AMEC plc 2010 results

02/03/2011


Strong results reflect operational strength and continued growth

2010 highlights

Strong operating performance

  • Revenue £2,950.6 million, up 16 per cent on 2009
  • EBITA1 £271.8 million, up 30 per cent
  • EBITA margin2 9.2 per cent, 100 basis points higher
  • Diluted EPS from continuing operations4 62.5 pence, up 33 per cent

Order book strong at £3.1 billion

  • Order intake over 25 per cent above 2009

Cash flow conversion 83 per cent

  • Operating cash flow £227 million5

Continued financial strength

  • Net cash as at 31 December 2010 £740 million

Dividends per share up 50 per cent, to 26.5 pence

  • Over last five years dividends have more than doubled
  • Progressive dividend policy to be maintained, with cover of 2 to 2.5 times

Chief Executive Samir Brikho said:

"AMEC made excellent progress in 2010, delivering a record 9.2 per cent EBITA margin and achieving good organic growth in each of our three divisions.

"The need for increased industry investment across our core markets supports our future growth, regardless of the pace of economic recovery. We are well positioned to take advantage of the growing demand for natural resources, power and water, and remain very confident about achieving our targeted earnings per share of greater than 100 pence in 2015.

"The pipeline of potential acquisitions has strengthened. In 2011 we expect continued growth resulting from our customer focus; with margins maintained at around the 9 per cent mark."

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

Interview: with Samir Brikho, Chief Executive, Ian McHoul, Chief Financial Officer and Neil Bruce, Chief Operating Officer is available at http://amec.tamarinduk.com/

Next event: Annual General Meeting and Interim Management Statement on 5 May 2011. An analyst / investor seminar is planned for Thursday 19 May 2011

Analyst consensus: estimates are collated and published on AMEC's website on a periodic basis amec.com/investors

Media contacts

AMEC plc, Frank Stokes

+ 44 (0)20 7539 5800

Brunswick Group LLP, Mike Harrison

+ 44 (0)20 7404 5959

Craig Breheny

Notes to editors

AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering and project management services to the world's oil and gas, minerals and metals, clean energy, water and environmental sectors. With annual revenues of almost £3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. The company employs some 22,000 people in around 40 countries worldwide. See amec.com

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