Problem projects lead to another big loss for Amey - International Burch University
Network Rail bosses expect no funding from UK Infrastructure Bank
June 16, 2021
Crossrail ramps up trial running to eight trains per hour
June 16, 2021

Problem projects lead to another big loss for Amey

Amey has reported a £98M pre-tax loss for 2020. It follows on from a £217M loss made in 2019.

Amey has attributed the majority of its losses to £62.9M worth of provisions made on problematic projects. More than £49M was set aside to cover costs expected on energy-from-waste schemes in Milton Keynes and the Isle of Wight.

It also made a £10M provision for future losses on its Sheffield Council highways PFI contract.

Excluding provisions, Amey recorded a loss of £29.4M, with the pandemic blamed for the additional downturn.

Over the year, group revenue on continuing operations dropped 6% to £2.14bn. To support the business, parent company Ferrovial has agreed to inject further investment converting £112M in debt into equity.

Before the pandemic, Ferrovial had been seeking to offload Amey following a series of financial blows, including major losses on its Birmingham highways PFI contract.

However, it is understood that Ferrovial is no longer looking for a buyer due to market conditions as a result of the pandemic.

source Problem projects lead to another big loss for Amey | New Civil Engineer

Department of Civil EngineeringDepartment of Civil Engineering – International Burch University (ibu.edu.ba)