AMEC powers ahead on all fronts
AMEC, the international construction, engineering and infrastructure group which has its nuclear business in Knutsford, hailed its results for 2011 which saw earnings, turnover and its order book showing strong growth.
Revenue rose 11% to £3.26bn and adjusted profits before tax also by 11% to £311m. The group, which has 25,000 employees worldwide, said its order book had increased by £600m and now stands at £3.7bn.
Chief executive Samir Brikho said: “AMEC continued to make good progress in 2011 boosted by oil and gas and mining in particular. The business demonstrated strong cash generation and a record order book.”
In the Power and Process division, which includes the nuclear advisory business, revenues were up 6% to £802m and ebitda rose 11% from £65m to £72m.
AMEC spent more than £260m on acquisitions last year, buying businesses in Atlanta in the US, Melbourne Australia and Aberdeen among others, which added more than 3,000 new employees to the group.
Looking ahead to prospects for this year, the company said it is “on track” to
deliver double-digit underlying revenue growth despite the continued macro economic uncertainty.
It added: “The strength of the order intake during 2011, the continued demand for AMEC’s services and the on-going customer investment in AMEC’s core markets are driving growth expectations. The full-year impact of acquisitions made in 2011 will further boost revenue growth. In addition, the pipeline for further acquisitions in 2012 remains strong.”
Last summer AMEC appointed Manchester-born John Connolly, the former global chairman and UK chief executive of business advisers and accountants Deloitte as its chairman.
