Amey makes £33m profit for Ferrovial

Amey’s turnover in the first half of 2005 ran to £600m, representing an 18% rise over the corresponding period last year.

Ferrovial, the Spanish construction, infrastructure and services group that bought Amey in May 2003, made a net profit of £390m from group turnover of £2.8bn. Amey is part of Ferrovial’s services division, which accounted for £990m of turnover.

Amey’s contribution to the services division’s tally is substantial. Its £600m turnover generated a pre-tax profit of £33m, representing a 60% increase over the figure in the same period last year. Amey’s operating margin has risen to 5.5%.

The impact of the extra one-third of TubeLines, bought from distress seller Jarvis, has been to add £120m to Amey’s latest interim turnover figure. Ferrovial anticipates that in a full year, the additional TubeLines stake will add £260m to turnover.

Amey’s future workload is 19% higher than 12 months ago.