèçòøõóõòæèçøõèö¤ìñæïøçìñêìñôøìõìèöòé
ðäñäêèðèñ÷äñçæòñöìçèõìñê÷ëèéòõúäõçòõçèõåòòîäñçæäöëĥòú
éòõèæäö÷ö¥÷òæëäïïèñêèúëè÷ëèõ÷ëèõèúèõèäñüèùèñ÷öòõæòñçì÷ìòñö
åèüòñç#!Öäõæë" "#÷ëä÷ðäüæäö÷öìêñìĤæäñ÷çòøå÷òùèõ÷ëèÐõòøóđö
äåìïì÷ü÷òæòñ÷ìñøèäöäêòìñêæòñæèõñ
Ýëèäøçì÷óõòæèçøõèöóèõéòõðèçìñèùäïøä÷ìñê÷ëèÍìõèæ÷òõöđäööèööðèñ÷
úèõèóèõéòõðèçåü÷ëèÐõòøóäøçì÷÷èäðëòúèùèõúèäïöòæòñöìçèõèç÷ëè
Ĥñäñæìäïäñçñòñ¡Ĥñäñæìäïìñéòõðä÷ìòñæòððøñìæä÷èç÷òøöéõòðòøõ
æòðóòñèñ÷÷èäðöòéîèüïòæä÷ìòñöäööòøõæèöòéóò÷èñ÷ìäïæòñ÷õäõü
ìñçìæä÷òõöúëìæëðäüæäö÷çòøå÷òùèõ÷ëèêòìñêæòñæèõñäööèööðèñ÷
Ýëèõèöøï÷öéõòðåò÷ëðäñäêèðèñ÷öèùäïøä÷ìòñäñçòøõìñçèóèñçèñ÷
õèùèõöèö÷õèöö÷èö÷ìñêöøêêèö÷÷ëä÷÷ëèÐõòøóúòøïçñèèç÷òåèèûóòöèç÷ò
èû÷õèðèçòúñöìçèèùèñ÷ööìêñìĤæäñ÷ïüêõèä÷èõ÷ëäñ÷ëèĤñäñæìäïèģèæ÷òé
÷ëèçìöõøó÷ìòñæäøöèçåüÌØßÒÍ¡!)èðèõêìñêæïìðä÷è¡õèïä÷èçõìöîöäñç
ò÷ëèõóõìñæìóäïõìöîöäñçøñæèõ÷äìñ÷ìèö÷ëõòøêëòø÷÷ëèêòìñêæòñæèõñ
óèõìòçìñòõçèõ÷òåõèäæëì÷öæòùèñäñ÷öòõèûëäøö÷ì÷öäùäìïäåïèéøñçìñê
ÝëèÐõòøóëäööøåö÷äñ÷ìäïåòõõòúìñêéäæìïì÷ìèöäùäìïäåïè÷òì÷çøõìñê÷ëè
êòìñêæòñæèõñóèõìòçÝëèøñçõäúñæòððì÷÷èçéäæìïì÷ìèöäùäìïäåïèäöä÷
#!Íèæèðåèõ" "!äðòøñ÷èç÷ò|"#%%ðÝëèöèðäìñïüæòðóõìöèç÷ëè
øñø÷ìïìöèçóòõ÷ìòñòé÷ëèÐõòøóđö|#'%ðõèùòïùìñêæõèçì÷éäæìïì÷üúëìæë
èûóìõèö"#×òùèðåèõ" "%
Conclusion
Ëäöèçòñ÷ëèúòõîúèëäùèóèõéòõðèçúèëäùèñò÷ìçèñ÷ìĤèçäñü
ðä÷èõìäïøñæèõ÷äìñ÷ìèöõèïä÷ìñê÷òèùèñ÷öòõæòñçì÷ìòñö÷ëä÷ìñçìùìçøäïïüòõ
æòïïèæ÷ìùèïüðäüæäö÷öìêñìĤæäñ÷çòøå÷òñ÷ëèÐõòøóäñçóäõèñ÷æòðóäñüđö
äåìïì÷ü÷òæòñ÷ìñøèäöäêòìñêæòñæèõñéòõ÷ëèóèõìòç÷ëõòøêë÷ò#!Öäõæë
" "#äóèõìòçòéä÷ïèäö÷!"ðòñ÷ëöéõòðúëèñ÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö
äõèäø÷ëòõìöèçéòõìööøè
Òñõèïä÷ìòñ÷ò÷ëèÐõòøóäñçóäõèñ÷æòðóäñüđöõèóòõ÷ìñêòñëòú÷ëèüëäùè
äóóïìèç÷ëèÞÔÌòõóòõä÷èÐòùèõñäñæèÌòçèúèëäùèñò÷ëìñêðä÷èõìäï÷ò
äççòõçõäúä÷÷èñ÷ìòñ÷òìñõèïä÷ìòñ÷ò÷ëèÍìõèæ÷òõöđö÷ä÷èðèñ÷ìñ÷ëè
Ĥñäñæìäïö÷ä÷èðèñ÷öäåòø÷úëè÷ëèõ÷ëèÍìõèæ÷òõöæòñöìçèõèçì÷äóóõòóõìä÷è
÷òäçòó÷÷ëèêòìñêæòñæèõñåäöìöòéäææòøñ÷ìñê
Øøõõèöóòñöìåìïì÷ìèöäñç÷ëèõèöóòñöìåìïì÷ìèöòé÷ëèÍìõèæ÷òõöúì÷ëõèöóèæ÷
÷òêòìñêæòñæèõñäõèçèöæõìåèçìñ÷ëèõèïèùäñ÷öèæ÷ìòñöòé÷ëìöõèóòõ÷
Ñòúèùèõåèæäøöèñò÷äïïéø÷øõèèùèñ÷öòõæòñçì÷ìòñöæäñåèóõèçìæ÷èç
÷ëìöö÷ä÷èðèñ÷ìöñò÷äêøäõäñ÷èèäö÷ò÷ëèÐõòøóđöäåìïì÷ü÷òæòñ÷ìñøè
äöäêòìñêæòñæèõñ
Keller Group plc Êñ
ñøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 117

Independent auditor’s reportæòñ÷ìñøèç
to the members of Keller Group plc
Overview of our audit approach
Audit scope • àèóèõéòõðèçäñäøçì÷òé÷ëèæòðóïè÷èĤñäñæìäïìñéòõðä÷ìòñòé$!æòðóòñèñ÷öäñçäøçì÷óõòæèçøõèöòñöóèæìĤæ
åäïäñæèöéòõäéøõ÷ëèõ!&æòðóòñèñ÷ö
• Ýëèæòðóòñèñ÷öúëèõèúèóèõéòõðèçéøïïòõöóèæìĤæäøçì÷óõòæèçøõèöäææòøñ÷èçéòõ)!]òéóõòĤ÷åèéòõè÷äû)$]òé
õèùèñøèäñç((]òé÷ò÷äïäööè÷ö
Key audit matters • Òðóõòóèõõèùèñøèõèæòêñì÷ìòñ
• Ìäõõüìñêùäïøèòéêòòçúìïï¤Ðõòøó¥
• Úøäïì÷üòéèäõñìñêöìñæïøçìñêçìöæïòöøõèòéñòñ¡øñçèõïüìñêì÷èðö
Materiality • ØùèõäïïÐõòøóðä÷èõìäïì÷üòé|$"ðúëìæëõèóõèöèñ÷ö%]òéóõòĤ÷åèéòõè÷äûäçíøö÷èçéòõòñè¡òģñòñ¡øñçèõïüìñêì÷èðö
Ýëèæëäõ÷öåèïòúìïïøö÷õä÷è÷ëèæòùèõäêèòå÷äìñèçéõòð÷ëèúòõîóèõéòõðèçåüòøõäøçì÷÷èäðö
Ïøïïöæòóèæòðóòñèñ÷ö Ïøïïöæòóèæòðóòñèñ÷ö Ïøïïöæòóèæòðóòñèñ÷ö72% 70% 69%
Ø÷ëèõóõòæèçøõèö Ø÷ëèõóõòæèçøõèö Ø÷ëèõóõòæèçøõèö6% 9% 12%
ÜóèæìĤæöæòóèæòðóòñèñ÷ö ÜóèæìĤæöæòóèæòðóòñèñ÷ö ÜóèæìĤæöæòóèæòðóòñèñ÷ö22% 21% 19%
3URƬWEHIRUHWD[ Revenue Total assets
An overview of the scope of the parent company and
Group audits
Tailoring the scope
Øøõäööèööðèñ÷òéäøçì÷õìöîòøõèùäïøä÷ìòñòéðä÷èõìäïì÷üäñçòøõ
äïïòæä÷ìòñòéóèõéòõðäñæèðä÷èõìäïì÷üçè÷èõðìñèòøõäøçì÷öæòóèéòõèäæë
æòðóòñèñ÷úì÷ëìñ÷ëèÐõòøóÝäîèñ÷òêè÷ëèõ÷ëìöèñäåïèöøö÷òéòõðäñ
òóìñìòñòñ÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öàè÷äîèìñ÷òäææòøñ÷
öìýèõìöîóõòĤïè÷ëèòõêäñìöä÷ìòñòé÷ëèÐõòøóäñçèģèæ÷ìùèñèööòé
Ðõòøó¡úìçèæòñ÷õòïöæëäñêèöìñ÷ëèåøöìñèööèñùìõòñðèñ÷äñçò÷ëèõ
éäæ÷òõööøæëäöõèæèñ÷ìñ÷èõñäïäøçì÷õèöøï÷öúëèñäööèööìñê÷ëèïèùèïòé
úòõî÷òåèóèõéòõðèçä÷èäæëèñ÷ì÷ü
Òñ
äööèööìñê÷ëèõìöîòéðä÷èõìäïðìöö÷ä÷èðèñ÷÷ò÷ëèÐõòøóĤñäñæìäï
ö÷ä÷èðèñ÷öäñç÷òèñöøõèúèëäçäçèôøä÷èôøäñ÷ì÷ä÷ìùèæò
ùèõäêè
òé
öìêñìĤæäñ÷äææ
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ìñ÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö
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òé÷ëè!&#õèóòõ÷ìñê
æòðóòñèñ÷öòé÷ëèÐõòøó
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úèöèïèæ÷èçæòðóòñèñ÷öæò
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úì÷ëìñÊÖÎÊÎøõ
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äñç×òõ÷ëÊðèõìæäúëìæëõèóõ
èöèñ÷
÷ëèóõìñæìóäï
åøöìñèööøñì÷öúì÷ëìñ÷ëèÐõòøó

Øé
÷ëè%'æòðóòñèñ÷ööèïèæ÷èçúèóèõéòõðèçäñäøçì÷òé÷ëèæòðóïè÷è
Ĥñäñæìäïìñéòõðä÷ìòñòé$!æòðóòñèñ÷ö¤Đéøïïöæòóèæòðóòñèñ÷öđ¥úëìæë
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÷ò÷ëèÐõòøóĤñäñæìäïö÷ä÷èðèñ÷ö
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements118

Changes from the prior year
Ïòõ÷ëèæøõõèñ÷üèäõúèèùäïøä÷èç÷ëä÷÷ëèóõìñæìóäïòóèõä÷ìñêèñ÷ì÷ìèöìñ
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Involvement with component teams
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 119

Key audit matters
Ôèüäøçì÷ðä÷÷èõöäõè÷ëòöèðä÷÷èõö÷ëä÷ìñòøõóõòéèööìòñäïíøçêèðèñ÷úèõèòéðòö÷öìêñìĤæäñæèìñòøõäøçì÷òé÷ëèĤñäñæìäïö÷ä÷èðèñ÷öòé÷ëèæøõõèñ÷
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÷ò÷ëèÊøçì÷äñçÛìöîÌòððì÷÷èè
Improper revenue recognition
(2021: £2,224.4m, 2020: £2,062.5m)
Refer to the Audit and Risk Committee
report (page 92); accounting policies (page
DQGQRWHRIWKHFRQVROLGDWHGƬQDQFLDO
statements (pages 142 and 143)
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ðäñäêèðèñ÷äõè
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ðä÷èõìäïïüæòõõèæ÷
Independent auditor’s reportæòñ÷ìñøèç
to the members of Keller Group plc
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements120

Ûìöî Øøõõèöóòñöè÷ò÷ëèõìöî
Ôèüòåöèõùä÷ìòñöæòððøñìæä÷èç
÷ò÷ëèÊøçì÷äñçÛìöîÌòððì÷÷èè
Improper revenue recognition
continued
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"!ïòæä÷ìòñöúëìæëæòùèõèç)%]òé÷ëèõìöîäðòøñ÷
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 121

Ûìöî Øøõõèöóòñöè÷ò÷ëèõìöî
Ôèüòåöèõùä÷ìòñöæòððøñìæä÷èç
÷ò÷ëèÊøçì÷äñçÛìöîÌòððì÷÷èè
Carrying value of goodwill (Group)
(2021: £121.3m; 2020: £115.2m)
Refer to the Audit and Risk Committee
report (page 92); Accounting policies (page
137); and note 14 of the consolidated
ƬQDQFLDOVWDWHPHQWVSDJHVDQG
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to the members of Keller Group plc
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements122

Ûìöî Øøõõèöóòñöè÷ò÷ëèõìöî
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SUHWD[
Refer to the Audit and Risk Committee
Report (page 92); accounting policies (page
139); and note 8 of the consolidated
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 123

Our application of materiality
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Materiality
The magnitude of an omission or misstatement that, individually or in the
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Other information
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Starting
EDVLV
• £71.6m
• 3URƬWEHIRUHWD[IRUWKH\HDU
• $GGEDFNtP
• Non-underlying items for the year
• Totals £83.9m
• 0DWHULDOLW\RIPRIPDWHULDOLW\EDVLV
Materiality
Adjustments
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements124

2SLQLRQVRQRWKHUPDWWHUVSUHVFULEHGE\WKH
Companies Act 2006
Òñòøõòóìñìòñ÷ëèóäõ÷òé÷ëèÍìõèæ÷òõöđõèðøñèõä÷ìòñõèóòõ÷÷òåèäøçì÷èç
ëäöåèèñóõòóèõïüóõèóäõèçìñäææòõçäñæèúì÷ë÷ëèÌòðóäñìèöÊæ÷" &
Òñòøõòóìñìòñåäöèçòñ÷ëèúòõîøñçèõ÷äîèñìñ÷ëèæòøõöèòé÷ëèäøçì÷
• ÷ëèìñéòõðä÷ìòñêìùèñìñ÷ëèÜ÷õä÷èêìæõèóòõ÷äñç÷ëèÍìõèæ÷òõöđõèóòõ÷éòõ
÷ëèĤñäñæìäïüèäõéòõúëìæë÷ëèĤñäñæìäïö÷ä÷èðèñ÷öäõèóõèóäõèçìö
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• ÷ëèÜ÷õä÷èêìæõèóòõ÷äñç÷ëèÍìõèæ÷òõöđõèóòõ÷ëäùèåèèñóõèóäõèçìñ
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àèëäùèñò÷ëìñê÷òõèóòõ÷ìñõèöóèæ÷òé÷ëèéòïïòúìñêðä÷÷èõöìñõèïä÷ìòñ÷ò
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opinion:
• äçèôøä÷èäææòøñ÷ìñêõèæòõçöëäùèñò÷åèèñîèó÷åü÷ëèóäõèñ÷
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åõäñæëèöñò÷ùìöì÷èçåüøöòõ
• ÷ëèóäõèñ÷æòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öäñç÷ëèóäõ÷òé÷ëèÍìõèæ÷òõöđ
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• æèõ÷äìñçìöæïòöøõèöòéÍìõèæ÷òõöđõèðøñèõä÷ìòñöóèæìĤèçåüïäúäõèñò÷
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• úèëäùèñò÷õèæèìùèçäïï÷ëèìñéòõðä÷ìòñäñçèûóïäñä÷ìòñöúèõèôøìõèéòõ
òøõäøçì÷
Corporate Governance Statement
àèëäùèõèùìèúèç÷ëèÍìõèæ÷òõöđö÷ä÷èðèñ÷ìñõèïä÷ìòñ÷òêòìñêæòñæèõñ
ïòñêèõ¡÷èõðùìäåìïì÷üäñç÷ëä÷óäõ÷òé÷ëèÌòõóòõä÷èÐòùèõñäñæè
Ü÷ä÷èðèñ÷õèïä÷ìñê÷ò÷ëèÐõòøóäñçæòðóäñüđöæòðóïìäñæèúì÷ë÷ëè
óõòùìöìòñöòé÷ëèÞÔÌòõóòõä÷èÐòùèõñäñæèÌòçèöóèæìĤèçéòõòøõ
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Ëäöèçòñ÷ëèúòõîøñçèõ÷äîèñäöóäõ÷òéòøõäøçì÷úèëäùèæòñæïøçèç÷ëä÷
èäæëòé÷ëèéòïïòúìñêèïèðèñ÷öòé÷ëèÌòõóòõä÷èÐòùèõñäñæèÜ÷ä÷èðèñ÷ìö
ðä÷èõìäïïüæòñöìö÷èñ÷úì÷ë÷ëèĤñäñæìäïö÷ä÷èðèñ÷öòõòøõîñòúïèçêè
òå÷äìñèççøõìñê÷ëèäøçì÷
• Íìõèæ÷òõöđö÷ä÷èðèñ÷úì÷ëõèêäõçö÷ò÷ëèäóóõòóõìä÷èñèööòéäçòó÷ìñê
÷ëèêòìñêæòñæèõñåäöìöòéäææòøñ÷ìñêäñçäñüðä÷èõìäïøñæèõ÷äìñ÷ìèö
ìçèñ÷ìĤèçöè÷òø÷òñóäêè##
• Íìõèæ÷òõöđèûóïäñä÷ìòñäö÷ò÷ëèìõäööèööðèñ÷òé÷ëèæòðóäñüđö
óõòöóèæ÷ö÷ëèóèõìòç÷ëìöäööèööðèñ÷æòùèõöäñçúëü÷ëèóèõìòçìö
äóóõòóõìä÷èöè÷òø÷òñóäêè##
• Íìõèæ÷òõöđö÷ä÷èðèñ÷òñúëè÷ëèõ÷ëèËòäõçëäöäõèäöòñäåïè
èûóèæ÷ä÷ìòñ÷ëä÷÷ëèÐõòøóúìïïåèäåïè÷òæòñ÷ìñøèìñòóèõä÷ìòñäñç
ðèè÷öì÷öïìäåìïì÷ìèööè÷òø÷òñóäêè##
• Íìõèæ÷òõöđö÷ä÷èðèñ÷òñéäìõåäïäñæèçäñçøñçèõö÷äñçäåïèöè÷òø÷òñ
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• ÷ëèöèæ÷ìòñòé÷ëèäññøäïõèóòõ÷÷ëä÷çèöæõìåèö÷ëèõèùìèúòé
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çè÷èæ÷ìñêäðä÷èõìäïðìöö÷ä÷èðèñ÷çøè÷òéõäøçìöëìêëèõ÷ëäñ÷ëèõìöîòé
ñò÷çè÷èæ÷ìñêòñèõèöøï÷ìñêéõòðèõõòõäöéõäøçðäüìñùòïùèçèïìåèõä÷è
æòñæèäïðèñ÷åüéòõèûäðóïèéòõêèõüòõìñ÷èñ÷ìòñäïðìöõèóõèöèñ÷ä÷ìòñö
òõ÷ëõòøêëæòïïøöìòñÝëèèû÷èñ÷÷òúëìæëòøõóõòæèçøõèöäõèæäóäåïèòé
çè÷èæ÷ìñêìõõèêøïäõì÷ìèöìñæïøçìñêéõäøçìöçè÷äìïèçåèïòú
Keller Group plc Êñ
ñøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 125

Ñòúèùèõ÷ëèóõìðäõüõèöóòñöìåìïì÷üéòõ÷ëèóõèùèñ÷ìòñäñççè÷èæ÷ìòñòé
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ðäñäêèðèñ÷
• àèòå÷äìñèçäñøñçèõö÷äñçìñêòé÷ëèïèêäïäñçõèêøïä÷òõüéõäðèúòõîö
÷ëä÷äõèäóóïìæäåïè÷ò÷ëèÐõòøóäñççè÷èõðìñèç÷ëä÷÷ëèðòö÷
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óøõöøäñ÷÷òÏÛÜ! !Þñì÷èçÔìñêçòðÐèñèõäïïüÊææèó÷èçÊææòøñ÷ìñê
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÷ëèõèäõèæèõ÷äìñöìêñìĤæäñ÷ïäúöäñçõèêøïä÷ìòñöúëìæëðäüëäùèäñ
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Ĥñäñæìäïö÷ä÷èðèñ÷öåèìñê÷ëèÕìö÷ìñêÛøïèöòé÷ëèÕòñçòñÜ÷òæî
Îûæëäñêèäñç÷ëèËõìåèõüÊæ÷" ! 
• àèøñçèõö÷òòçëòúÔèïïèõÐõòøóóïæìöæòðóïüìñêúì÷ë÷ëòöèéõäðèúòõîö
åüðäîìñêèñôøìõìèöòéðäñäêèðèñ÷õèùìèúìñêðäñäêèðèñ÷
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ÌòðóäñüÜèæõè÷äõü
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ðä÷èõìäïðìöö÷ä÷èðèñ÷ìñæïøçìñêëòúéõäøçðìêë÷òææøõåüðèè÷ìñêúì÷ë
ðäñäêèðèñ÷÷òøñçèõö÷äñçúëèõè÷ëèüæòñöìçèõèç÷ëèõèúäö
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ðìöö÷ä÷èðèñ÷äõèëìêëèö÷¤ìñæïøçìñêúëèõèçøè÷ò÷ëèõìöîòééõäøç¥
Ýëèöèóõòæèçøõèöìñæïøçèç÷èö÷ìñêðäñøäïíòøõñäïèñ÷õìèö
• Ëäöèçòñ÷ëìöøñçèõö÷äñçìñêúèçèöìêñèçòøõäøçì÷óõòæèçøõèö÷ò
ìçèñ÷ìéüñòñ¡æòðóïìäñæèúì÷ëöøæëïäúöäñçõèêøïä÷ìòñöØøõóõòæèçøõèö
ìñùòïùèçõèùìèúòéËòäõçðìñø÷èö÷òìçèñ÷ìéüñòñ¡æòðóïìäñæèúì÷ëöøæë
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Ìòððì÷÷èèòñæòðóïìäñæèúì÷ëõèêøïä÷ìòñöäñçèñôøìõèöòé÷ëè
ÌòðóäñüÜèæõè÷äõüäñçðäñäêèðèñ÷
• Òñ÷ëèæäöèòéÔèïïèõÐõòøóóïæäïïéøïïäñçöóèæìĤæöæòóèæòðóòñèñ÷ö
úèõèìñö÷õøæ÷èç÷òóèõéòõðóõòæèçøõèöìñ÷ëèìçèñ÷ìĤæä÷ìòñòéìñö÷äñæèö
òéñòñ¡æòðóïìäñæèúì÷ëïäúöäñçõèêøïä÷ìòñö
• Ìòðóòñèñ÷÷èäðöçìçñò÷ìçèñ÷ìéüäñüìñö÷äñæèöòéñòñ¡æòðóïìäñæè
úì÷ëïäúöäñçõèêøïä÷ìòñöÒñìñö÷äñæèöúëèõèúèìçèñ÷ìĤèçäñìñæõèäöèç
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ì÷öö÷äîèëòïçèõöòõ÷ëèĤñäñæìäïö÷ä÷èðèñ÷öÝëèõèúèõèñòìçèñ÷ìĤèç
öìêñìĤæäñ÷ìñö÷äñæèöòéñòñ¡æòðóïìäñæèúì÷ëïäúöäñçõèêøïä÷ìòñöä÷
÷ëèÐõòøóïèùèï
Êéøõ÷ëèõçèöæõìó÷ìòñòéòøõõèöóòñöìåìïì÷ìèöéòõ÷ëèäøçì÷òé÷ëèĤñäñæìäï
ö÷ä÷èðèñ÷öìöïòæä÷èçòñ÷ëèÏìñäñæìäïÛèóòõ÷ìñêÌòøñæìïđöúèåöì÷èä÷
ë÷÷óö¦¦úúúéõæòõêøî¦äøçì÷òõöõèöóòñöìåìïì÷ìèöÝëìöçèöæõìó÷ìòñéòõðö
óäõ÷òéòøõäøçì÷òõđöõèóòõ÷
Independent auditor’s reportæòñ÷ìñøèç
to the members of Keller Group plc
Other matters we are required to address
• Ïòïïòúìñê÷ëèõèæòððèñçä÷ìòñéõòð÷ëèÊøçì÷äñçÛìöîÌòððì÷÷èèúè
úèõèäóóòìñ÷èçåü÷ëèæòðóäñüòñ!)Öäü" "!÷òäøçì÷÷ëèĤñäñæìäï
ö÷ä÷èðèñ÷öéòõ÷ëèüèäõèñçìñê#!Íèæèðåèõ" "!äñçöøåöèôøèñ÷
Ĥñäñæìäïóèõìòçöàèúèõèäóóòìñ÷èçäöäøçì÷òõöä÷÷ëèÊññøäïÐèñèõäï
Öèè÷ìñêòéðèðåèõöäñçäñèñêäêèðèñ÷ïè÷÷èõúäööìêñèçòñ#Öäõæë
" ""úëìæëäóóïìèö÷òäïïäææòøñ÷ìñêóèõìòçöéõòð÷ëèçä÷èòé÷ëè
èñêäêèðèñ÷ïè÷÷èõøñ÷ìïì÷ìöõèóïäæèç
Ýëèóèõìòçòé÷ò÷äïøñìñ÷èõõøó÷èçèñêäêèðèñ÷ìñæïøçìñêóõèùìòøö
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#!Íèæèðåèõ" !)÷ò#!Íèæèðåèõ" "!
• Ýëèäøçì÷òóìñìòñìöæòñöìö÷èñ÷úì÷ë÷ëèäççì÷ìòñäïõèóòõ÷÷ò÷ëèÊøçì÷äñç
ÛìöîÌòððì÷÷èè
Use of our report
Ýëìöõèóòõ÷ìöðäçèöòïèïü÷ò÷ëèæòðóäñüđöðèðåèõöäöäåòçüìñ
äææòõçäñæèúì÷ëÌëäó÷èõ#òéÙäõ÷!&òé÷ëèÌòðóäñìèöÊæ÷" &Øøõ
äøçì÷úòõîëäöåèèñøñçèõ÷äîèñöò÷ëä÷úèðìêë÷ö÷ä÷è÷ò÷ëèæòðóäñüđö
ðèðåèõö÷ëòöèðä÷÷èõöúèäõèõèôøìõèç÷òö÷ä÷è÷ò÷ëèðìñäñäøçì÷òõđö
õèóòõ÷äñçéòõñòò÷ëèõóøõóòöèÝò÷ëèéøïïèö÷èû÷èñ÷óèõðì÷÷èçåüïäúúè
çòñò÷äææèó÷òõäööøðèõèöóòñöìåìïì÷ü÷òäñüòñèò÷ëèõ÷ëäñ÷ëèæòðóäñü
äñç÷ëèæòðóäñüđöðèðåèõöäöäåòçüéòõòøõäøçì÷úòõîéòõ÷ëìöõèóòõ÷òõ
éòõ÷ëèòóìñìòñöúèëäùèéòõðèç
.HYLQ+DUNLQ6HQLRUVWDWXWRU\DXGLWRU
for and on behalf of Ernst & Young LLP, Statutory Auditor
Ûèäçìñê
'Öäõæë" ""
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements126

Consolidated income statement
Ïòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 127
Note
2021 2020
Underlying
£m
Non-underlying
items
(note 8)
£m
Statutory
£m
Underlying
£m
Non-underlying
items
(note8)
£m
Statutory
£m
3,4 2, 224. 4 – 2 ,224 .4 2, 062. 5 – 2, 062. 5
6 (2, 132. 0) (9.6) (2 ,141 .6) (1 , 95 3 . 2) (29. 6) (1,982.8)
(2. 8) (4. 2)
0.7
– (4. 2)
– 0.7 0.7
Revenue
Operatingcosts
Amortisationofacquiredintangibleassets
Otheroperatingincome
Shareofpost-taxresultsofjointventures 16 0.4
– (2. 8)
– 0 .7
(0.6) (0. 2) 0.8 – 0.8
3 92 .8 (12 . 3) 80. 5 110 .1 (3 3 .1) 7 7. 0
9 0.4 1 .1
Operating profit/(loss)
Financeincome
Financecosts 10 (9 .3)
– 0.4
– (9. 3) (14 . 3)
– 1 .1
– (14 . 3)
83.9 (12 . 3) 71.6 96.9 (33 .1) 63. 8Profit/(loss) before taxation
Taxation 11 (20 .1) 10 .6 (9. 5) (2 8. 3) 5.6 (22.7)
Profit/(loss) for the year 63.8 (1 .7) 62.1 68.6 (2 7. 5) 41 .1
64 .7 (1 .7) 63.0 70. 0 (2 7. 5) 42. 5
Attributableto:
Equityholdersoftheparent
Non-controllinginterests 33 (0.9) – (0.9) (1 . 4) – (1. 4)
63.8 (1 .7) 62.1 68.6 (2 7. 5) 41 .1
Earnings per share
Basic 13 89.5p 8 7. 1p 9 7. 1p 58 .9p
Diluted 13 88.4p 86 .1p 96.3p 58 .5p

Consolidated statement of comprehensive income
Ïòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements128
Note
2021
£m
2020
£m
Profit for the year 62.1 41 .1
(4 . 3) (5 .9)
(0. 4) 2.9
25
25
32 1. 2
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchangemovementsontranslationofforeignoperations
Transferoftranslationreserveondisposalofsubsidiaries
Cashflowhedgegainstakentoequity
Cashflowhedgetransferredtoincomestatement
Items that will not be reclassified subsequently to profit or loss:
Remeasurementsofdefinedbenefitpensionschemes
Taxonremeasurementsofdefinedbenefitpensionschemes 11 (0 .2)
– 0.5
– (0 .5)
(2. 2)
0.4
Other comprehensive loss for the year, net of tax (3 .7) (4 . 8)
Total comprehensive income for the year 58. 4 36. 3
59. 3 3 7. 9
Attributableto:
Equityholdersoftheparent
Non-controllinginterests (0.9) (1 . 6)
58. 4 36. 3

Consolidated balance sheet
Êöä÷#!Íèæèðåèõ" "!
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 129
Note
2021
£m
2020
1
£m
14 141. 5 1 18.8
15 443. 4 434 .9
16 4 .0 4.4
11 13.0 10 . 3
Assets
Non-current assets
Goodwillandintangibleassets
Property,plantandequipment
Investmentsinjointventures
Deferredtaxassets
Otherassets 17 88. 5 60.3
690. 4 62 8.7
18 72 .1 6 0 .1
19 592. 0 501.9
8.9 2 .1
20 82 .7 66 .3
Current assets
Inventories
Tradeandotherreceivables
Currenttaxassets
Cashandcashequivalents
Assetsheldforsale 21 3. 4 8 .7
759 . 1 6 39 .1
Total assets 3 1, 449. 5 1 , 2 6 7. 8
25 (29. 8) (67 .0)
(17. 9) (17. 1)
22 (5 0 5.7) (381 .7)
Liabilities
Current liabilities
Loansandborrowings
Currenttaxliabilities
Tradeandotherpayables
Provisions 23 (53. 8) (54 .4)
(6 0 7. 2) (52 0. 2)
25 (246 .2) (191 . 8)
32 (2 5.7) (31 .1)
11 (2 8.6) (21 . 3)
23 (7 7. 9) (71. 4)
Non-current liabilities
Loansandborrowings
Retirementbenefitliabilities
Deferredtaxliabilities
Provisions
Otherliabilities 24 (21. 2) (22. 0)
(399. 6) (3 3 7. 6)
Total liabilities 3 (1, 0 0 6 . 8) (857 .8)
Net assets 3 4 42 .7 41 0 . 0
27 7. 3 7. 3
38 .1 3 8 .1
27 7. 6 7. 6
11 . 6 16 . 3
27 56. 9 56 .9
Equity
Sharecapital
Sharepremiumaccount
Capitalredemptionreserve
Translationreserve
Otherreserve
Retainedearnings 318 . 4 2 8 0 .1
439. 9 40 6.3Equity attributable to equity holders of the parent
Non-controllinginterests 33 2.8 3 .7
Total equity 44 2.7 41 0 . 0

Consolidated statement of changes in equity
Ïòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements130
Share
capital
(note27)
£m
Share
premium
account
£m
Capital
redemption
reserve
(note27)
£m
Translation
reserve
£m
Other
reserve
(note27)
£m
Hedging
reserve
(note25)
£m
Retained
earnings
£m
Attributable
to equity
holders of
the parent
£m
Non-
controlling
interests
(note33)
£m
Total
equity
£m
At1January2020 7. 3 38 .1 7. 6 1 9.1 56.9 – 263. 2 392 . 2 5. 3 3 9 7. 5
Profit/(loss) for the year – – – – – – 42. 5 42. 5 (1 . 4) 41. 1
– – – (5 .7) – – – (5 .7) (0. 2) (5.9)
– – – 2 .9 – – – 2.9
– – – –
– – – –
– 0.5
– (0. 5)
– 0.5
– (0. 5)
– – – – – – (2. 2) (2. 2)
Other comprehensive income
Exchangemovementsontranslation
offoreignoperations
Transferofreservesondisposal
ofsubsidiaries
Cashflowhedgegainstakentoequity
Cashflowhedgetransferredto
incomestatement
Remeasurementsofdefined
benefitpensionschemes
Taxonremeasurementsofdefined
benefitpensionschemes – – – – – – 0.4 0.4
– 2.9
– 0. 5
– (0. 5)
– (2. 2)
– 0. 4
Other comprehensive loss
for the year, net of tax – – – (2 .8) – – (1 . 8) (4 .6) (0 . 2) (4 .8)
Total comprehensive (loss)/
income for the year – – – (2 .8) – – 4 0.7 3 7. 9 (1. 6) 36. 3
– – – – – – (25.9) (25.9)Dividends
Share-basedpayments – – – – – – 2.1 2.1
– (25. 9)
– 2.1
At31December2020and1January2021 7. 3 38 .1 7. 6 16 . 3 56 .9 – 28 0 .1 406.3 3.7 410 . 0
Profit/(loss) for the year – – – – – – 63.0 63. 0 (0.9) 62.1
Other comprehensive income
Exchangemovementsontranslation
offoreignoperations – – – (4 . 3) – – – (4 . 3)
Transferofreservesondisposal
ofsubsidiaries – – – (0. 4) – – – (0. 4)
Remeasurementsofdefined
benefitpensionschemes – – – – – – 1. 2 1.2
Taxonremeasurementsofdefined
benefitpensionschemes – – – – – – (0. 2) (0 .2)
– (4 . 3)
– (0 .4)
– 1. 2
– (0. 2)
Other comprehensive (loss)/income
for the year, net of tax – – – (4 .7) – – 1. 0 (3.7) – (3.7)
Total comprehensive (loss)/
income for the year – – – (4 .7) – – 64.0 59. 3 (0 .9) 58.4
Dividends – – – – – – (2 5.9) (25.9)
PurchaseofownsharesforESOPtrust – – – – – – (3 .7) (3 .7)
Share-basedpayments – – – – – – 3 .9 3.9
– (25. 9)
– (3.7)
– 3.9
At 31 December 2021 7. 3 3 8 .1 7. 6 11 . 6 56 .9 – 318 . 4 4 39.9 2. 8 4 42.7

Ìòñöòïìçä÷èçæäöëĥòúö÷ä÷èðèñ÷
Ïòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 131
Note
2021
£m
2020
£m
71. 6 63. 8
8 12 . 3 33 .1
9 (0.4) (1 .1)
Cash flows from operating activities
Profitbeforetaxation
Non-underlyingitems
Financeincome
Financecosts 10 9. 3 14 . 3
3 92 .8 11 0 . 1
15 9 0.6 94 .3
14 0.6 0.6
16 (0.4) (0. 8)
(1 .8) (0 .6)
8.3 1.8
Underlying operating profit
Depreciationofproperty,plantandequipment
Amortisationofintangibleassets
Shareofunderlyingpost-taxresultsofjointventures
Profitonsaleofproperty,plantandequipment
Othernon-cashmovements
Foreignexchangelosses 0.1 1.5
19 0. 2 2 06 .9
(18 . 3) 7. 1
(10 4 . 4) 111 . 1
119 . 0 (8 0. 0)
Operating cash flows before movements in working capital and other underlying items
(Increase)/decreaseininventories
(Increase)/decreaseintradeandotherreceivables
Increase/(decrease)intradeandotherpayables
(Decrease)/increaseinprovisions,retirementbenefitandothernon-currentliabilities (7. 8) 13.9
178 . 7 259 .0
2.4
– 0.7
–
(3.9) (11 . 7)
Cash generated from operations before non-underlying items
Cashinflowsfromnon-underlyingitems:contractdisputes
Cashinflowsfromnon-underlyingitems:assetsheldforsale
Cashoutflowsfromnon-underlyingitems:restructuringcosts
Cashoutflowsfromnon-underlyingitems:acquisitioncosts (0 .5) –
176 . 7 2 48.0
(2.0)
(8 .8)
(3 .1) (3 .8)
Cash generated from operations
Interestpaid
Interestelementofleaserentalpayments
Incometaxpaid (15 .9) (24 . 9)
Net cash inflow from operating activities 155.7 210 . 5
0.4 0.6
9.8 7. 4
5 7. 1 2. 2
5 (29.9) –
15 (8 4.0) (72. 5)
14 (0.4) (0. 5)
Cash flows from investing activities
Interestreceived
Proceedsfromsaleofproperty,plantandequipment
Proceedsondisposalofbusinesses
Acquisitionofbusinesses,netofcashacquired
Acquisitionofproperty,plantandequipment
Acquisitionofotherintangibleassets
Dividendsreceivedfromjointventures 16 – 0.4
Net cash outflow from investing activities (9 7. 0) (62 .4)
91. 2 10 . 4
(69. 4) (1 31 . 4)
(29. 8) (2 7. 2)
(3 .7) –
Cash flows from financing activities
Increaseinborrowings
Repaymentofborrowings
Paymentofleaseliabilities
PurchaseofownsharesforESOPtrust
Dividendspaid 12 (2 5.9) (25 .9)
Net cash outflow from financing activities (3 7. 6) (1 74 . 1)
Net increase/(decrease) in cash and cash equivalents 21. 1 (26 . 0)
61. 6 8 7. 5Cash and cash equivalents at beginning of year
Effectofexchangeratemovements (0.9) 0 .1
Cash and cash equivalents at end of year 20 81 .8 61 . 6

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Keller Group plc Êñ
ñøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements132
1 Corporate information
TheconsolidatedfinancialstatementsofKellerGreller Groupplcoup plcandits
subsidiaries(collectively,the‘Group’)fortheyearended31December
2021wereauthorisedforissueinaccordancewiththeresolutionofthe
Directorson7March2022.
KellerGroupplc(the‘company’)isapubliclimitedcpublic limited company,incorporated
anddomiciledintheUnitedKingdomUnited Kingdom,whosesharesarepubliclytradedon
theLondonStockExchange.Theregisteredofficeislocatedat2Kingdom2 Kingdom
Street,Ltreet, LondonW26BDondon W2 6BD.TheGroupisprincipallyengagedintheprovision
ofspecialistgeotechnicalservices.InformationontheGroup’sstructureis
providedinnote9ofthecompanyfinancialstatements.
2 Significant accounting policies
Basis of preparation
InaccordancewiththeCompaniesAct2006,theseconsolidated
financialstatementshavebeenpreparedandapprovedbytheDirectors
inaccordancewithUKadoptedinternationalaccountingstandards.
Thecompanypreparesitsparentcompanyfinancialstatements
inaccordancewithFRS101.
Theconsolidatedfinancialstatementshavebeenpreparedonanhistorical
costbasis,exceptforderivativefinancialinstrumentsthathavebeen
measuredatfairvalue.Thecarryingvaluesofrecognisedassetsand
liabilitiesthataredesignatedashedgeditemsinfairvaluehedgesthat
wouldotherwisebecarriedatamortisedcostareadjustedtorecognise
changesinthefairvaluesattributabletotherisksthatarebeinghedged
ineffectivehedgerelationships.Theconsolidatedfinancialstatements
arepresentedinpoundssterlingandallvaluesareroundedtothenearest
hundredthousand,expressedinmillionstoonedecimalpoint,exceptwhen
otherwiseindicated.
Going concern
Aspartofthegoingconcernandviabilityreview,managementrana
seriesofdownsidescenariosonthelatestforecastprofitandcashflow
projectionstoassesscovenantheadroomagainstavailablefunding
facilitiesforathree-yearperiodto31December2024.Thegoingconcern
reviewusedthesamedownsidescenariosandforecastsfortheperiod
throughtotheendofMarch2023,aperiodofatleast12monthsfrom
whenthefinancialstatementsareauthorisedforissueandaligningwith
theperiodinwhichtheGroup’sbankingcovenantsaretested.Thisprocess
involvedconstructingscenariostoreflecttheGroup’scurrentassessment
ofitsprincipalrisks,includingthosethatwouldthreatenitsbusiness
model,futureperformance,solvencyorliquidity.Theprincipalrisksand
uncertaintiesmodelledbymanagementalignwiththosedisclosedwithin
thisAnnualReportandAccounts.

Prior year restatement
Insurance restatement
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ĐÝëèðä÷ìæõèùìèúòñÙõòùìöìòñöÌòñ÷ìñêèñ÷Õìäåìïì÷ìèöäñçÌòñ÷ìñêèñ÷
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ÐõòøóđöÊññøäïÛèóòõ÷äñçÊææòøñ÷öéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ
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Retentions restatement
Üèóäõä÷èïüéõòð÷ëèäåòùè÷ëèèïèðèñ÷òé÷õäçèõèæèìùäåïèöõèïä÷ìñê÷
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çè÷äìïèçåèïòú
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Consolidated balance sheet
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Ø÷ëèõäööè÷ö "%) "$" ! " 60.3
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Basis of consolidation
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Changes in accounting policies and disclosures
New and amended standards and interpretations
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Revenue from the sale of goods and services
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Current income tax
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Interest income and expense
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Government subsidies
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äööè÷öõèæòêñì÷ìòñèûèðó÷ìòñ÷òïèäöèöòéòĦæèèôøìóðèñ÷÷ëä÷äõè
æòñöìçèõèçòéïòúäööè÷ùäïøè¤åèïòú|# ¥Õèäöèóäüðèñ÷öòñ
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èûóèñöèòñäö÷õäìêë÷¡ïìñèåäöìöòùèõ÷ëèïèäöè÷èõð
Business combinations
Ëøöìñèööæòðåìñä÷ìòñöäõèäææòøñ÷èçéòõøöìñê÷ëèäæôøìöì÷ìòñðè÷ëòçäö
ä÷÷ëèäæôøìöì÷ìòñçä÷èúëìæëìö÷ëèçä÷èòñúëìæëæòñ÷õòïìö÷õäñöéèõõèç÷ò
÷ëèÐõòøóÌòñ÷õòïìö÷ëèóòúèõ÷òêòùèõñ÷ëèĤñäñæìäïäñçòóèõä÷ìñê
óòïìæìèöòéäñèñ÷ì÷üöòäö÷òòå÷äìñåèñèĤ÷öéõòðì÷öäæ÷ìùì÷ìèöÒñäööèööìñê
æòñ÷õòï÷ëèÐõòøó÷äîèöìñ÷òæòñöìçèõä÷ìòñóò÷èñ÷ìäïùò÷ìñêõìêë÷ö÷ëä÷
æøõõèñ÷ïüäõèèûèõæìöäåïèÝëèæòö÷òéäñäæôøìöì÷ìòñìöðèäöøõèçäö÷ëè
äêêõèêä÷èòé÷ëèæòñöìçèõä÷ìòñ÷õäñöéèõõèçúëìæëìöðèäöøõèçä÷÷ëèéäìõ
ùäïøèä÷÷ëèäæôøìöì÷ìòñçä÷èÊæôøìöì÷ìòñ¡õèïä÷èçæòö÷öäõèèûóèñöèçäö
ìñæøõõèçäñçìñæïøçèçìñäçðìñìö÷õä÷ìùèèûóèñöèöÒçèñ÷ìĤäåïèäööè÷ö
äæôøìõèçäñçïìäåìïì÷ìèöäñçæòñ÷ìñêèñ÷ïìäåìïì÷ìèöäööøðèçìñäåøöìñèöö
æòðåìñä÷ìòñäõèðèäöøõèçìñì÷ìäïïüä÷÷ëèìõéäìõùäïøèöä÷÷ëèäæôøìöì÷ìòñ
çä÷èÝëèèûæèööòéæòö÷òéäñäæôøìöì÷ìòñòùèõ÷ëèéäìõùäïøèòé÷ëèÐõòøóđö
öëäõèòé÷ëèìçèñ÷ìĤäåïèñè÷äööè÷öäæôøìõèçìñæïøçìñêäööè÷öìçèñ÷ìĤèçäö
ìñ÷äñêìåïèöòñäæôøìöì÷ìòñìöõèæòõçèçäöêòòçúìïï
Ýëèõèöøï÷öòéöøåöìçìäõìèöúëìæëëäùèåèèñçìöóòöèçäõèìñæïøçèçøó÷ò÷ëè
èģèæ÷ìùèçä÷èòéçìöóòöäï
Goodwill
Ðòòçúìïïìöìñì÷ìäïïüðèäöøõèçä÷æòö÷åèìñê÷ëèèûæèööòé÷ëèäêêõèêä÷èòé
÷ëèæòñöìçèõä÷ìòñ÷õäñöéèõõèçÊé÷èõìñì÷ìäïõèæòêñì÷ìòñêòòçúìïïìöðèäöøõèç
ä÷æòö÷ïèööäñüäææøðøïä÷èçìðóäìõðèñ÷ïòööèöÐòòçúìïïìöõèùìèúèçéòõ
ìðóäìõðèñ÷äññøäïïüäñçúëèñèùèõ÷ëèõèìöäñìñçìæä÷ìòñ÷ëä÷÷ëèêòòçúìïï
ðäüåèìðóäìõèçìñäææòõçäñæèúì÷ëÒÊÜ#&äñüìðóäìõðèñ÷ïòööèöäõè
õèæòêñìöèçìððèçìä÷èïüìñ÷ëèìñæòðèö÷ä÷èðèñ÷Ðòòçúìïïäõìöìñêóõìòõ÷ò
!Óäñøäõü!))(úäö÷äîèñçìõèæ÷ïü÷òèôøì÷üìñ÷ëèüèäõìñúëìæëì÷äõòöè
Üøæëêòòçúìïïëäöñò÷åèèñõèìñö÷ä÷èçòñ÷ëèåäïäñæèöëèè÷Ïòõ÷ëè
óøõóòöèòéìðóäìõðèñ÷÷èö÷ìñêêòòçúìïïäæôøìõèçìñäåøöìñèöö
æòðåìñä÷ìòñìöéõòð÷ëèäæôøìöì÷ìòñçä÷èäïïòæä÷èç÷òèäæëòé÷ëèÐõòøóđö
æäöë¡êèñèõä÷ìñêøñì÷ö¤ÌÐÞö¥÷ëä÷äõèèûóèæ÷èç÷òåèñèĤ÷éõòð÷ëè
æòðåìñä÷ìòñìõõèöóèæ÷ìùèòéúëè÷ëèõò÷ëèõäööè÷öòõïìäåìïì÷ìèöòé÷ëè
äæôøìõèèäõèäööìêñèç÷ò÷ëòöèøñì÷ö
àëèõèêòòçúìïïëäöåèèñäïïòæä÷èç÷òäÌÐÞäñçóäõ÷òé÷ëèòóèõä÷ìòñ
úì÷ëìñ÷ëä÷øñì÷ìöçìöóòöèçòé÷ëèêòòçúìïïäööòæìä÷èçúì÷ë÷ëèçìöóòöèç
òóèõä÷ìòñìöìñæïøçèçìñ÷ëèæäõõüìñêäðòøñ÷òé÷ëèòóèõä÷ìòñúëèñ
çè÷èõðìñìñê÷ëèêäìñòõïòööòñçìöóòöäïÐòòçúìïïçìöóòöèçìñ÷ëèöè
æìõæøðö÷äñæèöìöðèäöøõèçåäöèçòñ÷ëèõèïä÷ìùèùäïøèöòé÷ëèçìöóòöèç
òóèõä÷ìòñäñç÷ëèóòõ÷ìòñòé÷ëèÌÐÞõè÷äìñèç
Other intangible assets
Òñ÷äñêìåïèäööè÷öò÷ëèõ÷ëäñêòòçúìïïìñæïøçèóøõæëäöèçïìæèñæèööòé÷úäõè
¤ìñæïøçìñêìñ÷èõñäïïüêèñèõä÷èçöòé÷úäõè¥æøö÷òðèõõèïä÷ìòñöëìóöæøö÷òðèõ
æòñ÷õäæ÷öäñç÷õäçèñäðèöÒñ÷äñêìåïèäööè÷öäõèæäóì÷äïìöèçä÷æòö÷äñç
äðòõ÷ìöèçòñäö÷õäìêë÷¡ïìñèåäöìöòùèõ÷ëèìõøöèéøïèæòñòðìæïìùèöéõòð÷ëè
çä÷è÷ëä÷÷ëèüäõèäùäìïäåïèéòõøöèäñçäõèö÷ä÷èçä÷æòö÷ïèööäææøðøïä÷èç
äðòõ÷ìöä÷ìòñäñçìðóäìõðèñ÷ïòööèöÝëèèö÷ìðä÷èçøöèéøïèæòñòðìæïìùèö
äõèäöéòïïòúö
Õìæèñæèö !÷ò$üèäõö
Üòé÷úäõè #÷ò'üèäõö
Ùä÷èñ÷ö "÷ò'üèäõö
Ìøö÷òðèõõèïä÷ìòñöëìóö %÷ò'üèäõö
Ìøö÷òðèõæòñ÷õäæ÷ö !÷ò"üèäõö
Ýõäçèñäðèö %÷ò'üèäõö
Impairment of assets excluding goodwill
Ýëèæäõõüìñêùäïøèöòéóõòóèõ÷üóïäñ÷äñçèôøìóðèñ÷õìêë÷¡òé¡øöèäööè÷ö
äñçò÷ëèõìñ÷äñêìåïèöäõèõèùìèúèçéòõìðóäìõðèñ÷úëèñèùèñ÷öòõæëäñêèö
ìñæìõæøðö÷äñæèöìñçìæä÷è÷ëèæäõõüìñêùäïøèðäüåèìðóäìõèçÒéäñüöøæë
ìñçìæä÷ìòñöèûìö÷ö÷ëèõèæòùèõäåïèäðòøñ÷åèìñê÷ëèïòúèõòé÷ëèìõæäõõüìñê
äðòøñ÷äñçéäìõùäïøèïèööæòö÷ö÷òöèïïòé÷ëèäööè÷ìöèö÷ìðä÷èçìñòõçèõ÷ò
çè÷èõðìñè÷ëèèû÷èñ÷òéìðóäìõðèñ÷ïòöö
Capital work in progress
Ìäóì÷äïúòõîìñóõòêõèööõèóõèöèñ÷öèûóèñçì÷øõèòñóõòóèõ÷üóïäñ÷äñç
èôøìóðèñ÷ìñ÷ëèæòøõöèòéæòñö÷õøæ÷ìòñÝõäñöéèõöäõèðäçè÷òò÷ëèõ
óõòóèõ÷üóïäñ÷äñçèôøìóðèñ÷æä÷èêòõìèöúëèñ÷ëèäööè÷öäõèäùäìïäåïèéòõ
øöè
Inventories
Òñùèñ÷òõìèöäõèðèäöøõèçä÷÷ëèïòúèõòéæòö÷äñçèö÷ìðä÷èçñè÷õèäïìöäåïè
ùäïøèúì÷ëäïïòúäñæèðäçèéòõòåöòïè÷èòõöïòú¡ðòùìñêì÷èðö
Ìòö÷æòðóõìöèöçìõèæ÷ðä÷èõìäïöäñçúëèõèäóóïìæäåïèçìõèæ÷ïäåòøõæòö÷ö
äñç÷ëòöèòùèõëèäçö÷ëä÷ëäùèåèèñìñæøõõèçìñåõìñêìñê÷ëèìñùèñ÷òõìèö÷ò
÷ëèìõóõèöèñ÷ïòæä÷ìòñäñçæòñçì÷ìòñ
àõì÷è¡çòúñö÷òñè÷õèäïìöäåïèùäïøèäõèðäçèéòõöïòú¡ðòùìñêçäðäêèç
òõòåöòïè÷èì÷èðöåäöèçòñèùäïøä÷ìòñöðäçèä÷÷ëèïòæäïïèùèïåü
õèéèõèñæè÷òéõèôøèñæüòéö÷òæî÷øõñòùèõòõöóèæìĤæéäæ÷òõöäģèæ÷ìñê
÷ëèì÷èðöæòñæèõñèç
Assets held for sale
Êööè÷öäõèæïäööìĤèçäöëèïçéòõöäïèìé÷ëèìõæäõõüìñêäðòøñ÷úìïïåè
õèæòùèõèçåüöäïèõä÷ëèõ÷ëäñåüæòñ÷ìñøìñêøöèìñ÷ëèåøöìñèööÊööè÷öëèïç
éòõöäïèäõèðèäöøõèçä÷÷ëèïòúèõòé÷ëèìõæäõõüìñêäðòøñ÷äñçéäìõùäïøè
ïèööæòö÷ö÷òöèïïúì÷ëõèéèõèñæè÷òæòðóäõäåïèðäõîè÷÷õäñöäæ÷ìòñö
Êööè÷ö÷ëä÷äõèæïäööìĤèçäöëèïçéòõöäïèäõèñò÷çèóõèæìä÷èç
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 137

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
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Ïìñäñæìäïäööè÷öäñçĤñäñæìäïïìäåìïì÷ìèöäõèõèæòêñìöèçìñ÷ëèÐõòøóđö
åäïäñæèöëèè÷úëèñ÷ëèÐõòøóåèæòðèöäóäõ÷ü÷ò÷ëèæòñ÷õäæ÷øäï
óõòùìöìòñöòé÷ëèìñö÷õøðèñ÷ÝëèóõìñæìóäïĤñäñæìäïäööè÷öäñçïìäåìïì÷ìèö
òé÷ëèÐõòøóäõèäöéòïïòúö
(a) Trade receivables and trade payables
Ýõäçèõèæèìùäåïèöäõèìñì÷ìäïïüõèæòõçèçä÷éäìõùäïøèäñçöøåöèôøèñ÷ïü
ðèäöøõèçä÷æòö÷äñçõèçøæèçåüäïïòúäñæèöéòõèö÷ìðä÷èçìõõèæòùèõäåïè
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Ýõäçèõèæèìùäåïèöäñçæòñ÷õäæ÷äööè÷öäõèö÷ä÷èçñè÷òéèûóèæ÷èç
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Ðõòøóøöèöäóõòùìöìòñðä÷õìû
Ýõäçèóäüäåïèö÷ëä÷äõèñò÷ìñ÷èõèö÷åèäõìñêäõèìñì÷ìäïïüõèæòêñìöèçä÷éäìõ
ùäïøèäñçæäõõìèçä÷äðòõ÷ìöèçæòö÷
(b) Cash and cash equivalents
Ìäöëäñçæäöëèôøìùäïèñ÷öìñ÷ëèåäïäñæèöëèè÷æòðóõìöèæäöëä÷åäñîäñç
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(c) Bank and other borrowings
Òñ÷èõèö÷¡åèäõìñêåäñîäñçò÷ëèõåòõõòúìñêöäõèõèæòõçèçä÷÷ëèéäìõùäïøè
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Provisions
Ùõòùìöìòñöëäùèåèèñðäçèéòõèðóïòüèè¡õèïä÷èçïìäåìïì÷ìèöõèö÷õøæ÷øõìñê
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements138

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ðä÷èõìäïèûóèæ÷èçéø÷øõèæäöëĥòúöäõèçìöæòøñ÷èçøöìñêäæøõõèñ÷óõè¡÷äû
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çìöæòøñ÷ìñêìöøöèç÷ëèìñæõèäöèìñ÷ëèóõòùìöìòñçøè÷òøñúìñçìñê÷ëè
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Contingent liabilities
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Contingent assets
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Segmental reporting
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 141

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5 Acquisitions and disposals
Acquisitions
Øñ!#Óøïü" "!÷ëèÐõòøóäæôøìõèç! ]òé÷ëèìööøèçöëäõèæäóì÷äïòéÛÎÌØ×ÜèõùìæèöÒñæäêèò÷èæëñìæäïèñùìõòñðèñ÷äïõèðèçìä÷ìòñäñçìñçøö÷õìäï
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æèõ÷äìñæòñ÷õäæ÷äúäõçö÷ëè÷ò÷äïéäìõùäïøèòé÷ëèæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñìö|)%ð¤ÞÜz!#!ð¥òéúëìæë|!%ðëäöåèèñóäìçäñç|( ðìöõèæòêñìöèçäö
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Øñ")Üèó÷èðåèõ" "!÷ëèÐõòøóäæôøìõèç÷ëè÷õäçèäñçäööè÷öòéÜøå÷èõõäñèäñ¤Öäñì÷òåä¥Õ÷çäêèò÷èæëñìæäïæòñ÷õäæ÷òõìñÌäñäçäéòõäñìñì÷ìäïæäöë
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Òñ÷äñêìåïèäööè÷ö – !() 18.9 # ! 0.4 19.3
Ùõòóèõ÷üóïäñ÷äñçèôøìóðèñ÷ $# $ 4.7 ') ¤!(¥ 6.1 10.8
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Ìäöëäñçæäöëèôøìùäïèñ÷ö ) – 0.9 ––t 0.9
"'" !)" 46.4 !$% ¤%#¥ 9.2 55.6
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Íèéèõõèç÷äûïìäåìïì÷ìèö – ¤%!¥ (5.1) ––t (5.1)
Ùõòùìöìòñö ¤ !¥ ¤!#¥ (1.4) ––t (1.4)
Ø÷ëèõñòñ¡æøõõèñ÷ïìäåìïì÷ìèö ¤ #¥ – (0.3) ––t (0.3)
¤!#)¥ ¤&&¥ (20.5) ¤!#¥ – (1.3) (21.8)
7RWDOLGHQWLƬDEOHQHWDVVHWV !## !"& 25.9 !#" ¤%#¥ 7. 9 33.8
Ðòòçúìïï 3.7 1.9 5.6
Total consideration 29.6 9.8 39.4
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Òñì÷ìäïæäöëæòñöìçèõä÷ìòñ 20.2 9.2 29.4
Ìòñ÷ìñêèñ÷æòñöìçèõä÷ìòñ 9.5 t 9.5
Íèéèõõèçæòñöìçèõä÷ìòñ t 0.8 0.8
Ùøõæëäöèóõìæèäçíøö÷ðèñ÷ (0.1) (0.2) (0.3)
29.6 9.8 39.4
Acquisition of businesses per
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Òñì÷ìäïæäöëæòñöìçèõä÷ìòñ 20.2 9.2 29.4
Ìòñ÷ìñêèñ÷æòñöìçèõä÷ìòñóäìç 1.5 t 1.5
Ùøõæëäöèóõìæèäçíøö÷ðèñ÷õèæèìùèç (0.1) t (0.1)
Õèööæäöëäæôøìõèç (0.9) t (0.9)
20.7 9.2 29.9
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements144

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Øñ"(Óøñè" "!÷ëèÐõòøóçìöóòöèçòéì÷öÌüñ÷èæëÊñæëòõöòóèõä÷ìòñìñÌäñäçäåèìñê! ]òé÷ëèìööøèçöëäõèæäóì÷äïòéÔèïïèõÌüñ÷èæëÞÜäñç
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Cyntech Anchors
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Ùõòæèèçö 3.1
Üäïèóõìæèäçíøö÷ðèñ÷ö 2.9
Net disposal proceeds 6.0
×è÷äööè÷öçìöóòöèç¤öèèåèïòú¥ (6.6)
Ìøõõèñæü÷õäñöïä÷ìòñêäìñö÷õäñöéèõõèçéõòð÷õäñöïä÷ìòñõèöèõùè 0.4
Non-underlying loss on disposal (0.2)
Cyntech Anchors
£m
Ùõòóèõ÷üóïäñ÷äñçèôøìóðèñ÷ 1.4
Òñùèñ÷òõìèö 3.9
Ýõäçèäñçò÷ëèõõèæèìùäåïèö 13.1
Ýõäçèäñçò÷ëèõóäüäåïèö (10.7)
Ø÷ëèõñè÷ïìäåìïì÷ìèö (1.3)
Net assets disposed 6.6
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Øñ&Êóõìï" " ÷ëèÐõòøóçìöóòöèçòéì÷öËõäýìïòóèõä÷ìòñåèìñê! ]òé÷ëèìööøèçöëäõèæäóì÷äïòéÔèïïèõÝèæñòêèòÏøñçäæòèöÕ÷çäéòõäæäöë
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Øñ!!Üèó÷èðåèõ" " ÷ëèÐõòøóçìöóòöèçòéàäññèñúè÷öæëÐðåÑäñòñ¡æòõèåøöìñèööìñÐèõðäñüéòõäæäöëæòñöìçèõä÷ìòñòé|"$ð¤ÎÞÛ"&ð¥
Ýëèïòööòñçìöóòöäïä÷#!Íèæèðåèõ" " úäö| )ðÍøõìñê÷ëèæøõõèñ÷üèäõæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñòé| 'ðúäöõèæèìùèçìñäææòõçäñæèúì÷ë÷ëè
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Ìòïæõè÷èóõòæèèçö 0.4
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements150

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2021
£m
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25.9 "%)
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13 Earnings per share
Ëäöìæèäõñìñêöóèõöëäõèìöæäïæøïä÷èçåüçìùìçìñê÷ëèóõòĤ÷éòõ÷ëèüèäõä÷÷õìåø÷äåïè÷òòõçìñäõüèôøì÷üëòïçèõöòé÷ëèóäõèñ÷åü÷ëèúèìêë÷èçäùèõäêè
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2021 " " 2021 " "
Basic and diluted earnings (£m) 64.7 '  63.0 $"%
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Ëäöìæñøðåèõòéòõçìñäõüöëäõèöòø÷ö÷äñçìñê 72.3 '"! 72.3 '"!
Îģèæ÷òéçìïø÷ìòñéõòð
Üëäõèòó÷ìòñöäñçäúäõçö 0.9 & 0.9 &
'LOXWHGQXPEHURIRUGLQDU\VKDUHVRXWVWDQGLQJ 73.2 '"' 73.2 '"'
Earnings per share
Ëäöìæèäõñìñêöóèõöëäõè¤ó¥ 89.5 )'! 87.1 %()
Íìïø÷èçèäõñìñêöóèõöëäõè¤ó¥ 88.4 )&# 86.1 %(%
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÷ëèÎðóïòüèèÜëäõèØúñèõöëìóÙïäñÝõøö÷äñç÷ëòöèëèïçìñ÷õèäöøõüúëìæëéòõ÷ëèóøõóòöèòé÷ëìöæäïæøïä÷ìòñäõè÷õèä÷èçäöæäñæèïïèç
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 151

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£m
Cost
Ê÷!Óäñøäõü" " ""(& %) "#$ 311.0
Êççì÷ìòñö –– % 0.5
Íìöóòöäïòéåøöìñèööèö ¤'"¥ ––(7.2)
Îûæëäñêèðòùèðèñ÷ö ¤!(¥ ¤ !¥ ¤ &¥ (2.5)
Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! "!)& %() "## 301.8
Êççì÷ìòñö –– $ 0.4
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Íìöóòöäïö ––¤ '¥ (0.7)
Îûæëäñêèðòùèðèñ÷ö !! % ¤ &¥ 1.0
$W'HFHPEHU 226.3 78.7 22.4 327.4
Accumulated amortisation and impairment
Ê÷!Óäñøäõü" " !!!( %"$ ""! 186.3
Òðóäìõðèñ÷æëäõêèéòõ÷ëèüèäõ # ––0.3
Êðòõ÷ìöä÷ìòñæëäõêèéòõ÷ëèüèäõ – $" & 4.8
Íìöóòöäïòéåøöìñèööèö ¤'"¥ ––(7.2)
Îûæëäñêèðòùèðèñ÷ö ¤ %¥ ¤ !¥ ¤ &¥ (1.2)
Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! ! $$ %&% ""! 183.0
Êðòõ÷ìöä÷ìòñæëäõêèéòõ÷ëèüèäõ – "( & 3.4
Íìöóòöäïö ––¤ '¥ (0.7)
Îûæëäñêèðòùèðèñ÷ö & ¤ !¥ ¤ #¥ 0.2
$W'HFHPEHU 105.0 59.2 21.7 185.9
Carrying amount
Ê÷!Óäñøäõü" " !!&( && !# 124.7
Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! !!%" "$ !" 118.8
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15 Property, plant and equipment
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Ê÷!Óäñøäõü" " ' ' (( $ )& 960.7
Êççì÷ìòñö "" &') "$ 72.5
Íìöóòöäïö ¤!%¥ ¤#'%¥ ¤ '¥ (39.7)
Ýõäñöéèõö÷òëèïçéòõöäïè¹ ¤ %¥ ¤"##¥ – (23.8)
Íìöóòöäïòéåøöìñèööèö ¤"#¥ ¤!""¥ – (14.5)
ÛèæïäööìĤæä÷ìòñ – $# ¤$#¥ t
Îûæëäñêèðòùèðèñ÷ö # ¤ )¥ # (0.3)
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Íìöóòöäïö ¤"%¥ ¤$!$¥ – (43.9)
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Ê÷!Óäñøäõü" " " ) %%%! – 576.0
Ìëäõêèéòõ÷ëèüèäõ "" &$! – 66.3
Íìöóòöäïö ¤ "¥ ¤#"'¥ – (32.9)
Ýõäñöéèõö÷òëèïçéòõöäïè¹ ¤ %¥ ¤!%$¥ – (15.9)
Íìöóòöäïòéåøöìñèööèö ¤!"¥ ¤)"¥ – (10.4)
Òðóäìõðèñ÷ö ! &% – 6.6
Îûæëäñêèðòùèðèñ÷ö ! ¤ #¥ – (0.2)
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18 Inventories
2021
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2021
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Þñúìñçìñêòéçìöæòøñ÷äñçæëäñêèöìñ÷ëè
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Ìøõõèñ÷ #" #% #$! )$ #& 53.8
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$W'HFHPEHU 9.9 3.5 41.9 72.8 3.6 131.7
! Ýëèæòðóäõä÷ìùèåäïäñæèöëèè÷ëäöåèèñõèö÷ä÷èç÷òóõèöèñ÷êõòööìñöøõäñæèóõòùìöìòñöúì÷ëäöèóäõä÷èõèìðåøõöèðèñ÷äööè÷õèæòêñìöèçéòõäðòøñ÷öõèæòùèõäåïèéõòðìñöøõäñæèóõòùìçèõöäöòø÷ïìñèç
ìññò÷è"÷ò÷ëèĤñäñæìäïö÷ä÷èðèñ÷ö
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 159

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
23 Provisionsæòñ÷ìñøèç
Employee provisions
Îðóïòüèèóõòùìöìòñöõèïä÷è÷òùäõìòøöïìäåìïì÷ìèöìñõèöóèæ÷òéèðóïòüèèõìêë÷öäñçåèñèĤ÷öìñæïøçìñê÷ëèúòõîèõöđæòðóèñöä÷ìòñöæëèðèìñ×òõ÷ëÊðèõìæä
äñçïòñêöèõùìæèïèäùèåèñèĤ÷öìñÊøö÷õäïìä
Ê÷#!Íèæèðåèõ" "!÷ëèóõòùìöìòñìñõèöóèæ÷òéúòõîèõöđæòðóèñöä÷ìòñúäö|&%ð¤" " |&(ð¥Êóõòùìöìòñìöõèæòêñìöèçúëèñäñèðóïòüèèìñéòõðö
÷ëèæòðóäñüòéäúòõîèõöđæòðóèñöä÷ìòñæïäìðÝëèóõòùìöìòñìöðèäöøõèçåäöèçòñìñéòõðä÷ìòñóõòùìçèçåü÷ëèúòõîèõöđæòðóèñöä÷ìòñìñöøõèõÝëè
äæ÷øäïæòö÷ö÷ëä÷ðäüåèìñæøõõèçìñõèöóèæ÷òé÷ëèöèæïäìðöäõèçèóèñçèñ÷òñ÷ëèäööèööðèñ÷òéäñèðóïòüèèđöæïäìðäñçóò÷èñ÷ìäïðèçìæäïèûóèñöèö
úì÷ë÷ìðìñêòéòø÷ĥòúöùäõìäåïèçèóèñçìñêòñ÷ëèæïäìð
Ê÷#!Íèæèðåèõ" "!÷ëèóõòùìöìòñìñõèöóèæ÷òéïòñêöèõùìæèïèäùèúäö|!'ð¤" " |!&ð¥Êóõòùìöìòñìöõèæòêñìöèçä÷÷ëèóòìñ÷äñèðóïòüèèíòìñö÷ëè
æòðóäñüúì÷ëäñäçíøö÷ðèñ÷ðäçè÷òéäæ÷òõ÷ëèïìîèïìëòòç÷ëä÷÷ëèèðóïòüèèúìïïõèðäìñìñæòñ÷ìñøòøööèõùìæèúì÷ë÷ëèæòðóäñü÷òðèè÷÷ëè÷ëõèöëòïç÷ò
õèæèìùè÷ëèåèñèĤ÷öÒ÷ìöðèäöøõèçä÷÷ëèóõèöèñ÷ùäïøèòéèûóèæ÷èçéø÷øõèóäüðèñ÷öéòõöèõùìæèöóõòùìçèçåüèðóïòüèèöøó÷ò÷ëèõèóòõ÷ìñêçä÷èÝëè
äæ÷øäïæòö÷ö÷ëä÷ðäüåèìñæøõõèçäõèçèóèñçèñ÷òñ÷ëèïèñê÷ëòéöèõùìæèòéèðóïòüèèöäñçäðèñçèçéòõäñüíòìñèõöäñçïèäùèõöÝëèóõòùìöìòñìöø÷ìïìöèç
úëèñ÷ëèïèäùèìö÷äîèñåü÷ëèèðóïòüèèòõúëèñøñøöèçïèäùèìöóäìçòñ÷èõðìñä÷ìòñòéèðóïòüðèñ÷
Îðóïòüèèóõòùìöìòñöäïöòìñæïøçèöäñäðòøñ÷òé|!$ð¤" " | )ð¥ìñõèöóèæ÷òéöòæìäïöèæøõì÷üæòñ÷õìåø÷ìòñöòñöëäõèòó÷ìòñöÝëìöóõòùìöìòñìöø÷ìïìöèç
äö÷ëèòó÷ìòñöäõèèûèõæìöèçåüèðóïòüèèöúëìæëòææøõöúëèñ÷ëèäúäõçöùèö÷
Restructuring provisions
Êõèö÷õøæ÷øõìñêóõòùìöìòñìöõèæòêñìöèçúëèñ÷ëèÐõòøóëäöçèùèïòóèçäçè÷äìïèçéòõðäïóïäñéòõ÷ëèõèö÷õøæ÷øõìñêëäöõäìöèçäùäïìçèûóèæ÷ä÷ìòñìñ÷ëòöè
ìñçìùìçøäïöäģèæ÷èçäñçïìäåìïì÷ìèöëäùèåèèñìçèñ÷ìĤèçÝëèðèäöøõèðèñ÷òéäõèö÷õøæ÷øõìñêóõòùìöìòñìñæïøçèöòñïü÷ëèçìõèæ÷èûóèñçì÷øõèöäõìöìñêéõòð÷ëè
õèö÷õøæ÷øõìñê
Ýëèõèö÷õøæ÷øõìñêóõòùìöìòñöìñ" "!õèïä÷èóõìðäõìïü÷ò÷ëèõèïèùäñ÷äæ÷ìùì÷ìèöìñ÷ëèÎøõòóèäñçÊöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæäÍìùìöìòñöÝëè
óõòùìöìòñöæòðóõìöèðäìñïüäðòøñ÷öéòõõèçøñçäñæüæòö÷öÎö÷ìðä÷èöðäüçìģèõéõòð÷ëèäæ÷øäïæëäõêèöçèóèñçìñêòñ÷ëèĤñäïìöä÷ìòñòéõèçøñçäñæü
äðòøñ÷öÝëèöèóõòùìöìòñöäõèèûóèæ÷èç÷òåèø÷ìïìöèçúì÷ëìñ÷ëèñèû÷!"ðòñ÷ëö
Contract provisions
Ìòñ÷õäæ÷óõòùìöìòñöìñæïøçèòñèõòøöæòñ÷õäæ÷öúëèõè÷ëèéòõèæäö÷æòö÷öòéæòðóïè÷ìñê÷ëèæòñ÷õäæ÷èûæèèç÷ëèõèùèñøèÙõòùìöìòñìöðäçèìñéøïïúëèñ
öøæëïòööèöäõèéòõèöèèñåäöèçòñ÷ëèèö÷ìðä÷èçøñäùòìçäåïèæòö÷öòéðèè÷ìñê÷ëèòåïìêä÷ìòñöòé÷ëèæòñ÷õäæ÷úëèõè÷ëèöèèûæèèç÷ëèèæòñòðìæ
åèñèĤ÷öèûóèæ÷èç÷òåèõèæèìùèçÝëèøñäùòìçäåïèæòö÷öøñçèõäæòñ÷õäæ÷õèĥèæ÷÷ëèïèäö÷ñè÷æòö÷òéèûì÷ìñêéõòð÷ëèæòñ÷õäæ÷úëìæëìö÷ëèïòúèõòé÷ëè
æòö÷òééøïĤïïìñêì÷äñçäñüæòðóèñöä÷ìòñòõóèñäï÷ìèöäõìöìñêéõòðéäìïøõè÷òéøïĤïì÷Ýëèðäíòõì÷üòé÷ëìöåäïäñæèìöèûóèæ÷èç÷òåèø÷ìïìöèçìñ÷ëèñèû÷!"
ðòñ÷ëöêìùèñ÷ëèêèñèõäïöëòõ÷¡÷èõðñä÷øõèòéæòñ÷õäæ÷öÝëèñòñ¡æøõõèñ÷èïèðèñ÷òé÷ëèóõòùìöìòñõèïä÷èö÷òïòñêèõ¡÷èõðæòñ÷õäæ÷öäñçæøö÷òðèõ
æïäìðöäñççìöóø÷èö
Insurance and legal provisions
Òñöøõäñæèäñçïèêäïóõòùìöìòñöæòðóõìöèö÷ëèïìäåìïì÷üéòõïèêäïæïäìðöäêäìñö÷÷ëèÐõòøóìñæïøçìñê÷ëòöè÷ëä÷äõèõè÷äìñèçúì÷ëìñ÷ëèÐõòøóđöæäó÷ìùèìñöøõèõ
¤÷ëèĐæäó÷ìùèđ¥Ýëèæäó÷ìùèæòùèõöåò÷ëóøåïìæïìäåìïì÷üäñçóõòéèööìòñäïìñçèðñì÷üæïäìðöéòõ÷ëèÐõòøóÝëèæäó÷ìùèæòùèõöïìäåìïì÷ìèöåèïòúäñøóóèõïìðì÷
äåòùèúëìæë÷ëìõç¡óäõ÷üìñöøõäñæèäóóïìèö
Ïòïïòúìñê÷ëèìçèñ÷ìĤæä÷ìòñòéäñèõõòõ¤õèéèõ÷òñò÷è"éòõéøõ÷ëèõçè÷äìïö¥÷ëèõèúäöäæëäñêèìñäææòøñ÷ìñêóòïìæüéòõ÷ëèóõèöèñ÷ä÷ìòñòéóõòùìöìòñöéòõ
ïèêäïæïäìðöäñçõèïä÷èçìñöøõäñæèõèæèìùäåïèöÙõòùìöìòñöéòõìñöøõäñæèäñçïèêäïæïäìðöäõèðäçèåäöèçòñ÷ëèåèö÷èö÷ìðä÷èòé÷ëèïìîèïü÷ò÷äïöè÷÷ïèðèñ÷
ùäïøèòéäæïäìðäêäìñö÷÷ëèÐõòøóÖäñäêèðèñ÷öèèîöóèæìäïìö÷ìñóø÷éõòðïèêäïäçùìöèõöäñç÷ëèÐõòøóđöìñöøõäñæèæïäìðöëäñçïèõ÷òèö÷ìðä÷è÷ëèðòö÷
ïìîèïüïèêäïòø÷æòðèÝëèòø÷æòðèòéïèêäïñèêò÷ìä÷ìòñöìöìñëèõèñ÷ïüøñæèõ÷äìñäöäõèöøï÷÷ëèõèæäñåèñòêøäõäñ÷èè÷ëä÷÷ëèäööøðó÷ìòñöøöèç÷ò
èö÷ìðä÷è÷ëèóõòùìöìòñúìïïõèöøï÷ìñäñäææøõä÷èóõèçìæ÷ìòñòé÷ëèäæ÷øäïæòö÷ö÷ëä÷ðäüåèìñæøõõèç
Êóõòùìöìòñìöõèæòêñìöèçúëèñì÷ìöíøçêèçïìîèïü÷ëä÷äïèêäïæïäìðúìïïõèöøï÷ìñäóäüðèñ÷÷ò÷ëèæïäìðäñ÷äñç÷ëèäðòøñ÷òé÷ëèæïäìðæäñåèõèïìäåïü
èö÷ìðä÷èçÙõòùìöìòñöäõèø÷ìïìöèçäöìñöøõäñæèæïäìðöäõèöè÷÷ïèçúëìæëðäü÷äîèäñøðåèõòéüèäõöÊöèóäõä÷èìñöøõäñæèõèæèìùäåïèìöõèæòêñìöèç÷ò÷ëè
èû÷èñ÷÷ëä÷æòñĤõðèç÷ëìõç¡óäõ÷üìñöøõäñæèìöèûóèæ÷èç÷òæòùèõäñüèïèðèñ÷òéäñèö÷ìðä÷èçæïäìðùäïøèäñçìöùìõ÷øäïïüæèõ÷äìñ÷òåèõèæòùèõèçÝëèäööè÷
ìöõèæòêñìöèçúì÷ëìñò÷ëèõñòñ¡æøõõèñ÷äööè÷ö¤õèéèõ÷òñò÷è!'¥äñç÷õäçèäñçò÷ëèõõèæèìùäåïèö¤õèéèõ÷òñò÷è!)¥Öäñäêèðèñ÷æòñöìçèõö÷ëä÷÷ëèõèäõè
ñòìñö÷äñæèöòéõèìðåøõöäåïèäööè÷öúëìæëäõèóõòåäåïèìññä÷øõè
Other provisions
Ø÷ëèõóõòùìöìòñöäõèìñõèöóèæ÷òéóõòóèõ÷üçìïäóìçä÷ìòñäõìöìñêéõòðïèäöèòåïìêä÷ìòñöäñçò÷ëèõòóèõä÷ìòñäïóõòùìöìòñöàëèõèäïèäöèìñæïøçèöäĐðäîè¡
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øöìñê÷ëèäööè÷äñç÷ëèæòö÷òé÷ëèèûóèæ÷èçúòõîõèôøìõèçæäñåèõèïìäåïüèö÷ìðä÷èçÝëèöèäõèèûóèæ÷èç÷òåèø÷ìïìöèçòùèõ÷ëèõèïèùäñ÷ïèäöè÷èõðúëìæë
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements160

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25 Financial instruments
Îûóòöøõè÷òæõèçì÷ìñ÷èõèö÷õä÷èäñçæøõõèñæüõìöîöäõìöèìñ÷ëèñòõðäïæòøõöèòé÷ëèÐõòøóđöåøöìñèööäñçëäùèåèèñìçèñ÷ìĤèçäöõìöîöéòõ÷ëèÐõòøó
Íèõìùä÷ìùèĤñäñæìäïìñö÷õøðèñ÷öäõèøöèç÷òëèçêèèûóòöøõè÷òĥøæ÷øä÷ìòñöìñéòõèìêñèûæëäñêèäñçìñ÷èõèö÷õä÷èö
ÝëèÐõòøóçòèöñò÷÷õäçèìñĤñäñæìäïìñö÷õøðèñ÷öñòõçòèöì÷èñêäêèìñöóèæøïä÷ìùèçèõìùä÷ìùè÷õäñöäæ÷ìòñö
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ÝëèÐõòøóéäæèöæøõõèñæüõìöîóõìñæìóäïïüòñì÷öñè÷äööè÷öðòö÷òéúëìæëäõèìñæøõõèñæìèöò÷ëèõ÷ëäñö÷èõïìñêÝëèÐõòøóäìðö÷òõèçøæè÷ëèìðóäæ÷÷ëä÷
õè÷õäñöïä÷ìòñòé÷ëèöèñè÷äööè÷öðìêë÷ëäùèòñ÷ëèæòñöòïìçä÷èçåäïäñæèöëèè÷åüðä÷æëìñê÷ëèæøõõèñæüòéì÷öåòõõòúìñêöúëèõèóòööìåïèúì÷ë÷ëè
æøõõèñæüòéì÷öäööè÷öÝëèðäíòõì÷üòé÷ëèÐõòøóđöåòõõòúìñêöäõèëèïçìñö÷èõïìñêÞÜçòïïäõöäñçÊøö÷õäïìäñçòïïäõö
ÝëèÐõòøóðäñäêèöì÷öæøõõèñæüĥòúö÷òðìñìðìöè÷õäñöäæ÷ìòñèûæëäñêèõìöîÏòõúäõçæòñ÷õäæ÷öäõèøöèç÷òëèçêèöìêñìĤæäñ÷ìñçìùìçøäï÷õäñöäæ÷ìòñö
Ýëèðäíòõì÷üòéöøæëæøõõèñæüĥòúöúì÷ëìñ÷ëèÐõòøóõèïä÷è÷ò÷ëèõèóä÷õìä÷ìòñòéóõòĤ÷öìñ÷õä¡êõòøóïòäñõèóäüðèñ÷öäñçäñüéòõèìêñæøõõèñæüæäöëĥòúö
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Êöä÷#!Íèæèðåèõ" "!÷ëèéäìõùäïøèòéòø÷ö÷äñçìñêéòõèìêñèûæëäñêèéòõúäõçæòñ÷õäæ÷öúäö|ñìï¤" " | %ðìñæïøçèçìñæøõõèñ÷ïìäåìïì÷ìèö¥
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Êöä÷#!Íèæèðåèõ" "!äóóõòûìðä÷èïü))]¤" " )']¥òé÷ëèÐõòøóđö÷ëìõç¡óäõ÷üåòõõòúìñêöúèõèä÷ĥòä÷ìñêìñ÷èõèö÷õä÷èö
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Ïòõìñ÷èõèö÷õä÷èëèçêìñê÷ëèðäìñöòøõæèöòéëèçêèìñèģèæ÷ìùèñèööìñæïøçèæëäñêèöìñ÷ëèÞÜÕÒËØÛõä÷èäñç÷ëèðòùèðèñ÷ìñçìöæòøñ÷éäæ÷òõö
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ÝëèÐõòøóëäöóõòæèçøõèö÷òðäñäêèæòøñ÷èõóäõ÷üõìöîäñç÷ëèäööèööðèñ÷òéæøö÷òðèõæõèçì÷õìöîìöèðåèççèçìñ÷ëèæòñ÷õäæ÷÷èñçèõìñêóõòæèööèö
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Ìøö÷òðèõæõèçì÷õìöîìöðì÷ìêä÷èçåü÷ëèÐõòøóđöõèïä÷ìùèïüöðäïïäùèõäêèæòñ÷õäæ÷öìýèäñççìùèõöì÷üåò÷ëêèòêõäóëìæäïïüäñçìñ÷èõðöòéèñçðäõîè÷ö
×òìñçìùìçøäïæøö÷òðèõõèóõèöèñ÷èçðòõè÷ëäñ#]òéõèùèñøèìñ" "!Ýëèäêèìñêòé÷õäçèõèæèìùäåïèö÷ëä÷úèõèóäö÷çøèåø÷ñò÷ìðóäìõèçìööëòúñìñ
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Îûóèõìèñæèëäööëòúñ÷ëèïèùèïòéëìö÷òõìæäïóõòùìöìòñõèôøìõèç÷òåèõèïä÷ìùèïüïòúÌõèçì÷ïòööóõòùìöìòñìñêõèĥèæ÷öóäö÷èûóèõìèñæèèæòñòðìæéäæ÷òõö
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 161

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
25 Financial instrumentsæòñ÷ìñøèç
ÝëèÐõòøóđöèö÷ìðä÷èçèûóòöøõè÷òæõèçì÷õìöîéòõ÷õäçèõèæèìùäåïèöäñçæòñ÷õäæ÷äööè÷öìöçìöæïòöèçìññò÷è!)Ýëìöäðòøñ÷ìö÷ëèäææøðøïä÷ìòñòéöèùèõäï
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÷òóõòùìçèéòõòé÷ëèÐõòøóđö÷õäçèõèæèìùäåïèöäñçæòñ÷õäæ÷äööè÷ö
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 163

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
25 Financial instrumentsæòñ÷ìñøèç
Ìëäñêèöìñïòäñöäñçåòõõòúìñêöúèõèäöéòïïòúö
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements164

Fair values
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Ìòñ÷ìñêèñ÷æòñöìçèõä÷ìòñúäöóäìççøõìñê÷ëèóèõìòçòé| $ðìñõèöóèæ÷òé÷ëèÐèòÒñö÷õøðèñ÷öäæôøìöì÷ìòñìñ" !'úì÷ëäñäççì÷ìòñäï| !ðõèïèäöèçìñ
÷ëèóèõìòçÒñ÷ëèóõìòõóèõìòçäñäççì÷ìòñäï| (ðúäöóõòùìçèç
Ê÷#!Íèæèðåèõ" "!æòñ÷ìñêèñ÷æòñöìçèõä÷ìòñòé|!!)ð¤" " |"$ð¥ìöóäüäåïèåè÷úèèñòñèäñç÷úòüèäõö¤" " | (ðéòõÐèòÒñö÷õøðèñ÷ö
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Ê÷#!Íèæèðåèõ" "!| $ðçèéèõõèçæòñöìçèõä÷ìòñìñõèöóèæ÷òéßòêèöÍõìïïìñêìöóäüäåïèìñòñèüèäõäñç| $ðìöóäüäåïèåè÷úèèñòñèäñç÷úòüèäõö
Ýëèéäìõùäïøèðèäöøõèðèñ÷òé÷ëèæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñæòøïçåèäģèæ÷èçìé÷ëèéòõèæäö÷Ĥñäñæìäïóèõéòõðäñæèìöçìģèõèñ÷÷ò÷ëä÷èö÷ìðä÷èçÊåè÷÷èõ
÷ëäñèö÷ìðä÷èçóèõéòõðäñæèðäüìñæõèäöè÷ëèùäïøèòé÷ëèæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñóäüäåïè
Payables, receivables and contract assets
Ïòõóäüäåïèöõèæèìùäåïèöäñçæòñ÷õäæ÷äööè÷öúì÷ëäñèûóèæ÷èçðä÷øõì÷üòéòñèüèäõòõïèöö÷ëèæäõõüìñêäðòøñ÷ìöçèèðèç÷òõèĥèæ÷÷ëèéäìõùäïøè
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 165

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
25 Financial instrumentsæòñ÷ìñøèç
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ÝëèóõòĤïèòé÷ëèÐõòøóđöĤñäñæìäïäööè÷öäñçĤñäñæìäïïìäåìïì÷ìèöäé÷èõ÷äîìñêäææòøñ÷òé÷ëèìðóäæ÷òéëèçêìñêìñö÷õøðèñ÷öúäöäöéòïïòúö
2021
GBP 86' EUR &$' Other
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£m £m £m £m £m £m
Ïìûèçõä÷èĤñäñæìäïïìäåìïì÷ìèö tt(1.7) t (1.3) (3.0)
Ïïòä÷ìñêõä÷èĤñäñæìäïïìäåìïì÷ìèö (63.3) (111.8) (0.1) t (22.4) (197.6)
Õèäöèïìäåìïì÷ìèö (3.5) (45.1) (12.7) (3.2) (10.9) (75.4)
Ïìñäñæìäïäööè÷ö 4.3 14.7 6.9 8.4 48.4 82.7
1HWGHEW (62.5) (142.2) (7.6) 5.2 13.8 (193.3)
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Sensitivity analysis
Ê÷#!Íèæèðåèõ" "!ì÷ìöèö÷ìðä÷èç÷ëä÷äêèñèõäïðòùèðèñ÷òéòñèóèõæèñ÷äêèóòìñ÷ìñìñ÷èõèö÷õä÷èöúòøïçìñæõèäöèòõçèæõèäöè÷ëèÐõòøóđöóõòĤ÷
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Ò÷ìöèö÷ìðä÷èç÷ëä÷äêèñèõäïìñæõèäöèòé! óèõæèñ÷äêèóòìñ÷öìñ÷ëèùäïøèòéö÷èõïìñêäêäìñö÷ò÷ëèõóõìñæìóäïéòõèìêñæøõõèñæìèöúòøïçëäùèçèæõèäöèç÷ëè
ÐõòøóđöóõòĤ÷åèéòõè÷äûä÷ìòñäñçñòñ¡øñçèõïüìñêì÷èðöåüäóóõòûìðä÷èïü|% ðéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!¤" " |!" ð¥Ýëèèö÷ìðä÷èç
ìðóäæ÷òéä! óèõæèñ÷äêèóòìñ÷çèæõèäöèìñ÷ëèùäïøèòéö÷èõïìñêìöäñìñæõèäöèòé|&!ð¤" " |!$&ð¥ìñ÷ëèÐõòøóđöóõòĤ÷åèéòõè÷äûä÷ìòñäñç
ñòñ¡øñçèõïüìñêì÷èðöÝëìööèñöì÷ìùì÷üõèïä÷èö÷ò÷ëèìðóäæ÷òéõè÷õäñöïä÷ìòñòééòõèìêñèäõñìñêöòñïüÝëèìðóäæ÷òñ÷ëèÐõòøóđöèäõñìñêöòéæøõõèñæü
÷õäñöäæ÷ìòñèûæëäñêèõìöîìöñò÷öìêñìĤæäñ÷Ýëèöèöèñöì÷ìùì÷ìèöäööøðèäïïò÷ëèõéäæ÷òõöõèðäìñæòñö÷äñ÷
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2021
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements166

27 Share capital and reserves
2021
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Ýëèæäóì÷äïõèçèðó÷ìòñõèöèõùèòé|'&ðìöäñòñ¡çìö÷õìåø÷äåïèõèöèõùèæõèä÷èçúëèñ÷ëèæòðóäñüđööëäõèöúèõèõèçèèðèçòõóøõæëäöèçò÷ëèõ÷ëäñéõòð
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Êöä÷#!Íèæèðåèõ" "!÷ëè÷ò÷äïñøðåèõòéöëäõèöëèïçìñ÷õèäöøõüúäö''')!'¤" " (()'##¥
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28 Related party transactions
Ýõäñöäæ÷ìòñöåè÷úèèñ÷ëèóäõèñ÷ì÷ööøåöìçìäõìèöäñçíòìñ÷òóèõä÷ìòñöúëìæëäõèõèïä÷èçóäõ÷ìèöëäùèåèèñèïìðìñä÷èçòñæòñöòïìçä÷ìòñØ÷ëèõõèïä÷èç
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2021
£m
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Üëòõ÷¡÷èõðèðóïòüèèåèñèĤ÷ö 8.2 (#
Ùòö÷¡èðóïòüðèñ÷åèñèĤ÷ö 0.3 $
Ýèõðìñä÷ìòñóäüðèñ÷ö 0.4 $
8.9 )!
Other related party transactions
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 167

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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 169

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
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Group Pension
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2021
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Íìöæòøñ÷õä÷è 2.0 !" 0.8 #
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2021
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2021
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The Keller
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2021
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The Keller
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2021
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Îôøì÷ìèö 16.8 !'% t –
Ýäõêè÷õè÷øõñéøñçö¹ 8.1 !$% t –
Gilts t ! ! t –
Ëòñçö 19.7 !  t –
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Ìäöë 3.2 ! t –
63.7 %"" t –
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 171

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
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2021
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Øóèñìñêåäïäñæè (65.0) ¤& $¥ (21.9) ¤" '¥
Ìøõõèñ÷öèõùìæèæòö÷ t – (0.6) ¤ '¥
Interest cost (0.8) ¤!"¥ (0.1) ¤ !¥
ËèñèĤ÷öóäìç 2.1 #' 1.5 !"
Îûæëäñêèðòùèðèñ÷ö t – 1.0 ¤ (¥
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Ìëäñêèö÷òçèðòêõäóëìæäööøðó÷ìòñö (0.6) "' t –
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Òñ÷èõèö÷òñäööè÷ö 0.7 ! t –
Êçðìñìö÷õä÷ìòñæòö÷ö (0.2) ¤ "¥ t –
Îðóïòüèõæòñ÷õìåø÷ìòñö 2.7 "& t –
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Ûè÷øõñòñóïäñäööè÷öïèööìñ÷èõèö÷ 4.6 &! t –
&ORVLQJEDODQFH 63.7 %( t –
Êæ÷øäïõè÷øõñòñöæëèðèäööè÷ö 5.3 '! t –
Statement of comprehensive income
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ÎûóèõìèñæèïòööòñçèĤñèçåèñèĤ÷òåïìêä÷ìòñ t ¤ $¥ t –
Ìëäñêèö÷òçèðòêõäóëìæäööøðó÷ìòñö (0.6) "' t –
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Êçðìñìö÷õä÷ìòñæòö÷ö 0.2 " t –
Operating costs 0.2 " 0.6 '
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Îðóïòüèõ
æòñ÷õìåø÷ìòñö (2.7) ¤"&¥ t –
ËèñèĤ÷öóäìç t – (1.5) ¤!"¥
Îûæëäñêèðòùèðèñ÷ö t – (1.0) (
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1HWOLDELOLW\DWHQGRI\HDU 6.8 )" 18.9 "!)
! Ø÷ëèõæòðóõìöèöèñçòéöèõùìæèöæëèðèöìñ÷ëèÖìççïèÎäö÷òé|# ð¤" " |")ð¥
Êõèçøæ÷ìòñìñ÷ëèçìöæòøñ÷õä÷èòé !]úòøïçìñæõèäöè÷ëèçèĤæì÷ìñ÷ëèöæëèðèöåü|!!ðúëìïö÷äõèçøæ÷ìòñìñ÷ëèìñĥä÷ìòñäööøðó÷ìòñòé !]
ìñæïøçìñêì÷öìðóäæ÷òñ÷ëèõèùäïøä÷ìòñìñçèéèõðèñ÷äñçóèñöìòñìñæõèäöèöìñóäüðèñ÷úòøïççèæõèäöè÷ëèçèĤæì÷åü| 'ðÊçèæõèäöèìñ÷ëèðòõ÷äïì÷ü
õä÷èåüòñèüèäõúòøïççèæõèäöè÷ëèçèĤæì÷ìñ÷ëèöæëèðèöåü|!$ð×ò÷è÷ëä÷÷ëèöèöèñöì÷ìùì÷ìèöçòñò÷ìñæïøçèèñçòéöèõùìæèöæëèðèöìñ÷ëèÖìççïè
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements172

Ýëèúèìêë÷èçäùèõäêèçøõä÷ìòñòé÷ëèçèĤñèçåèñèĤ÷òåïìêä÷ìòñìöäóóõòûìðä÷èïü!'üèäõöéòõ÷ëèÞÔöæëèðèäñç!!üèäõöéòõ÷ëèÐèõðäñäñçÊøö÷õìäñ
öæëèðèöÝëèëìö÷òõüòéèûóèõìèñæèäçíøö÷ðèñ÷öòñöæëèðèäööè÷öäñçïìäåìïì÷ìèöéòõäïï÷ëèÐõòøóđöçèĤñèçåèñèĤ÷óèñöìòñöæëèðèöìñæïøçìñê÷ëèèñçòé
öèõùìæèöæëèðèöìñ÷ëèÖìççïèÎäö÷äõèäöéòïïòúö
2021
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Ùõèöèñ÷ùäïøèòéçèĤñèçåèñèĤ÷òåïìêä÷ìòñ (77.2) ¤(&)¥ ¤(!!¥ ¤'!'¥ ¤'%#¥
Ïäìõùäïøèòéöæëèðèäööè÷ö 63.7 %( %"" $%" $&!
'HƬFLWLQWKHVFKHPHV (13.5) ¤"()¥ ¤"()¥ ¤"&%¥ ¤")"¥
Òõõèæòùèõäåïèöøõóïøö (12.2) ¤""¥ ¤!(¥ ¤!$¥ –
1HWGHƬQHGEHQHƬWOLDELOLW\ (25.7) ¤#!!¥ ¤# '¥ ¤"')¥ ¤")"¥
Îûóèõìèñæèäçíøö÷ðèñ÷öòñöæëèðèïìäåìïì÷ìèö 6.6 ¤')¥ ¤("¥ #' ¤!(¥
Îûóèõìèñæèäçíøö÷ðèñ÷öòñöæëèðèäööè÷ö 4.6 &! %$ ¤!%¥ #"
33 Non-controlling interests
Ïìñäñæìäïìñéòõðä÷ìòñòéöøåöìçìäõìèö÷ëä÷ëäùèäðä÷èõìäïñòñ¡æòñ÷õòïïìñêìñ÷èõèö÷ìöóõòùìçèçåèïòú
×äðè Ìòøñ÷õüòéìñæòõóòõä÷ìòñ 2021 " "
ÔèïïèõÏòñçä÷ìòñöÜóèæìäïèöÜÙÊ Êïêèõìä 49% $)]
ÔèïïèõÝøõîìÌòðóäñüÕìðì÷èç ÜäøçìÊõäåìä 35% #%]
Ùïèäöèõèéèõ÷òñò÷è)òé÷ëèæòðóäñüäææòøñ÷öéòõ÷ëèõèêìö÷èõèçäççõèööèö
Õòööä÷÷õìåø÷äåïè÷òñòñ¡æòñ÷õòïïìñêìñ÷èõèö÷ö
2021
£m
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Üëäõèòéñè÷äööè÷öòéñòñ¡æòñ÷õòïïìñêìñ÷èõèö÷ö
2021
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ÔèïïèõÝøõîìÌòðóäñüÕìðì÷èç (0.3) !
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2.8 #'
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 173

×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
33 Non-controlling interestsæòñ÷ìñøèç
Êêêõèêä÷èäðòøñ÷öõèïä÷ìñê÷òðä÷èõìäïñòñ¡æòñ÷õòïïìñêìñ÷èõèö÷ö
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Fondations
Speciales SPA
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Øóèõä÷ìñêæòö÷ö (1.2) (4.5) ¤!$¥ ¤"%¥
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Øñ!%Ïèåõøäõü" ""äñäêõèèðèñ÷úäöõèäæëèçúì÷ë÷ëèùèñçòõòéÛÎÌØ×ÜèõùìæèöÒñæ÷òĤñäïìöè÷ëèäðòøñ÷òéæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñóäüäåïè
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements174

×ò÷è
2021
£m
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Assets
Òñùèö÷ðèñ÷ö " 513.9 %!#)
Íèéèõõèç÷äûäööè÷ö 0.3 &
Ø÷ëèõäööè÷ö # 2.8 %$
Non-current assets 517.0 %!))
Êðòøñ÷öòúèçåüöøåöìçìäõüøñçèõ÷äîìñêö
¢Êðòøñ÷öéäïïìñêçøèúì÷ëìñòñèüèäõ 0.2 %
¢Êðòøñ÷öéäïïìñêçøèäé÷èõòñèüèäõ 55.6 !# %
Ìøõõèñ÷÷äûäööè÷ö 3.6 –
Ýõäçèäñçò÷ëèõçèå÷òõö $ 0.8 !!
Ìäöëäñçåäñîåäïäñæèö 10.9 (
Current assets 71.1 !#")
/LDELOLWLHV
Ëäñîäñçò÷ëèõïòäñö t ¤#'#¥
Ýõäçèäñçò÷ëèõæõèçì÷òõö % (10.5) ¤(%¥
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Creditors: amounts falling due within one year (10.9) ¤$&!¥
Net current assets 60.2 (&(
7RWDODVVHWVOHVVFXUUHQWOLDELOLWLHV 577.2 & &'
Ëäñîäñçò÷ëèõïòäñö (56.4) ¤'""¥
Êðòøñ÷öòúèç÷òöøåöìçìäõüøñçèõ÷äîìñêö (44.2) ¤$%&¥
Ø÷ëèõæõèçì÷òõö & (6.2) ¤%$¥
Ùèñöìòñïìäåìïì÷ìèö ( (0.8) ¤!!¥
Creditors: amounts falling due after one year (107.6) ¤!"$#¥
Net assets 469.6 $("$
Capital and reserves
Ìäïïèçøóöëäõèæäóì÷äï 7. 3 '#
Üëäõèóõèðìøðäææòøñ÷ 38.1 #(!
Ìäóì÷äïõèçèðó÷ìòñõèöèõùè 7.6 '&
Ø÷ëèõõèöèõùè 56.9 %&)
Ûè÷äìñèçèäõñìñêö 359.7 #'"%
Shareholders’ funds 469.6 $("$
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Company balance sheet
Êöä÷#!Íèæèðåèõ" "!
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 175

Company statement of changes in equity
Ïòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!
Üëäõè
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equity
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Ê÷!Óäñøäõü" " '# #(! '& %&) – #("& 492.5
ÙõòĤ÷
éòõ÷ëèüèäõ –––––!#( 13.8
Ìäöëĥòúêäìñö÷äîèñ÷òèôøì÷ü –––– % – 0.5
Ìäöëĥòúëèçêè÷õäñöéèõõèç÷òìñæòðèö÷ä÷èðèñ÷ ––––¤ %¥ – (0.5)
Ûèðèäöøõèðèñ÷òéçèĤñèçåèñèĤ÷óèñöìòñöæëèðèö –––––¤ !¥ (0.1)
Total comprehensive income for the year –––––!#' 13.7
Íìùìçèñçö –––––¤"%)¥ (25.9)
Üëäõè¡åäöèçóäüðèñ÷ö –––––"! 2.1
Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! '# #(! '& %&) – #'"% 482.4
3URƬWIRUWKH\HDU –––––!") 12.9
Ûèðèäöøõèðèñ÷òéçèĤñèçåèñèĤ÷óèñöìòñöæëèðèö ––––––t
Total comprehensive income for the year –––––!") 12.9
Íìùìçèñçö –––––¤"%)¥ (25.9)
ÙøõæëäöèòéòúñöëäõèöéòõÎÜØÙ÷õøö÷ –––––¤#'¥ (3.7)
Üëäõè¡åäöèçó
äüðèñ÷ö –––––#) 3.9
$W'HFHPEHU '# #(! '& %&) – #%)' 469.6
Íè÷äìïöòé÷ëèæäóì÷äïõèçèðó÷ìòñõèöèõùèäñç÷ëèò÷ëèõõèöèõùèäõèìñæïøçèçìññò÷è"'òé÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö
Íè÷äìïöòé÷ëèöëäõèöëèïçåü÷ëèÔèïïèõÐõòøóÎðóïòüèèËèñèĤ÷Ýõøö÷äñç÷ëèöëäõè¡åäöèçóäüðèñ÷öæëèðèäõèìñæïøçèçìññò÷è#!÷ò÷ëèæòñöòïìçä÷èç
Ĥñäñæìäïö÷ä÷èðèñ÷ö
Øé÷ëèõè÷äìñèçèäõñìñêöäñäðòøñ÷òé|"#&(ð¤" " |"#&(ð¥ä÷÷õìåø÷äåïè÷òóõòĤ÷öäõìöìñêòñäñìñ÷õä¡êõòøóõèòõêäñìöä÷ìòñìöñò÷çìö÷õìåø÷äåïè
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements176

×ò÷èö÷ò÷ëèæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷ö
1 Principal accounting policies
Basis of preparation
Ýëèöèóäõä÷èĤñäñæìäïö÷ä÷èðèñ÷öòé÷ëèæòðóäñüäõèóõèöèñ÷èçäöõèôøìõèçåü÷ëèÌòðóäñìèöÊæ÷" &¤÷ëèĐÊæ÷đ¥Ýëèæòðóäñüðèè÷ö÷ëèçèĤñì÷ìòñòé
äôøäïìéüìñêèñ÷ì÷üøñçèõÏÛÜ! ¤ĐÏìñäñæìäïÛèóòõ÷ìñêÜ÷äñçäõç! đ¥ìööøèçåü÷ëèÏìñäñæìäïÛèóòõ÷ìñêÌòøñæìïäñçõèóòõ÷öøñçèõÏÛÜ! !
Îûæèó÷äöñò÷èçåèïòú÷ëèæòðóäñüđöäææòøñ÷ìñêóòïìæìèöäõèæòñöìö÷èñ÷úì÷ë÷ëòöèçèöæõìåèçìñ÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öòéÔèïïèõÐõòøóóïæ
Êöóèõðì÷÷èçåüÏÛÜ! !÷ëèæòðóäñüëäö÷äîèñäçùäñ÷äêèòé÷ëèçìöæïòöøõèèûèðó÷ìòñöäùäìïäåïèøñçèõ÷ëä÷ö÷äñçäõçìñõèïä÷ìòñ÷òöëäõè¡åäöèç
óäüðèñ÷öĤñäñæìäïìñö÷õøðèñ÷öæäóì÷äïðäñäêèðèñ÷óõèöèñ÷ä÷ìòñòéäæäöëĥòúö÷ä÷èðèñ÷õèïä÷èçóäõ÷ü÷õäñöäæ÷ìòñöäñçæòðóäõä÷ìùèìñéòõðä÷ìòñ
àëèõèõèôøìõèçèôøìùäïèñ÷çìöæïòöøõèöäõèêìùèñìñ÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öÒñäççì÷ìòñçìöæïòöøõèöìñõèïä÷ìòñ÷òöëäõèæäóì÷äï¤ñò÷è"'¥äñç
çìùìçèñçö¤ñò÷è!"¥ëäùèñò÷åèèñõèóèä÷èçëèõèäö÷ëèõèäõèñòçìģèõèñæèö÷ò÷ëòöèóõòùìçèçìñ÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö
ÝëèöèæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷öëäùèåèèñóõèóäõèçòñ÷ëèêòìñêæòñæèõñåäöìöäñçøñçèõ÷ëèëìö÷òõìæäïæòö÷æòñùèñ÷ìòñÝëèĤñäñæìäïö÷ä÷èðèñ÷ö
äõèóõèöèñ÷èçìñóòøñçöö÷èõïìñêúëìæëìö÷ëèæòðóäñüđöéøñæ÷ìòñäïæøõõèñæüäñçäïïùäïøèöäõèõòøñçèç÷ò÷ëèñèäõèö÷ëøñçõèç÷ëòøöäñçèûóõèööèçìñ
ðìïïìòñö÷òòñèçèæìðäïóòìñ÷èûæèó÷úëèñò÷ëèõúìöèìñçìæä÷èç
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|!")ð¤" " |!#(ð¥
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Financial instruments
Íè÷äìïöòé÷ëèæòðóäñüđöõìöîðäñäêèðèñ÷óõòæèööèöäñçëèçêèäææòøñ÷ìñêäõèìñæïøçèçìñ÷ëèçìöæïòöøõèöìññò÷è"%÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäï
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Investments
Òñùèö÷ðèñ÷öìñöøåöìçìäõìèöäõèö÷ä÷èçä÷æòö÷ïèööúëèõèäóóõòóõìä÷èóõòùìöìòñöéòõìðóäìõðèñ÷
Audit fees
Ýëèæòðóäñüëäö÷äîèñ÷ëèèûèðó÷ìòñêõäñ÷èçøñçèõÜÒ" (¦$()ñò÷÷òçìöæïòöèñòñ¡äøçì÷éèèöóäìç÷òì÷öäøçì÷òõöäö÷ëèöèäõèçìöæïòöèçìñ÷ëè
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Employees
Ýëèæòðóäñüëäöñòèðóïòüèèöò÷ëèõ÷ëäñ÷ëèÍìõèæ÷òõöÝëèõèðøñèõä÷ìòñòé÷ëèÎûèæø÷ìùèÍìõèæ÷òõöìöçìöæïòöèçìñ÷ëèäøçì÷èçöèæ÷ìòñòé÷ëè
Ûèðøñèõä÷ìòñóòïìæüõèóòõ÷òñóäêèö! "÷ò!!!Ïèèöóäüäåïè÷ò×òñ¡èûèæø÷ìùèÍìõèæ÷òõö÷ò÷äïïèç| %ð¤" " | %ð¥
2 Investments
2021
£m
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Ê÷!Óäñøäõü 513.9 %!#)
Êïïòúäñæèöéòõìðóäìõðèñ÷ t –
$W'HFHPEHU 513.9 %!#)
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 177

×ò÷èö÷ò÷ëèæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷ö continued
3 Other assets
2021
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Ø÷ëèõäööè÷ö 0.2 –
2.8 %$
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2021
£m
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5 Trade and other creditors
2021
£m
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Name Address
ÖäîèõöÑòïçìñêöÕìðì÷èç
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!  Óòìñ÷ùèñ÷øõè% ]òúñèçåüÔèïïèõÌìðèñ÷äæìòñèöçèÕä÷ìñòäðèõìæäÜÊçèÌßåäöèçìñÖèûìæòÍÏ×òïòñêèõ÷õäçìñêäñççøè÷òåèçìööòïùèç
Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 183

×ò÷èö÷ò÷ëèæòðóäñüĤñäñæìäïö÷ä÷èðèñ÷ö continued
ÔèïïèõÐõòøóóïæëäöêøäõäñ÷èèç÷ëèïìäåìïì÷ìèöòé÷ëèéòïïòúìñêöøåöìçìäõìèöìñòõçèõ÷ëä÷÷ëèüôøäïìéüéòõ÷ëèèûèðó÷ìòñéõòðëäùìñê÷òóõèóäõèìñçìùìçøäï
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Keller Group plc ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements184

Adjusted performance measures
ÝëèÐõòøóđöõèöøï÷öäöõèóòõ÷èçøñçèõÒñ÷èõñä÷ìòñäïÏìñäñæìäïÛèóòõ÷ìñêÜ÷äñçäõçö¤ÒÏÛÜ¥äñçóõèöèñ÷èçìñ÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö¤÷ëè
Đö÷ä÷ø÷òõüõèöøï÷öđ¥äõèöìêñìĤæäñ÷ïüìðóäæ÷èçåüðòùèðèñ÷öìñèûæëäñêèõä÷èöõèïä÷ìùè÷òö÷èõïìñêäöúèïïäöåüèûæèó÷ìòñäïì÷èðöäñçñòñ¡÷õäçìñêäðòøñ÷ö
õèïä÷ìñê÷òäæôøìöì÷ìòñö
Êöäõèöøï÷äçíøö÷èçóèõéòõðäñæèðèäöøõèöëäùèåèèñøöèç÷ëõòøêëòø÷÷ëèÊññøäïÛèóòõ÷äñçÊææòøñ÷ö÷òçèöæõìåè÷ëèÐõòøóđöøñçèõïüìñê
óèõéòõðäñæèÝëèËòäõçäñçÎûèæø÷ìùèÌòððì÷÷èèøöè÷ëèöèäçíøö÷èçðèäöøõèö÷òäööèöö÷ëèóèõéòõðäñæèòé÷ëèåøöìñèööåèæäøöè÷ëèüæòñöìçèõ÷ëèð
ðòõèõèóõèöèñ÷ä÷ìùèòé÷ëèøñçèõïüìñêòñêòìñê÷õäçìñêõèöøï÷äñçäïïòúðòõèðèäñìñêéøïæòðóäõìöòñ÷òóõìòõüèäõ
Underlying measures
Ýëè÷èõðĐøñçèõïüìñêđèûæïøçèö÷ëèìðóäæ÷òéì÷èðöúëìæëäõèèûæèó÷ìòñäïåü÷ëèìõöìýèäñç¦òõäõèñòñ¡÷õäçìñêìññä÷øõèìñæïøçìñêäðòõ÷ìöä÷ìòñòéäæôøìõèç
ìñ÷äñêìåïèäööè÷öäñçò÷ëèõñòñ¡÷õäçìñêäðòøñ÷öõèïä÷ìñê÷òäæôøìöì÷ìòñöäñççìöóòöäïö¤æòïïèæ÷ìùèïüĐñòñ¡øñçèõïüìñêì÷èðöđ¥ñè÷òéäñüäööòæìä÷èç÷äû
Þñçèõïüìñêðèäöøõèöäïïòúðäñäêèðèñ÷äñçìñùèö÷òõö÷òæòðóäõèóèõéòõðäñæèúì÷ëòø÷÷ëèóò÷èñ÷ìäïïüçìö÷òõ÷ìñêèģèæ÷öòéòñè¡òģì÷èðöòõñòñ¡÷õäçìñê
ì÷èðö×òñ¡øñçèõïüìñêì÷èðöäõèçìöæïòöèçöèóäõä÷èïüìñ÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öúëèõèì÷ìöñèæèööäõü÷òçòöò÷òóõòùìçèéøõ÷ëèõ
øñçèõö÷äñçìñêòé÷ëèĤñäñæìäïóèõéòõðäñæèòé÷ëèÐõòøó
Constant currency measures
Ýëèæòñö÷äñ÷æøõõèñæüåäöìö¤Đæòñö÷äñ÷æøõõèñæüđ¥äçíøö÷ö÷ëèæòðóäõä÷ìùè÷òèûæïøçè÷ëèìðóäæ÷òéðòùèðèñ÷öìñèûæëäñêèõä÷èöõèïä÷ìùè÷òö÷èõïìñê
Ýëìöìöäæëìèùèçåüõè÷õäñöïä÷ìñê÷ëè" " õèöøï÷öòéòùèõöèäöòóèõä÷ìòñöìñ÷òö÷èõïìñêä÷÷ëè" "!äùèõäêèèûæëäñêèõä÷èö
Êõèæòñæìïìä÷ìòñåè÷úèèñ÷ëèøñçèõïüìñêõèöøï÷öäñç÷ëèõèóòõ÷èçö÷ä÷ø÷òõüõèöøï÷öìööëòúñòñ÷ëèéäæèòé÷ëèæòñöòïìçä÷èçìñæòðèö÷ä÷èðèñ÷úì÷ë
ñòñ¡øñçèõïüìñêì÷èðöçè÷äìïèçìññò÷è(÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öÊõèæòñæìïìä÷ìòñåè÷úèèñ÷ëè" " øñçèõïüìñêõèöøï÷äñç÷ëè" " 
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Underlying operating margin
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