Pre-tax profit reaches 拢124m during 2005, with turnover rising by 拢285m to 拢4943m, despite an underperforming UK infrastructure division.
Amec has reported a 7% rise in profit over the past year, despite an underperforming UK infrastructure division.
Pre-tax profit rose to 拢124m during 2005, with turnover rising by 拢285m to 拢4943m. The results were strengthened by the company's performance in Iraq and in the oil and gas markets, although its UK infrastructure business underperformed.
Profit before net financing costs for Amec's construction and infrastructure business declined by 58% to 拢11.2m, reflecting weakness in UK construction services, particularly roads.
Announcing its results, Amec confirmed that it will be restructuring its business into two separate businesses focused on energy and process industries and UK infrastructure respectively. It also said that it expected to sell Spie, its French M&E division by the middle of this year.
Peter Mason, Amec chief executive, said: "This was a really excellent year across most of our main businesses, with profits in oil and gas up 25%, and in engineering and technical services up 18%. However, a poor performance in UK construction significantly depressed this result."
