Half-year results 2017

Amec Foster Wheeler released its half-year results for the six months ended 30 June 2017 on Thursday 10 August 2017.

Summary

Challenging conditions continue in some key markets (primarily upstream oil and gas and solar)
- underlying revenue down 24%
- E&I underlying revenue up 7%
Offset by better operational performance and contract close outs
- trading margin up 80bp, and up 180bp for retained operations
Retained operations order book up 2% to £5.5bn
Efficiency and cost saving programme delivering greater benefits ahead of schedule
£159m proceeds from non core disposal programme in H1, £229m in total since Q4
Offer from John Wood Group remains on track to complete in Q4

Jonathan Lewis, CEO said:

“I am encouraged that the first wave of benefits of the transformation programme we began last year is now evident.

Operational discipline has improved, we have more than delivered on our cost saving targets and we have also seen the first tangible signs of sustainable growth: in the retained operations, trading margin is up 180 basis points compared to H1 last year with a 2% increase in the order book since the year end.

Although, as expected, some of our end markets remain challenging, I am pleased that we are making progress across the business – reinforcing the value of a multi-discipline and multi-market customer offering.

Looking forward, I am confident Amec Foster Wheeler is now moving in the right direction, and I believe that our people and shareholders will have an exciting future as part of the Wood Group, once the deal closes in the fourth quarter.”

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