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Amec profits expected to exceed £200m

Pre-tax profits at Amec are expected to exceed £200 million for the year ended 31 December 2008, the firm announced today.

In a trading update to the Stock Exchange the firm said it had continued to deliver record performance in 2008.

It expects its group EBITDA margin to be approaching 7 per cent for the year.

Amec chief executive Samir Brikho said: “2008 was another year of significant progress for Amec. We continue to see a strong and diverse range of attractive prospective contracts across the business and have seen only minor delays and cancellations of prospective projects compared with those we would expect to see normally.”

The firm expects 2009 to be another year of improved performance as its net cash position remains strong.

Mr Brikho said Amec will ‘continue to monitor opportunities for growth through selective acquisition.’

Amec also announced that it has been selected by Imperial Oil as engineering, procurement and construction management contractor for phase one facilities of its Kearl Oil Sands project in northern Alberta, Canada.

Amec will announce its results for the year ended 31 December 2008, on 12 March.

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