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Oil slump hits Amec Foster Wheeler

Afw uk power upgrade

Amec Foster Wheeler (AFW) has announced its financial results for the first six months of this year, reporting a pre-tax loss of £446M for the half, compared to a profit of £73M in the first six months of 2015.

However there was a 7% increase in revenue compared to same half last year, increasing it to £2.84bn. Its order book is at £6.3M.

Record solar and UK North Sea revenues were offset by weak performance from the oil and gas sector in the Americas. There was £440M in asset write-offs, which makes up most of the firm’s loss for the six months.

A strategy, organisation and cost review has been initiated, which will be completed in autumn.

AFW’s new 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.”

 

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