LONDON -- AMEC (LSE: AMEC) released full-year results this morning, which -- despite being in line with expectations -- weren't quite as positive as the market expected, sending the shares down 6% to 1,057 pence.
However, the British multinational consultancy, engineering, and project-management company did announce that revenue increased 28% to 4.16 billion pounds. Underlying revenue was up 21% -- although, excluding 320 million pounds of incremental procurement, that figure dropped to a rise of 12%.
Pre-tax profit came in at 263 million pounds, a 2% increase on 2011's figure of 259 million pounds. AMEC also announced that its dividend was rising 20% to 36.5 pence, up 6 pence on 2011's 30.5 pence.
Chief executive Samir Brikho commented:
AMEC continued to make good progress in 2012, with earnings per share up by 14 per cent and strong operating cash flow. Oil & gas revenue was up strongly, especially in the U.K. North Sea and in Gulf of Mexico, with good contract wins too in the Middle East. Acquisitions strengthened our service offering in nuclear and broadened our footprint in Brazil and Australia. The pipeline of future opportunities remains good. Our 400 million pound share buyback was completed on 8 February 2013. We continue to expect good revenue growth in the conventional oil & gas market in 2013, offsetting softening in the oil sands and mining markets. We remain on track to achieve our targeted EPS of greater than 100 pence ahead of 2015. As a mark of our continued confidence in the outlook and reflecting our strong cash generation, the board is recommending a 20 per cent increase in the dividend for the year.
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