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Faber Maunsell parent Aecom boasts strong results

UK consultant Faber Maunsell's US parent Aecom has reported strong results for the year ending 30 September, with net income up 47% to $147.2M (£99.5M) and revenue up 23% to $5.2bn.

For the full fiscal year 2008, Aecom reported net income of $147.2M. This represents an increase of 47% over net income of $100.3M for the same period last year.

Revenue for fiscal year 2008 was $5.2bn - 23% higher than fiscal year 2007. For fiscal year 2008, the company's revenue, net of other direct costs, increased 37% to $3.3bn.

"Our results were marked by solid, sustained growth across our practice areas and throughout virtually all our global operations," said Aecom chief executive officer John Dionisio. "We finished the fiscal year with a number of key wins that reflect the continued demand in the global infrastructure market.

"Looking forward, we intend to continue to leverage Aecom's market and geographic diversification to drive organic growth balanced by acquisitive growth that is a hallmark of our business model."

As of 30 September Aecom had $190M of cash, $81.4M in auction rate securities classified as marketable securities, $391M of debt and $650M in committed bank facilities with over $300M in unused capacity.

"We are in a solid cash position," said Aecom chief financial officer Michael Burke. "We have in excess of $300M of available borrowing capacity under our credit facilities and are well positioned to opportunistically invest in organic initiatives as well as strategic acquisitions."

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