Disposal of non-core businesses a priority
Amec has reported a pre-tax loss of £108m after being hit by losses in its built environment businesses and charges relating to litigation.
The loss does not include the results of SPIE, which was sold in July last year, and the company’s pipelines business, which it is in the process of selling. Turnover grew 14% to £3.2 bn during the year to 31 December 2006.
AMEC was hit by a series of writedowns announced last year relating to disputes and the cost of withdrawing from loss-making construction projects. It was also hit by losses of £11.6m in its built environment business.
AMEC said that the disposal of its non-core businesses would be achieved as quickly as possible during 2007. These businesses include its building and civil engineering division, its building and facilities services division, property development and PPP, as the firm seeks to focus on the energy market.
Chief executive Samir Brikho said: “After a year of great change and challenge, I am pleased to report results that are in line with our expectations at the time of our December update, with no unexpected or negative developments in the legacy issues that have for so long dominated perceptions about AMEC.”
