Keller Sees Lower FY Oper Profit on Austral Unit Reporting Fraud

Keller Group has identified a financial reporting fraud in its Austral Business Unit in Australia, according to a filing.

• The financial reporting fraud relates to the overstatement of Austral’s performance from 2019 onward
  • The impact of the financial reporting fraud on the Group’s historical operating profits is currently estimated to be about £6m related to 1H 2022, and £8m to £10m relating to prior years
• Fraud continued in 2H 2022, and has impacted the board’s expectations for the 2022 FY results
• Now expects FY operating profit slightly below the bottom end of the range of market expectations
  • Adds expectations for ...