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Half-year results 2016

Amec Foster Wheeler released its half-year results for the six months ended 30 June 2016 on Tuesday 9 August 2016.

Following the announcement, Jon Lewis, Chief Executive Officer and Ian McHoul, Chief Financial Officer hosted a half-year results presentation, a recording is available.

Summary:
  • Mixed H1 trading results
    • Record solar and UK North Sea revenue, offset by weak performance from Americas O&G
    • Non-cash impairment charge and asset write-offs of £440m (including Americas O&G and GPG) 
    • Interim dividend of 7.4p 


  • Reiterate key guidance
    • Expectations for FY2016 trading result unchanged
    • Target £500m of proceeds from disposals by June 2017
  • Strategy, organisation and cost review initiated; to be completed in autumn


H1 2016: Key performance measures1 

£m unless stated, for 6 months ended 30 June 20162015 Change 
Continuing operations    
Revenue 2,842 2,664 +4%2 
Trading profit3 177 188 +9%2 
Trading margin 6.2% 7.1% -90bps 
Trading cash flow 12584  
Cash conversion 71% 45%  
Adjusted diluted earnings per share 28.2p 34.0p  -17%
Order book  6.2bn6.6bn -9% 
H1 2016: Reported under IFRS

£m unless stated, for 6 months ended 30 June 2016 2015 Change 
Continuing operations    
Revenue 2,842 2,664 +7% 
(Loss)/profit before net financing expense (414)83  
(Loss)/profit before tax (446) 73  
Cash flow from operations 21(9)  
Diluted earnings per share (115.8)p 14.5p  
Interim dividend per share 7.4p 14.8p -50% 
Net debt 1,084 957 +13% 
Chief Executive, Jonathan Lewis said:

“Our industry continues to face very challenging conditions, with capital projects across natural resources markets being delayed and cancelled in many parts of the world.  

Despite this, we continue to benefit from the diversity of our platform and we remain on track to deliver the operational guidance we gave at the beginning of the year. 

I have initiated a wide-ranging review of the strategy, our organisation structure and cost base – which we are now part-way through. I expect to update investors on these issues in the autumn.”

HY2016 downloads

Download documents relating to the half-year 2016 results

Half-year results 2016

Jon Lewis, Chief Executive Officer and Ian McHoul, Chief Financial Officer, talk about Amec Foster Wheeler's half-year results for the six months ended 30 June 2016

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