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Full-year results 2015

Amec Foster Wheeler announced its Full-year results for the period ended 31 December 2015 on Thursday 10 March 2016.

A recording of a presentation by Ian McHoul, Chief Financial Officer and Interim Chief Executive Officer for analysts and investors is available below. 

The results announcement and presentation are also available below.

Summary:
  • 2015 trading performance and proposed final dividend of 14.2p in line with November update
  • Year end net debt £946m lower than guidance, with £50m Longview settlement paid in Q1 2016
  • GPG: non-cash impairment charge of £308m in 2015 
  • £6.6bn order book gives confidence for the year ahead 
  • Refinancing completed in March 2016 
  • Objective to halve net debt over next 15 months, through non-core disposals (including GPG) and cash generation
  • Search for new CEO progressing well

Ian Mchoul, Chief Financial Officer and interim CEO said: 
“Our 2015 trading performance was in line with our November update. We expect the challenging market conditions to continue for the foreseeable future and our priorities remain the same.

“Our focus is to maintain our solid operational performance and drive our cost reduction and efficiency programmes. We are also making good progress with our portfolio review, and have identified a number of non-core assets, including GPG, which we intend to sell over the next 15 months. We are targeting to halve our net debt over this timeframe, from disposal proceeds together with the cash generated from our core businesses. The successful refinancing we announced last week further strengthens our position.

“2016 is expected to be another year of challenging market conditions across upstream Oil & Gas and Mining. However, our exposure to a number of end markets, including downstream Oil & Gas, renewables and government work means we expect to see only a slight fall in like-for-like revenue, and a reduction in trading margins significantly less than the decline in 2015.”

Documents / downloads
RNS
Presentation
Recording of call

 

Full-year results 2015

Ian McHoul, Chief Financial Officer and interim CEO talks about the Amec Foster Wheeler full-year results 2015 and priorities for 2016

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