Amec Foster Wheeler plc 2014 results
Chief Executive Samir Brikho said:
“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.”
· Benefits of low-risk, multi-market model evident
· Completed transformational acquisition in November
· Integration on track; savings target increased to $125m
· Weak commodity pricing continues
· Full year dividend +3%
For 2015, we expect to see a continuation of recent trends – with growth in Clean Energy, downstream and Middle Eastern Oil & Gas markets offsetting tougher conditions elsewhere. This mix of performance, together with the increased customer pricing pressure and cost saving plans, is expected to lead to a modest reduction in like-for-like trading margins.
On current market forecasts, the reversal of the currency headwinds we experienced in 2014 will add approximately £150 million to scope revenue.
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Source: Amec Foster Wheeler plc