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Amey in £217m loss
Amanda Fisher
Amey has posted a £217.2m loss for 2019, after it revalued two of the businesses it has put up for sale.
Amey, which itself is for sale by parent Ferrovial, put its
utilities and environmental services arms up for sale last year, although the
sale process has since been delayed by the covid-19 pandemic.
The businesses, now counted as discontinued operations, made
losses which meant that the company had to revalue them, giving rise to a £158.9m
impairment. The impairment, combined with the £97.2m worth of losses generated
by the two businesses, has resulted in a £256.1m hit to Amey’s bottom line.
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But it was a brighter picture for Amey UK’s continuing operations,
where revenue increased by £325m in 2019 to £1.9bn, thanks in part to the
full-year impact of acquiring the CarillionAmey Defence joint venture companies
in 2018. Pre-tax profit from continuing operations before exceptional items was
£48.5m, down from £59.4m the year before.
Chief executive Amanda Fisher, who was promoted to the role
in December 2019, said: “Market conditions have remained challenging with
government contracting and outsourcing services remaining firmly in the
spotlight whilst the domestic government agenda has been overshadowed by
Brexit. In 2020, the Covid-19 pandemic in the UK has also led to significant
business challenges to be met, including ensuring the health and safety of
all of our employees in this time. Throughout this period, we have remained
focused on three key priorities: protecting our employees and the communities
we serve; continuing to deliver for our clients and maintaining critical
services that the country relies on; and supporting our suppliers.
“Following a strategic review of the business, we concluded
that the group’s portfolio of business is too diverse and needs simplifying,
rationalising and resizing. As part of our new strategy we intend to dispose of
the utilities and environmental services businesses, for which a disposal
programme has commenced.”
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