Construction News

Sun August 01 2021

Related Information

Amey posts £98m pre-tax loss

16 Jun 2020 proved another year of heavy losses for Amey as it failed to rid itself of its persistent waste problem.

Chief executive Amanda Fisher
Chief executive Amanda Fisher

In the year to 31st December 2020, Amey UK plc made a pre-tax loss of £98.0m (2019: £109.2m).

After-tax losses have now totalled more than £320m over the past two years.

Group revenue on continuing activities in 2020 was down 6% at £2.14bn (2019: £2.28bn).

Operating loss on continuing activities before £62.4m of exceptional items was £29.4m (2019: £21.4m loss).

Amey continues to be dogged by its waste management business, which was put up for sale last year. The 2020 accounts include provisions for future losses on its Milton Keynes treatment facility (£39.8m), its Sheffield PFI contract (£10m) and additional construction costs for the Isle of Wight plant (£9.8m).

Parent company Ferrovial pumped £169m equity into Amey UK earlier in the year and another £112m on the last day of the year. Consequently the accounts are able to show net assets of £82.8m (2019: net liabilities of £55m).

Got a story? Email news@theconstructionindex.co.uk

MPU

Click here to view more construction news »