AMEC plc 2011 results

20/02/2012


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."

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

Interviews: with Samir Brikho, Chief Executive, Ian McHoul, Chief Financial Officer and Neil Bruce, Chief Operating Officer.

Next event: Interim Management Statement on 16 April 2012 and Annual General Meeting on 19 April 2012. An analyst and investor seminar focused on the minerals and metals market is planned for 25 April 2012.

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

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