London, UK,
26
March
2015
|
07:00
Europe/London

Amec Foster Wheeler plc 2014 results

Summary
  • Benefits of low-risk, multi-market model evident;
  • Completed transformational acquisition in November;
  • Integration on track; savings target increased to $125m;
  • Weak commodity pricing continues;
  • Full year dividend +3%
Samir Brikho, Chief Executive
I am pleased to report that we have delivered 2014 results in line with expectations. Looking ahead, I believe our low-risk, multi-market model combined with the additional benefits from our integration and cost savings programmes, is a strong platform from which to create long-term value for shareholders.
Samir Brikho, Chief Executive

2014 results:

Key performance measures1

£m unless stated 2014 2013 Change Underlying change
Continuing operations        
Scope revenue 3,920 3,854 +2% +1%
Trading profit 321 343 -6%  
Trading margin 8.2% 8.9% -70bps  
Adjusted profit before tax 317 332 -5%  
Trading cash flow 283 341 -17%  
Cash conversion 88% 99% -110bps  
Adjusted earnings per share 79.5p 87.2p -9%  

 

1 Adjusted performance measures used by the Group are reconciled to the equivalent IFRS measures in the section entitled ‘Performance measures’

Reported under IFRS

£m unless stated 2014 2013 Change
Continuing operations      
Revenue 3,993 3,974 -
Profit before net financing expense 148 243 -39%
Profit before tax 155 255 -39%
Cash flow from operations 200 292 -32%
Diluted earnings per share 35.1p 62.5p -44%
Dividend per share 43.3p2 42.0p +3%

2 Includes the proposed final dividend for 2014 of 28.5p per ordinary share

Outlook statement:

For 2015, we expect to see a continuation of recent trends – with growth in Clean Energy, downstream and Middle Eastern Oil & Gas markets offsetting tougher conditions elsewhere. This mix of performance, together with the increased customer pricing pressure and cost saving plans, is expected to lead to a modest reduction in like-for-like trading margins.

On current market forecasts, the reversal of the currency headwinds we experienced in 2014 will add approximately £150 million to scope revenue.

For the full version of these results please see the RNS 

Notes to editors

Notes to editors:

Amec Foster Wheeler (www.amecfw.com) designs, delivers and maintains strategic and complex assets for its customers across the global energy and related sectors.

With pro-forma 2014 scope revenues of £5.5 billion and over 40,000 employees in more than 50 countries, the company operates across the whole of the oil and gas industry – from production through to refining, processing and distribution of derivative products – and in the mining, clean energy, power generation, pharma, environment and infrastructure markets.

Amec Foster Wheeler offers full life-cycle services to offshore and onshore oil and gas (conventional and unconventional, upstream, midstream and downstream) for greenfield, brownfield and asset support projects, plus leading refining technology.

Amec Foster Wheeler shares are publicly traded on the London Stock Exchange and its American Depositary Shares are traded on the New York Stock Exchange. Both trade under the ticker AMFW.