Strong oil & gas lifts Amec's revenues

Signposting results: Amec sees sales soar but margins tighten in 2012

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Bill Lehane

 14 February 2013 09:08 GMT

International engineering group Amec has said its oil and gas revenues “rose strongly” over a year that saw it post increased revenues but also tightened margins.

Revenues rose 28% on 2011 to £4.15 billion ($6.44 billion) for the company last year, with earnings before interest depreciation and amortisation (ebitda) rising 11% to £331 million.

Amec’s natural resources division, where oil and gas accounts for about three quarters of earnings, posted revenues up 39% year-on-year to £2.416 billion.

However, margins decreased over the year from 9.2% to 8%, and overall net income decreased to £217 million from 2011's £232 million.

Amec said that when non-continuing operations were excluded, its net profit rose slightly to £212 million from 2011's £207 million.

Chief executive…

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