CHESHIRE engineering and project management firm Amec spared investors further shocks yesterday as it revealed additional details of its turnaround plan.
The group is working on a strategy to exit higher risk construction and focus the companyonoil, gas and nuclear work, and project management.
Announcing annual results, it said its remaining business had strong prospects, adding that it should be able to deliver savings of £40m a year from restructuring in 2008 onwards, higher than forecast in December.
The impact of losses in its construction arm, which is due for disposal, meant Amec's overall profits fell to £64.7m from £73.9m a year earlier.
Chief executive Samir Brikho, who devised the new strategy after taking the helm in October, said the results were in line with expectations announced at the time of his review three months ago.
Article
