Thursday, 26 March 2015
Amec Foster - Final Results
Its goal is to deliver profitable, safe and sustainable projects and services for their customers in the oil and gas, mining, clean energy, environment and infrastructure markets, including sectors that play a vital role in the global and national economies and in people’s everyday lives.
Customers, in both the private and public sector, are among the world’s biggest and best in their fields - BP, Shell, EDF, National Grid and U.S. Navy to name just a few.
They have today released results for the full year to 31st December 2014 (link via Investegate). At £3.99m, revenues were marginally ahead on the prior year. However, the dramatic fall in oil and commodity prices has had an impact on earnings and profits.
Adjusted profits are down 5% at £317m - earnings per share down 9% at 79.5p (2013 87.2p).
CEO Sam Brikho commented, "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."
Amec Foster have a progressive dividend policy and although profits and earnings have fallen this year, the management feel sufficiently confident to increase the full year dividend by 3.1% to 43.3p (2013 42p). The dividend is covered 1.8x by adjusted earnings.
At the time of posting, the share price is down around 3% at 940p giving a yield of 4.6%.