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Annual Results

Amec Foster Wheeler losses widen

25 April 2017 07:31

Amec Foster Wheeler's reported pre-tax losses rose to £542,000 in 2016 - up from £235,000 last time.

Revenues totalled £5.44m compared with £5.45m in 2015.

On an adjusted basis, the group made a trading profit of £318,000 - down from £374,000 in 2015.

Adjusted pre-tax profits fell to £254,000 from £334,00 a year ago.

Chief executive Jon Lewis said: "Given conditions in natural resources end markets, our 2016 trading performance was robust, as we benefited from the breadth of our business - especially the record performance from solar - cost saving actions and the fall in sterling in the second half of the year.

"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.

"It is also expected that there will be a better performance from environment and infrastructure and a further significant contribution from standalone overhead cost savings.

"This year, we will continue to leverage the outstanding technical expertise of our people to best serve our customers and deliver projects safely across all the markets in which we operate. This and the improvements we have made to the business will ensure we continue to make significant progress in 2017."

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