Amey UK Limited has declared a robust order book and increase in profits in its latest financial results.
Group revenue for the year ended 31 December 2023 was £1.8 billion, down from £2 billion in the previous financial period, generating a pre-tax profit of £97 million (FY2022: £86.4 million).
The reduction in revenue reflects the end of non-core Next Generation Estates Contracts (NGEC) in the Defence sector, where Amey enjoyed a unique, exclusive position as the sole provider following the collapse of Carillion in 2018.
The London-headquartered infrastructure engineering contractor generated an operating profit last year of £87 million, up from £78.5 million in the prior period.
Net assets were valued at £240.4 million, up from £173 million in the year before, with cash at £116 million, up from £42 million in FY2022.
The group’s order book value increased by 23 per cent, to £7.6 billion (FY2022: £6.2 billion).
Profit after tax for the year was £84.4 million (FY2022: £75.2 million).
Business activities
“The business demonstrated in 2023 that, unincumbered from discontinued operations disposed of in 2022, it is capable of significant cash generation,” said CEO, Andy Milner.
“The core activity in consulting, transport infrastructure, and complex facilities combines to be a very focussed business, free of discontinued activity.
“We continue to strengthen these core capabilities enabling expertise and across the whole asset lifecycle and the delivery of bespoke service to optimise our customers’ asset performance, particularly with regard to the journey to net zero in our target markets.”
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