Amey set for a record breaking year in slump
AMEY, the Spanish-owned group helping to upgrade the London Underground, said it is on course to make £2bn in revenue for the year, clearing the way to become one of the 10 biggest construction groups operating in the UK.
Sales went up to around £1.5bn last year, Amey said in a report filed to Companies House, but pre-tax profit fell 25 per cent to £78.28m.
The company’s chief executive Mel Ewell said the profit drop was due to currency fluctuations, blaming the pound’s weakness against the euro, adding that sterling’s relative strength this year would boost results.
He added at least £200m had been secured in contract winnings. Last week, Amey won a £2.7bn contract to maintain the roads in Birmingham, adding to its order book. Ewell said the contract would help make 2009 a “record-breaking year”.
Amey’s Tube Services, the arm which manages its investment in the London Underground Tube Lines consortium, saw its revenue hit £548.8m last year, while its operating profit was £38.4m.
Tube Lines maintains and renovates three of the Underground’s lines: the Jubilee, Northern and Piccadilly.