Teesside bases help Amec to record results
ENGINEERING firm Amec today said its Teesside bases at Wynyard and Darlington helped it achieve record half-year results.
In the six months to the end of June, revenue climbed 9% to £1.255bn with profit before income tax up 38% to £92.3m.
Pre-tax profits before intangible amortisation and exceptional items climbed 87% to £90.4m - setting a new record for the group.
Frank Stokes, media relation manager, today said: “Producing record half-year results is obviously pleasing for us.
“And the Darlington and Wynyard offices have contributed to this good performance.
“Looking forward, our end markets in energy, power and process are expected to remain strong.”
The Tees offices employ around 700 staff in total and earlier this summer Amec began a recruitment drive for 100 more.
The Natural Resources division, which includes the Wynyard team, saw revenues climb 13% during the period and power and process - which includes Darlington - saw its sales climb 9%.
Amec’s chief executive Samir Brikho said: “These record results further demonstrate the strength of our businesses and the speed with which Amec is improving its performance. The strength of our balance sheet in the current credit crisis, coupled with the attractiveness of the end markets we serve, confirms our confidence in the future.”
Meanwhile Hovis bread maker Premier Foods, owner of the vegetarian Quorn-making facility on Teesside, today said it had achieved the “key” price increases needed to cover surging commodity costs.
The group, which also makes Mr Kipling cakes, described trading conditions as “challenging” but said it met its profit target for the half year.
Although profits fell 29% to £3.6m, Premier said it expected growth to be weighted towards the second half as a result of price rises, a factory closure programme and efforts to rejuvenate its Hovis brand.
Premier Foods said its meat-free business, which comprises the Quorn and Cauldron brands, saw a return to double digit sales growth, with UK sales up by 10% and international sales up by 21%. Bosses added its new Quorn picnic eggs and “pork” pies had proved a hit with customers and taken the business into the snacking market.
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