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AMEC plc 2009 results - AMEC delivers another record operating performance

04 March 2010


2009 highlights

Another record operating performance

  • EBITA1 £208.3 million, up 13 per cent
  • EBITA margin2 8.2 per cent, up 110 basis points
  • Firmly on track to deliver 2010 margin target of 8.5 per cent
  • Diluted EPS from continuing operations4 46.9 pence, up 7 per cent

Order book strong at £3.2 billion

Cash flow conversion 124 per cent

  • Operating cash flow5 £257 million, up 129 per cent

Continued financial strength

  • Net cash as at 31 December 2009 £743 million
  • £113 million invested in acquisitions; GRD and four other acquisitions completed in 2009
  • Dividends per share up 15 per cent, to 17.7 pence

Chief Executive Samir Brikho said :

“AMEC has delivered another year of excellent results in 2009, with a significantly improved operating cash flow performance and record EBITA margin2 of 8.2 per cent.

We believe the trading environment will remain challenging, but expect that our order pipeline will continue to improve as the year progresses. We are currently well positioned on contracts at the early stages of the project cycle and are confident this will support future growth, building on our strong customer relationships. In the first quarter, we have seen signs of a pick up in the market and we expect to win a number of sizeable new contracts for delivery later in 2010 and beyond. We continue to be firmly on track to deliver our target of 8.5 per cent EBITA margin in 2010.”

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.

Next event: Annual General Meeting and Interim Management Statement on 13 May 2010
Analyst consensus estimates are collated and circulated to interested parties on a periodic basis. To be added to the circulation, please contact the Investor Relations team.

Media enquiries to:
Brunswick Group LLP 
Mike Harrison: + 44 (0)20 7404 5959
Giles Croot 
 
AMEC
Frank Stokes:  +44 (0) 7712 008356
Lauren Gallagher:  +1 602 757 3211