Amey releases results after delay
Troubled tube contractor Amey reported a preliminary loss of £119m one day late, to give Grant Thornton more time to review its accounts.
Link: Amey FD quits
The group further reported a 10% increase in revenue to £868m and stated it has £3.7bn of work orders in the pipeline for 2003. Amey had to take exceptional charges of £110.2m, including a £70m write-off of work in progress.
‘The year 2002 proved a challenging twelve months for Amey. A major restructuring of the Company, its management, business operation and financing arrangements was required. This corporate reorganisation is now substantially complete,’ said Ian Robinson, chairman of Amey.