Construction group reveals loss for the first half of the year after suffering a series of writedowns in its construction division.
Amec has recorded a £57.9m loss for the first half of the year after suffering a series of writedowns in its construction division.
The pre-tax loss for the six months to 30 June compares with a profit of £18.7m in the same period in 2005. The loss was due to exceptional charges of £79.3m, announced by the company in June.
Excluding the charges, underlying profit rose 21% to £24.2m, from £20m last year.
Outgoing Amec chief executive Sir Peter Mason, who will be replaced by Samir Brikho next month, said the group’s poor construction performance had overshadowed the results.
He said: “I am pleased to report that the three divisions within our energy and process business have had an even stronger than expected first half with overall profits 40% ahead. Within the built environment division our investments business has also done well, but this progress has been overshadowed by disappointing performance in construction. However, we are tackling this and believe we have put the business firmly on the road to recovery.”