Thursday, March 16, 2024
Amec confirms plans to split
Amec confirmed plans to split itself in two after a poor performance from its UK construction division depressed full-year results.
The engineering and project management company said it would look to complete the sale of its French arm Spie, before separating its core energy and process management operations from its construction activities.
The announcement came as Amec said underlying profits rose seven per cent to £124.1 million in 2005 on a strong performance of its oil and gas business. But its surplus dipped 58 per cent to £11.2m at its project solutions unit, following weakness in UK construction services, particularly roads.
Profits have risen 25 per cent in its oil and gas division and 18 per cent in its engineering and technical services unit, but a poor performance in Amec's British construction operations have dented some of these gains.
The engineering and project management company said it would look to complete the sale of its French arm Spie, before separating its core energy and process management operations from its construction activities.
The announcement came as Amec said underlying profits rose seven per cent to £124.1 million in 2005 on a strong performance of its oil and gas business. But its surplus dipped 58 per cent to £11.2m at its project solutions unit, following weakness in UK construction services, particularly roads.
Profits have risen 25 per cent in its oil and gas division and 18 per cent in its engineering and technical services unit, but a poor performance in Amec's British construction operations have dented some of these gains.
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