AMEC plc Interim Results 2008
Posted on August 28, 2008 – 1:55 pm | by oilandgaspress.com
RECORD RESULTS AND CASH POSITION
Record trading performance with continuing strength in energy end markets
Adjusted pre-tax profit1 £90.4 million, up 87%
6.0% EBITA margin2 (2007: 3.8%); on track to deliver recently upgraded 6.5% margin in 2008
2010 group EBITA margin2 target raised to 8.5%
Diluted earnings per share3 from continuing operations 18.8 pence, up 84%
Interim dividend increased 15% to 5.3 pence per share
Seven acquisitions announced in the year to date; total cash consideration £121 million
Record average weekly net cash for 2008: expected to remain in excess of £600 million after year
to date acquisitions and year to date share buybacks
Chief Executive Samir Brikho said:
“These record results further demonstrate the strength of our businesses and the speed with which AMEC is improving its performance. With Natural Resources having already achieved a 10 per cent margin and our other core businesses expected to make strong progress in 2008, we have raised our group margin target for 2010 from eight to 8.5 per cent.
“Our average net cash position has never been stronger, and is expected to stand at over £600 million for the year. The strength of our balance sheet in the current credit crisis, coupled with the attractiveness of the end markets we serve, confirms our confidence in the future.”
A presentation of the interim results for analysts and investors will take place at 8.30am today, and will be available on the 2008 Interim Results event page.
Enquiries to:
AMEC plc: + 44 (0)20 7539 5800
Samir Brikho, Chief Executive
Grant Ling, Interim Finance Director
Sue Scholes, Director of Communications
Neil Jamieson, Director of Investor Relations
Media:
Frank Stokes, Media Relations Manager
Kevin Byram, Brunswick + 44 (0)20 7404 5959
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT
Public relations, press release distribution service, investor relations, SEC filing, regulatory news
www.oilandgaspress.com - The ‘one stop shop’ for global Oil and gas press releases!!!
Tags: AMEC plc
You must be logged in to post a comment.