Amec increases full year dividend by 20%

DividendMax Ltd.

Amec increases full year dividend by 20%


Revenue £4,158 million, up 28 per cent on 2011
Underlying revenue up 21 per cent; excluding £320 million of incremental procurement, up 12 per cent
EBITA £331 million, up 11 per cent Margin 8.0 per cent (2011: 9.2 per cent)
Excluding impact of incremental procurement, 8.6 per cent
Diluted EPS from continuing operations4 80.4 pence, up 14 per cent Operating cash flow £309 million, up 16 per cent Order intake strong and forward visibility good
Order book £3.6 billion (31 December 2011: £3.7 billion)
Invested £159 million in acquisitions in 2012;

pipeline remains good

Completed £400 million share buyback on 8 February 2013

Dividend per share up 20 per cent, to 36.5 pence

Chief Executive Samir Brikho said:

”AMEC continued to make good progress in 2012, with earnings per share4 up by 14 per cent and strong operating cash flow. Oil & gas revenue was up strongly, especially in the UK North Sea and in Gulf of Mexico, with good contract wins too in the Middle East.

“Acquisitions strengthened our service offering in nuclear and broadened our footprint in Brazil and Australia. The pipeline of future opportunities remains good. Our £400 million share buyback was completed on 8 February 2013.

“We continue to expect good revenue growth in the conventional oil & gas market in 2013, offsetting softening in the oil sands and mining markets. We remain on track to achieve our targeted EPS of greater than 100 pence ahead of 2015. As a mark of our continued confidence in the outlook and reflecting our strong cash generation, the board is recommending a 20 per cent increase in the dividend for the year.”

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