Highlights
- Revenue £2,026 million, up 37 per cent
- Underlying revenue up 28 per cent: up 15 per cent excluding £200 million of incremental procurement
- Positions group for full year double-digit underlying growth, as expected
- EBITA £152 million, up 25 per cent
- Margin 7.5 per cent, down 70 basis points largely as a result of increased procurement
- Diluted EPS from continuing operations 36.1 pence, up 25 per cent
- Operating cash flow £142 million, up £67 million
- Order intake and forward visibility remain good
- Order book strong at £3.7 billion (June 2011: £3.4 billion; December 2011: £3.7 billion)
- Completed two acquisitions for a total consideration of £156 million
- Purchased £158 million of shares under the £400 million share buyback programme
- Interim dividend per share up 15 per cent, to 11.7 pence
Chief Executive Samir Brikho said:
"AMEC has had an excellent start to the year, with revenue growth boosted by phasing of project execution and procurement in our oil & gas and mining businesses in particular. This flowed into EPS, which was up 25 per cent at 36.1 pence, and operating cash flow - where we also achieved a good performance.
"We have completed two acquisitions year-to-date, expanding our engineering capability in the nuclear sector and further strengthening our geographic footprint in Australia. The pipeline of further acquisition opportunities remains good.
"The order book has been maintained at record levels. We see continued demand for our services, and this has not been significantly impacted by the on-going economic uncertainty. Second half revenues are anticipated to be maintained at broadly the same level as the first half, leaving us on track to deliver double-digit underlying revenue growth for the full-year. We expect to continue to deliver good growth in 2013."
