Aecom revenue more than doubles to £11.9bn in first set of full-year results following URS mega-merger
Aecom has posted a £100m pre-tax loss in its first set of full-year results following its £2.3bn mega-merger with URS.
The US-based construction giant posted a $151.5m pre-tax loss (£100m) for the year to September 2015, compared to a $229.9m (£151.8m) pre-tax profit the previous year.
The firm posted an operating profit - which strips out financial costs - of $129m (£85m), down 63% from $353m (£233m).
The URS transaction - which closed in the first month of Aecom’s financial year, in October 2014 - fuelled a 115% jump in revenue to $18bn (£11.9bn), up from $8.4bn (£5.5bn).
Aecom’s design and consulting services business - which incorporates the lion’s share of the firm’s consultancy-dominated UK business - posted a 16% decrease in operating profit to $305.9m (£202m), down from $365.9m (£241.6m). The division’s revenue increased 47% to $8bn (£5.3bn), up from $5.4bn (£3.6bn).
Aecom did not share any financial numbers specifically for its UK or European businesses.
Aecom’s chairman and chief executive Michael Burke described the financial year as “remarkable” one for the firm after completing “the largest combination in our industry’s history”.
He added: “Despite the attention to integration and uneven global economic trends, our results and outlook reflect the benefits of our diversification.”
Aecom increased its annual “synergy savings target” for savings generated from the URS merger to $325m (£214m), up from $275m (£181m).
The firm expects to incur around $200m (£132m) of acquisition and integration expenses in this financial year.
Aecom’s overall wins for 2015 totalled $18.7bn (£12.3bn). Aecom’s construction services division built One World Trade Center (pictured).