Amec engineers twice the profits
ENGINEERING giant Amec, which employs 700 at sites in Darlington and Wynyard, today said its profits had doubled in the last 12 months - and said it was confident about 2009, despite increased market uncertainty.
Amec said pre-tax profits for 2008 climbed from £151.6m to £306.6m during 2008 with revenue up 11% to £2.6bn.
The Natural Resources division, which takes in the Wynyard office, achieved a record performance in 2008 with earnings before interest, tax and amortisation (EBITA) up 35% to £129.3m. The Power and Process division, which takes in the Darlington operations, saw a 50% rise in EBITA to £58.3m.
The company said its order book for the Natural Resources and Power and Process divisions at the end of 2008 stood at around £3bn - significantly ahead of 2007.
Chief executive Samir Brikho said: “2008 was another year of record performance, with our internal initiatives helping us to deliver excellent results ahead of our commitments.
“During the year, we were awarded a number of milestone contracts that have contributed to significant growth in our backlog.
“We continue to view the future with measured confidence.”
