Keller Group PLC US tax reform legislation (0360B)
January 05 2018 - 1:00AM
UK Regulatory
TIDMKLR
RNS Number : 0360B
Keller Group PLC
05 January 2018
For immediate release 5 January 2018
US tax reform legislation - estimated impact on Keller
The US Government recently passed the Tax Cuts & Jobs Act
which contains significant tax reform measures.
Keller expects this tax reform legislation will benefit its
future after tax earnings. This is mainly due to the future
reduction in the US corporate income tax rate from 35% to 21%,
partly offset by a net adverse impact from other changes. Our
current estimate, which is subject to further analysis and
clarification of certain items, is that the changes will reduce the
Group's future overall effective percentage tax rate by around 5%
points to a number in the high twenties percent.
In addition, we expect that the Group's 2017 earnings will
benefit from a one-off non-cash credit to the Group income
statement as a result of the revaluation of US deferred tax
liabilities. Based on the net liabilities at the end of 2016, this
credit is expected to be around US$10m.
As noted above, we are in the process of working through in
detail the impact of these changes and will give a further update
in the Group's full year 2017 results announcement on 26 February
2018.
For further information, please contact:
Keller Group plc
James Hind, Finance Director
Victoria Huxster, Head of
Investor Relations 020 7616 7575
Finsbury
Gordon Simpson 020 7251 3801
Notes to Editors:
Keller is the world's largest geotechnical contractor, providing
technically advanced geotechnical solutions to the construction
industry. With annual revenue of around GBP2.0bn, Keller has
approximately 10,000 staff world-wide. Keller is the clear market
leader in the US, Canada, Australia and South Africa; it has prime
positions in most established European markets and a strong profile
in many developing markets.
For more information, please go to:
http://www.keller.com/investors.aspx and
http://www.keller.com/investors/investment-case.aspx.
LEI: 549300QO4MBL43UHSN10
Classification: Inside Information (DTR Annex 1)
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations. On the publication of this
announcement via a Regulatory Information Service ("RIS"), this
information is considered to be in the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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