Amey UK Limited has issued its latest results showing improved equity value but a dip in income.
Group revenue for the infrastructure services and engineering company for the year ended 31 December 2022 was reported at £2.08 billion, compared to £2.33 billion in FY2021.
Amey said the reduction in revenue was connected to defence contracts.
Gross profit for the Group was £153.4 million, compared to £162.7 million in the previous financial period.
Amey’s operating profit was up slightly from £86.2 million in FY2021 to £87.6 million in FY2022.
Profit before tax was reported at £86.4 million compared to £81.9 million in 2021 – and profit for the year was £75.2 million, whereas in 2021 Amey recorded a £42.4 million loss.
Total income for the financial year 2022 was £32.4 million (FY2021: £65 million).
Group cash value was £41.9 million, compared to £65.2 million in the previous financial year.
Net assets and total equity value were reported at £173 million (FY2021: £140.5 million).
Acquisitions and transfers
In December last year, Ferrovial transferred ownership of Amey to a company controlled by funds managed by One Equity Partners, alongside their acquisition partner Buckthorn Partners, for £400 million.
Andy Milner assumed the role of CEO of Amey on 1 January 2023, taking over from Amanda Fisher who is now with Costain.
During 2022, Amey also divested itself from Amey Ventures Management Services (now Albany Ventures Management Services) and its utilities business (now Avove), as well as transferring its waste treatment business to Ferrovial.
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