AMEC plc 2013 results

12/02/2014


Highlights
- Diluted EPS from continuing operations1 87.2 pence, up 11 per cent
- Revenue £3,974 million, down 3 per cent on 2012
- Underlying revenue, excluding incremental procurement, up 2 per cent
- EBITA2 £343 million, up 3 per cent
- Margin3 8.6 per cent, up 40 basis points
- Operating cash flow5 £341 million, up 9 per cent
- Cash conversion 99 per cent6
- Record order book £4.1 billion, strong order intake
- Proposed dividend per share up 15 per cent, to 42.0 pence
- Firm offer for Foster Wheeler announced today

Chief Executive Samir Brikho said:

"AMEC continued to make good progress in 2013, with adjusted earnings per share up by 11 per cent and operating cash flow particularly strong.

"As expected, strong performances from our oil & gas businesses in UK North Sea and the Middle East and from US renewables offset weaker markets elsewhere.

"We continue to expect good underlying revenue growth in 2014, with ongoing strength in the conventional oil & gas and clean energy markets. As a mark of our continued confidence in the outlook and reflecting our strong cash generation, the board is recommending a 15 per cent increase in the dividend for the year.

"I am delighted we have announced separately this morning the firm offer for Foster Wheeler. The combination with Foster Wheeler is financially and strategically attractive. I believe it is a compelling proposition for our shareholders, customers and employees."

Results presentation and live webcast: AMEC will host a presentation on the results for analysts and investors at 8.30am today. A live webcast of the event and presentation slides will be available on amec.com.

Interviews with Samir Brikho, Chief Executive and Ian McHoul, Chief Financial Officer are available at www.amec.com/full-year-2013
Next events: Annual General Meeting on 3 April 2014 and Interim Management Statement on 24 April 2014

Analyst consensus estimates are published on our website at amec.com/investors/consensus_estimates.htm

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