AMEC plc 2011 interim results

24/08/2011


Operating performance in line with expectations

H1 2011 results

Operating performance in line with expectations

  • Revenue £1,484 million, up 4 per cent
  • EBITA1 £122 million, up 9 per cent; margin 8.2 per cent, up 40 basis points
  • Group EBITA margin2 expected to be maintained at around 9 per cent in 2011
  • Diluted EPS from continuing operations4 28.8 pence, up 13 per cent
  • Operating cashflow5 £75 million, up £18 million

Order book strong at £3.4 billion (December 2010: £3.1 billion; June 2010: £3.5 billion)

  • Order intake and forward visibility remain good

Completed MACTEC and three other acquisitions for a total consideration of £261 million

Interim dividend per share up 40 per cent, to 10.2 pence

  • Rebased in line with the 2010 final dividend increase

Chief Executive Samir Brikho said:

"AMEC made good progress in the first half of 2011. A strong performance in mining and Power & Process and increased activity in the UK North Sea more than offset the anticipated reduction in activity levels within our oil sands and federal businesses.

"Demand for our services and investment in our end markets remain strong, and we expect new contract awards to support future growth despite increased economic uncertainty. Margins are expected to be maintained at about 9 per cent in 2011.

"Management remains focused on the delivery of our Vision 2015 strategy. We completed four acquisitions in the first half and integration is progressing well. Our balance sheet is strong and we continue to target further acquisitions."

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 at http://amec.tamarinduk.com/

Next event: Interim Management Statement on 17 November 2011.

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

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