AMEC hails ‘excellent’ half year
INTERNATIONAL engineering group AMEC has hailed an “excellent start to the year” as profits surged 25% and revenues by 37%.
The group, which in June acquired Serco’s Warrington-based nuclear division for £139m – boosting its already strong presence in the sector in the region – said its strong performance had been led by work in the oil, gas and mining sectors.
Revenue climbed 37% from £1,48bn to £2.02bn in the six months to June 30th. Profits were up 25% to £126m and ebitda by a similar amount to £152m.
Chief executive Samir Brikho said: “AMEC has had an excellent start to the year, with revenue growth boosted by phasing of project execution and procurement in our oil & gas and mining businesses in particular.
“The order book has been maintained at record levels. We see continued demand for our services, and this has not been significantly impacted by the on-going economic uncertainty.
“Second-half revenues are anticipated to be maintained at broadly the same level as the first half, leaving us on track to deliver double-digit underlying revenue growth for the full-year. We expect to continue to deliver good growth in 2013.”
Referring to the Serco deal – which brought with it 600 people, AMEC said it was waiting for the Office of Fair Trading to complete a review of the transaction.
The company hiked its interim dividend 15% to 11.7p per share.
