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Keller Drops Most in a Year After Saying Profit to Fall in 2011

May 12 (Bloomberg) -- Keller Group Plc, the builder of the foundations for the main stadium of London’s 2012 Olympic Games, fell the most in a year in London trading after saying it expects earnings this year to fall around 10 percent.

The shares slumped 143 pence, or 22 percent, to 518 pence at 8:14 a.m., cutting 92 million pounds ($150 million) from its market value. The stock, which declined to its lowest since Dec. 3, was the worst performer among the 622 companies in the FTSE All-Share Index.

Earnings before interest and tax will fall because of lower margins in its U.S. business, the effect of the floods in Australia and geopolitical issues in the Middle East and North Africa, the London-based company said in a statement today.

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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