AMEC plc 2010 interim results


AMEC delivers a record operating performance

H1 2010 highlights

Record operating performance "- supported by organic growth across the business

  • Revenue £1,429.5 million, up 13 per cent
  • EBITA 1 £113.5 million, up 20 per cent; margin 7.9 per cent, up 40 basis points
  • Confident of beating 2010 EBITA margin 2 target of 8.5 per cent
  • Diluted EPS from continuing operations 4 25.5 pence, up 23 per cent

Order book strengthened further, to £3.5 billion

Continued financial strength - net cash £ 669.6 million as at 30 June 2010

Interim dividend per share up 20 per cent, to 7.3 pence

Chief Executive Samir Brikho said:

"AMEC has delivered a record first-half performance, with six per cent organic revenue growth and improvements in each of the three divisions. We expect this momentum to continue, building on our strong customer relationships. New contract wins and improvements in the order book signal a further strengthening in our strategic position across core sectors.

"Our balance sheet remains strong and we continue to invest in carefully targeted acquisitions. The interim dividend has been increased by 20 per cent and reflects the board's continuing confidence in the group's prospects.

"We are confident of beating our 8.5 per cent EBITA margin target in 2010, and we are focused on delivering our Vision 2015 strategy . The elevation of five key operations executives to our Group Management Team will support the collaborative delivery of our goals.

» View the full half-year results

Results presentation and live webcast: AMEC will host a presentation on the interim results for analysts and investors at 9.00am today. A live webcast of the event and presentation slides will be available.

Interview: with Samir Brikho, Chief Executive, and Ian McHoul, Chief Financial Officer , is available.

Next event: Nuclear-themed investor dinner in New York on 26 October; Interim Management Statement on 16 November 2010.

Analyst consensus estimates are collated and circulated to interested parties on a periodic basis. To be added to the circulation, please contact the Investor Relations team.

Media contacts:

Brunswick LLP: Mike Harrison/Giles Croot +44(0)20 7404 5959

AMEC: Frank Stokes +44(0) 7712 008356

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