AMEC Briefs Operational, Financial Results for 2010
AMEC reported strong results reflecting operational strength and continued growth in 2010.
- Strong operating performance
- Revenue £2,950.6 million, up 16 percent on 2009
- EBITA1 £271.8 million, up 30 percent
- EBITA margin2 9.2 percent, 100 basis points higher
- Diluted EPS from continuing operations4 62.5 pence, up 33 percent
- Order book strong at £3.1 billion
- Order intake over 25 percent above 2009
- Cash flow conversion 83 percent
- Operating cash flow £227 million
- Continued financial strength
- Net cash as at December 31, 2010 £740 million
- Dividends per share up 50 per cent, to 26.5 pence
- Over last five years dividends have more than doubled
- Progressive dividend policy to be maintained, with cover of 2 to 2.5 times
Chief Executive Samir Brikho said, ''AMEC made excellent progress in 2010, delivering a record 9.2 percent EBITA margin and achieving good organic growth in each of our three divisions.
''The need for increased industry investment across our core markets supports our future growth, regardless of the pace of economic recovery. We are well positioned to take advantage of the growing demand for natural resources, power and water, and remain very confident about achieving our targeted earnings per share of greater than 100 pence in 2015.
''The pipeline of potential acquisitions has strengthened. In 2011 we expect continued growth resulting from our customer focus; with margins maintained at around the 9 percent mark.''
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