Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Amec Foster Wheeler reports large pretax loss

Money

Amec Foster Wheeler reported pretax losses for 2016 of £542M, an increase on £235M reported in the previous year, due to weakness in the global oil and gas market.

Revenue for the company’s oil, gas and chemicals sector was down by around 25% on the previous year at £2.26bn. However the environment and infrastructure segment performed well with revenue at £9.54bn, up from £8.39bn in 2015.

The firm said it expects another decline in oil and gas activity in 2017, along with a significant reduction in solar. Last month the firm announced a £2.2bn merger with its rival Wood Group.

“Given conditions in natural resources end markets, our 2016 trading performance was robust, as we benefited from the breadth of our business – especially the record performance from solar – cost saving actions and the fall in sterling in the second half of the year,” said Amec Foster Wheeler chief executive Jonathan Lewis.

“It is also expected that there will be a better performance from environment and infrastructure and a further significant contribution from standalone overhead cost savings.”

Lewis added that better progress is expected in 2017.

Tags

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.