Preliminary results Year ended 31 December 2002

March 2003

1

Highlights• Sales break through £500m barrier

• Operating profit* up 35% to £34.3m; margins up to 6.7% (2001: 6.0%)

• Profits before tax* up 29% to £30.4m (2001: £23.6m)

• Earnings per share* increased 27% to 32.7p (2001: 25.8p)

• Strong cash flow with EBITDA interest cover of 11 times

• Five acquisitions completed during the year

• 2003 prospects enhanced by recent acquisitions

• Recommended total dividend up 8% at 9.9p (2001: 9.2p)

*Pre-goodwill amortisation of £3.1m

2

Management Changes

Bob RubrightFoundation Services MD

Rob EwenSpecialist Services MD

Tom DobsonChief Executive

Justin AtkinsonChief Operating Officer

TBAFinance Director

Foundation Services Specialist Services

USAHayward Baker

CaseMcKinney

Europe &Overseas

Keller

UKKeller

AustraliaFranki

Vibropile

USASuncoast

Europe & OverseasWannenwetsch

UKMakers

Allied/Accrete

3

• Organic profit growth of 14%, like-for-like• Operating margins increase from 6.0% to 6.7% • Interest cover to EBITDA 11.1 times• Acquisitions contribute £1.4m operating profit plus full year of Suncoast

Profit and Loss Account £millions 2002 2001 % Change Turnover 511.0 422.2 +21Operating profit pre-goodwill 34.3 25.4 +35Operating profit post goodwill 31.2 24.2 +29Interest (3.9) (1.8)

Profit before tax 27.3 22.4 +22Taxation (10.7) (8.7)

Profit after tax 16.6 13.7 +21 Profit before tax pre-goodwill amortisation 30.4 23.6 +29 Earnings per share pre-goodwill amortisation 32.7p 25.8p +27Dividend per share 9.9p 9.2p +8

4

Acquisitions in 2002

(1) Including costs, net debt/(cash) acquired and estimated deferred purchase consideration(2) Acquisitions in December 2002 – no profit taken in year

Company Month

acquiredTotal

Investment(1)

£m

2002 Contributionto Sales

£m

2002 Contributionto Operating Profit

£m Wannenwetsch Jan/Oct 2.7 1.7 0.4 Accrete August 4.0 2.0 0.2 Vibropile August 2.2 4.9 0.8 Keller-Terra(2) December 9.1 Nil Nil McKinney(2) December 17.7 Nil Nil Total 35.7 8.6 1.4

• 5 acquisitions; 5 different countries• Total net goodwill acquired of £8.7m

5

Balance Sheet£millions 2002 2001 Fixed assets Intangible assets 66.7 61.0 Tangible assets 79.8 59.2 146.5 120.2Current assets Stocks 15.1 12.5 Debtors 143.9 120.3 Cash 16.2 12.2 175.2 145.0Creditors: due within one year (141.4) (129.1)Net current assets 33.8 15.9Total assets less current liabilities 180.3 136.1Creditors: due after one year (72.3) (56.8)Provisions for liabilities and charges (7.9) (6.0)Net assets 100.1 73.3

• Net asset base up 37% on December 2001• Net tangible assets £33.4m (2001: £12.3m) • Net debt of £68.0m (2001: £63.2m)• Gearing down to 68% (2001: 86%)

6

Cash Flow Statement

• Operating cash flow 126% of operating profit• Capex remains circa 1.5 x depreciation• Good headroom in banking facilities

£millions 2002 2001Net cash inflow from operating activities 43.2 32.2Returns on investment and servicing of finance

(4.4) (3.3)

Taxation (9.0) (8.2)Capital expenditure (12.7) (10.3)Acquisitions and disposals (32.0) (67.3)Equity dividends paid (5.6) (5.0) Net cash outflow (20.5) (61.9) Share issue proceeds 13.6 7.9Other debt movements 2.1 0.4Net debt brought forward (63.2) (9.6)Net debt carried forward (68.0) (63.2)

7

Operating Cash Flow

-10

0

10

20

30

40

50

1994 1995 1996 1997 1998 1999 2000 2001 2002

£m

Operating profit Depreciation and amortisationWorking capital OtherGroup operating cash flow

• 16% compound growth in operating cash flow 1994 - 2002

8

Accounting Developments• FRS 17 impact on UK pension scheme

• Year end net deficit of £4.6m• Scheme closed to new members since 1999• Contributions into the scheme increased

• UITF 34 on pre contract costs

• All bid costs expensed to profit

• Captive insurance company set up during the year

• International financial reporting standards review in 2003

9

Results History

Operating profitTurnover

*pre restructuring costs

0

5

10

15

20

25

30

35

40

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000* 2001 2002

£m

0

100

200

300

400

500

600

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

£m

• Buy out in 1990• Flotation in 1994 • Benefits of McKinney and Keller-Terra in 2003

10

Results History

Dividend per shareOperating margin

0

2

4

6

8

10

12

1994 1995 1996 1997 1998 1999 2000 2001 2002

GBp

*pre restructuring costs

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

1994 1995 1996 1997 1998 1999 2000* 2001 2002

• Industry leading margins• Dividend per share more than doubled since flotation

11

Geographical Analysis2002 turnover 2002 operating profit

USA61%UK

12%

Australia5%

Continental Europe and Overseas

22%USA47%

UK21%

Continental Europe and Overseas

27%

Australia5%

• Increased margins in all major foundation business units• German sales 8% of Group

12

Product / Customer Analysis2002 turnover

Piling22%

Refurbishment12%

Concrete post tension

17%

Geotech31%

Ground Improvement

Products18%

ProductsRefurbishment

private13%

New build public22%

New build private44%

Refurbishment public21%

Customers

• Foundation Services:Specialist Services split 71%:29% • Spread of work minimises Keller’s exposure to sector risks

13

£millions 2002 2001 % Change Sales 361.4 347.8 +4% Operating profit pre-goodwill 27.7 23.5 +18% Margin 7.7% 6.8% +13%

• Sales 71% of Group• Operating profit 76% of Group (pre-head office costs)• All major business units increased operating margins

Foundation Services

14

Foundation Services

0

10

20

30

40

50

60

Under $250k Between $250k and $1m Over $1m

Contract size

Sales($m)

Grossmargin

30%

Grossmargin

25%

Grossmargin

20%

• Average of 2000 - 2002 Hayward Baker contracts

15

Foundation ServicesTrading Highlights

• Another record year for US business

• Small and medium sized contracts predominate, but:

• Jet grouting at Wickiup Dam, Oregon

• Caissons at Cooper River, South Carolina

• German margins increased in difficult market

• Another successful year in France

• Excellent performance in the Far East

• Packaged solutions helped UK business improve on prior year

• Very strong result from Australia helped by Vibropile acquisition

16

Foundation Services

17

Foundation Services

18

Specialist Services £millions 2002 2001 % Change Sales 149.6 74.4 +101% Operating profit pre-goodwill 8.8 3.7 +138% Margin 5.9% 5.0% +18%

• Sales 29% of Group• Operating profit 24% of Group (pre-head office costs)• Full year impact of Suncoast

19

Specialist ServicesTrading HighlightsMakers

• Business structured around key markets

• Social housing now accounts for 50% of turnover

• First new build car park completed

Wannenwetsch

• Wannenwetsch returned double digit margins

Suncoast

• Push to grow sales outside of Texas market

• New offices opened in Atlanta, Denver, Las Vegas and Sacramento

• High rise activity declined post September 11

• Housing starts remain strong

• Better control systems in place; production efficiencies in Houston

20

Specialist Services

21

Specialist Services

22

Strategy• Further consolidate our global leadership in Foundation Services

• Strengthen and broaden our offering of Specialist Services

• Invest wisely in our existing businesses

• Take advantage of selective acquisition opportunities

• Continue successful business model

23

Business model• Lean head office

• Autonomous and well incentivised business units

• Specialized equipment and people support niche positions

• Regionalisation offers clients a local presence

• Contract mix spreads risk and enhances margins

• Acquisitions sourced and integrated on a local basis

24

Current Trading and Prospects• Year end order book at four months’ sales

• US infrastructure and housing markets remain good

• Continued growth in Europe; expansion of European Union

• Growth opportunities within Makers and Suncoast

• Clear market leader in Australia

• 2003 prospects enhanced by recent acquisitions

25

Summary• Record set of results continues impressive track record

• Industry leading margins increased to 6.7%

• Profit quickly converted to cash

• Increased dividend well covered

• Succession plans combine continuity with fresh perspective

Preliminary results Year ended 31 December 2002

March 2003

27

Appendix

28

Turnover 1993 - 2002

9 4 . 7 110 . 0 12 0 . 1 110 . 1 9 4 . 4 8 8 . 4 10 4 . 4 9 7 . 7 115 . 0 13 5 . 6

2 9 . 6

5 8 . 76 9 . 1 8 7 . 2

8 5 . 1 9 8 . 510 7 . 4 110 . 1

18 8 . 8

2 4 2 . 6

2 4 . 1

3 3 . 33 5 . 8

4 1. 7 6 5 . 1 6 7 . 7

8 2 . 3 9 1. 0

10 0 . 1

10 6 . 7

12 . 3

2 0 . 8

18 . 3

2 6 . 1

14 . 2

0

100

200

300

400

500

600

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

£m

Continental Europe & Overseas The Americas UK Australia

Ten year track record

148.4

202.0239.0225.0

244.6266.9

314.9 313.0

422.2

511.0

• 15% compound growth in turnover 1993 - 2002

29

Operating Profit 1993 - 2002

5 . 6 5 . 6 5 . 4 3 .9 3 . 0 4 . 1 5 . 5 5 . 1 5 . 98 .1

2 . 2 3 . 8 5 . 06 . 1 7 . 7

9 . 7

12 . 09 . 9

17 . 4

2 2 . 3

0 .71. 2

1.9 3 .44 . 3

3 .4

3 . 04 . 3

3 . 4

4 . 3

0 .9

0 .7

0 . 5

1. 8

- 0 . 2 - 0 .4 - 0 . 8 - 0 . 6 - 0 . 7 - 1. 1 - 1.8 - 1. 6 - 1. 8 - 2 . 2

-5

0

5

10

15

20

25

30

35

40

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

£m

Continental Europe & Overseas The Americas UK Australia Head Office Costs

• 17% compound growth in operating profit 1993 - 2002

Ten year track record

8.310.2

12.811.5

14.3

17.0

19.4

25.4

34.3

17.7*

*pre restructuring costs