AMEC plc announces 2011 results

Tuesday, February 21, 2012
  • AMEC continued to make good progress in 2011 boosted by oil and gas and mining in particular.

Highlights

Strong operating performance

  • Revenue £3,261 million, up 11 per cent on 2010
  • EBITA1 £299 million, up 12 per cent
  • EBITA margin2 9.2 per cent (2010: 9.1 per cent)
  • Diluted EPS from continuing operations4 70.5 pence, up 13 per cent
  • Operating cash flow5 £267 million, up 22 per cent
  • Good order intake and forward visibility
  • Order book £3.7 billion (31 December 2010: £3.1 billion)
  • Invested £263 million in acquisitions in 2011; pipeline remains strong
  • Dividend per share up 15 per cent, to 30.5 pence
  • Commencing share buyback programme of £400 million
  • Expect to deliver EPS target of greater than 100 pence ahead of 2015

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.

'Acquisitions strengthened our service offering and broadened our exposure to high-growth markets. The pipeline of further acquisition opportunities remains strong.

'Today we are announcing a 15 per cent increase in the dividend for the full year and, given the strength of the group's balance sheet, are commencing a £400 million share buyback programme, which is expected to be completed over the next 12 months.

'The outlook for 2012 is underpinned by the positive industry backdrop and the strength of the order book. We are now targeting an EPS of greater than 100 pence before 2015.'

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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