AMEC Announces Strong Interim Results

International capital projects, services and investments group AMEC Plc has announced interim results for the six months ending 30 June 1999.

Their first half performance showed a 45% increase in operating profit from continuing activities, two-thirds of this from their service activities.

AMEC recently won the prestigious FM contract with the Tate Gallery to provide services at four properties in London and Liverpool. They've also won five projects in East Anglia totalling £23.2 million.

A positive contribution to results was also made by capital projects and investments in private finance work and property development.
Earnings per share rose 51%, and despite increased investment, AMEC held net cash reserves of £23 million.

Chairman Sydney Gillibrand said: "The industries we serve are changing rapidly and the changes which we have made in AMEC are enabling us to capture new quality business. The outlook for the remainder of 1999 is good and the board has declared a 19% increase in the interim dividend.
"We will continue with our strategy of creating a permanent improvement in the quality of the group's earnings."

Julie Crisp