Revenue passes £3bn at AMEC
Acquisitions and a "strong performance" in the oil, gas and mining markets have boosted revenue at engineering firm AMEC. Revenue has increased by 11 per cent to more than £3bn.
The business, which employs more than 500 staff across the North East, reported revenues of £3.2bn for the year to 31 December 2011 - up from £2.9bn in 2010. Pre-tax profits at the business remained steady at £259m.
The company said it made "good progress" in 2011, due to a strong performance in oil, gas, minerals and metals which offset a decline in oil sands and US federal activities.
Acquisitions in 2011 have also helped towards the revenue boost, the business said. The company reported that it invested £261m in acquisitions in 2011, the largest of which was the acquisition of US-based MACTEC in June for £183m.
The acquisition pipeline in 2012 "continues to be strong" for the business, AMEC added.
The business has also boosted its staff levels by 17 per cent from 21,973 in 2010 to 25,757 in 2011. The company said this was because of "increased activity levels, particularly in UK North Sea and the Americas, as well as the impact of acquisitions".
Chief executive Samir Brikho said: "AMEC continued to make good progress in 2011 boosted by oil and gas and mining in particular. The business demonstrated strong cash generation and a record order book.
"Acquisitions strengthened our service offering and broadened our exposure to high-growth markets. The pipeline of further acquisition opportunities remains strong.
"The outlook for 2012 is underpinned by the positive industry backdrop and the strength of the order book."
The business said it expects to double-digit underlying revenue growth in 2012, despite the "continued macro economic uncertainty."
The company said: "The priority for 2012 remains to grow the business by continuing to deliver for customers whilst investing in AMEC's people."
"The strength of the order intake during 2011, the continued demand for AMEC's services and the on-going customer investment in AMEC's core markets are driving growth expectations."
