Amey back in the black

Amey enjoyed "a major turnaround in 2004" according to chief executive Mel Ewell. Latest accounts for Amey UK show a pre-tax profit of £21m – much healthier than the £225m loss it reported in 2003.

The 2004 profit would have been almost double had it not been for a £15m hit made up of exceptional items and goodwill amortisation.

Ewell said: "Amey’s latest results represent a highly satisfactory trading performance. At an operational level there has been a £100m turnaround with the like-for-like figures lifting from a loss of £59m in 2003 to a profit of £40m this time round. This says we are trading profitably on our on-going projects.

"2003 was a cataclysmic year. We were independent until May before being acquired by Ferrovial. The £225m loss included a huge number of write-downs running to £160m in all. By the end of 2003 we had got onto an even keel, and 2004 saw us complete a major turnaround, so we now have a strong balance sheet and we’re making a profit."