UK engineering consultant and project management services firm AMEC has announced a 12 per cent increase in profit before tax, after growing its mining and metals business by more than 50 per cent over the past year.
London-listed AMEC, which recently simplified the name of its Australian operations from AMEC Minproc, lodged revenue of $5.05 billion, up 11 per cent on 2010.
Its profit, before tax, came in at $463 million, also up 11 per cent on 2010.
Chief executive Samir Brikho said the group continued to have a strong outlook.
“There has been significant activity in oil and gas on projects such as the ConocoPhillips Bayu Undan facilities in the Indonesia East Timor Sea,” Mr Brikho said.
“In Australia, mining services increased as a result of a joint venture for Fortescue Metals Group for the Cloudbreak project and definitive feasibility studies for Bannerman Resources and Paladin Energy.
“The business demonstrated strong cash generation and a record order book.
“Acquisitions also strengthened our service offering and broadened our exposure to high-growth markets. The pipeline of further acquisition opportunities remains strong.”
Mr Brikho also announced a 15 per cent increase in the dividend for the full-year, while AMEC was on track to delvier double-digit growth in 2012.
“The strength of the order intake during 2011, the continued demand for AMEC’s service and the on-going customer investment in AMEC’s core markets are driving growth expectations.
“The full-year impact of acquisitions made in 2011 will further boost revenue growth and the pipeline for further acquisitions in 2012 remains strong.”
