- NEW YORK: Oil services and engineering group Amec beat forecasts with a 30 percent jump in earnings in 2010 and said it would consider returning cash to shareholders if it was unable to complete a major acquisition.
Amec — whose customers operate in the mining, oil and oil sands, nuclear power and renewable energy sectors — on Thursday posted full-year earnings before interest, tax and amortization (EBITA) of 271.8 million pounds ($444 million) compared to 208.3 million in 2009.
The average forecast for Amec’s EBITA stood at 260 million pounds according to a company supplied poll of 17 analysts.
The company said it expected further growth in 2011 due to growing demand for natural resources, power and water and added that its pipeline for acquisitions had strengthened.
It said it would consider returning cash in a one-off process or through share buybacks should no major deal materialize.
Amec announced a final dividend of 19.2 pence per share taking the full-year total to 26.5 pence, 50 percent higher than last year.