Did you know that there is a version of The Construction Index for the USA? Visit the site No thanks
Follow us on Twitter Follow us on LinkedIn Follow us on Instagram
Daily construction news
Weekly plant news

Construction News

Tue December 12 2017

Related Information
Related Information
Related Information

News » UK » Amec Foster Wheeler loses more than half a billion pounds » published 25 Apr 2017

Amec Foster Wheeler loses more than half a billion pounds

Engineering contractor Amec Foster Wheeler has posted a pre-tax loss of £542m on continuing operations for 2016 as its core offshore and oil & gas markets continued to struggle.

Amec Foster Wheeler, currently working towards an agreed takeover by John Wood Group, would have lost even more money in 2016 but for the fall in the value of sterling, which substantially boosted the value of its overseas earnings.

"We continue to expect another year of decline in oil and gas activity in 2017 and for solar activity to reduce significantly from the record levels seen in 2016,” said chief executive Jon Lewis.

Revenue on continuing operations for 2016 was largely unchanged at £5,440m (2015: £5,455m).

The 2016 pre-tax loss of £542m was more than double 2015’s loss of £235m.

The company has struggled ever since Amec's £2bn acquisition of Foster Wheel in November 2014, just before their core oil & gas market began to stall.

A shareholder vote on Wood Group's takeover offer is expected in June. That deal values Amec Foster Wheeler at £2,225m.

 

 

 

 

MPU

Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.

This article was published on 25 Apr 2017 (last updated on 25 Apr 2017).

More News Channels