Amec chief to bow out buoyantly

Amec has "the best opportunity for some years" to build better margins in construction, said chairman Sir Alan Cockshaw.

At the company's agm last week, Sir Alan said: "The market is moving in our favour. However, lead times are frustratingly long as we are still settling accounts for work secured, at narrower margins at the bottom of the market, two or three years ago."

Amec still has problems and needs to eliminate losses within some existing divisions. In particular its German building and civil engineering business continues to run up trading losses in a market "at least as bad as the UK market of several years ago".

Sir Alan retires next month and will be succeeded as chairman by Sydney Gillibrand. Keith Humphreys, Amec deputy chairman, stood down at the agm.

Amec's recovery should be sustained by improvement in its housing business and pay-backs from investments in Amec Rail and Spie Batignolles, said Sir Alan.