Engineering giant’s losses more than double to £542m

Global engineering giant Amec Foster Wheeler, which has a major presence in Warrington, has more than doubled its pre-tax losses to £542m.

The company, which was acquired by multinational energy services company Wood Group in a deal worth more than £2.2bn in March, saw revenue remain stable at £5.44bn, has suffered as a result of exceptional items and asbestos-related issues which have cost the company £137m.

Chief executive Jon Lewis said that given the conditions in the natural resources market its full year trading performance – to March 31 – was “robust”.

He said: “We benefited from the breadth of our business – especially the record performance from solar – cost saving actions and the fall in sterling in the second half of the year.

“We continue to expect another year of decline in oil and gas activity in 2017 and for solar activity to reduce significantly from the record levels seen in 2016.

“It is also expected that there will be a better performance from environment and infrastructure and a further significant contribution from standalone overhead cost savings.

“This year, we will continue to leverage the outstanding technical expertise of our people to best serve our customers and deliver projects safely across all the markets in which we operate.

“This and the improvements we have made to the business will ensure we continue to make significant progress in 2017.”

Amec Foster Wheeler employs around 35,000 people in more than 55 countries.

Close