Amec Share Discussion Threads

[marben100] 25/3/2013 16:50

As a shareholder in AMEC, I was somewhat disappointed by the lack of clarity concerning TOTAL remuneration of executive directors in the company's remuneration report. In particular, the table of remuneration does not include "PSP share awards", which form a significant part of the total package.

This is not unusal, and has been a source of confusion for the media when reporting executive pay. One often sees widely different figures reported by different media for the same company/individual.


I therefore wrote to AMEC's chairman seeking clarification, both on my own behalf and in my capacity as a Director of ShareSoc*. I have now received a response from the chairman of the remuneration committee. It does point out that one can infer the data that I seek from an earlier chart, but is not entirely satisfactory in my view. I note that, for example, Premier Oil did not have any problem presenting a "single figure" view of total remuneration in their 2011 annual report.


Anyhoo... HM Government will shortly release new regulations requiring ALL fully-listed companies regulated by the Companies Act to present FULL details of director remuneration clearly, including "long-term awards". ShareSoc has participated in the consultations leading up to this new regulation.

ShareSoc members can read my letter and the company's response here:

If you're not yet a member and would like to participate, you can join here: (associate membership is free)


I intend to attend the company's AGM on 4th April, but do not intend to pursue this particular matter further, given a) that next year's report should be clearer, in compliance with the regs; b) I personally do not find current levels of executive remuneration at AMEC TOO unreasonable, given the scale and nature of the business.

Regards,

Mark

*ShareSoc is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights.

[apad] 15/2/2013 07:09

Adjusted EPS over 3 years:
68 69 71

apad

[rogerrail] 14/2/2013 22:08

eps 80p per share and on target to hit 100p well before 2015, one of my core holdings RR reported today with eps of 60p and the share price rose to approx same level as AMEC!

[maurillac] 14/2/2013 16:04

well i think so, but then again i thought that was a solid set of numbers this am ! apparently amec seeing some parts of their business experiencing slightly weaker demand this next year is a "profit warning" hence the fall in the share price today. seems ott to me. never mind that its cash rich, profitable and has upped the divi by 20%!
m

[rogerrail] 14/2/2013 15:58

Has not been on my watch list for long so don't know why this was hit so hard -valuation does not seam undemanding and good level of growth being maintianed. Is this buying opportunity ?

[blunderbuss] 14/2/2013 13:40

A bit of an overreaction, fine by me as I have been waiting for these for a while so thanks for the buying opportunity. If they go below 1000 I will top up with some more.

[ed 123] 14/2/2013 11:36

Ex-dividend date is 29 May 2013. Final dividend 24.8p.

[losos] 14/2/2013 11:15

karateboy - Just look in the financials.

[karateboy] 14/2/2013 09:47

When is the EX divi date?

[gateside] 14/2/2013 09:37

Good buying opportunity

[maurillac] 14/2/2013 08:40

ok i get that, thanks. "profit warning" seems a tad heavy to me. that said the market has indeed marked the share price down.
seems a well managed business to me, with a good yield, so i will continue to hold
m

[liam1om] 14/2/2013 08:36

Maurillac - Cautious outlook

Chief Executive Samir Brikho said that the company made "good progress" in 2012, and remains on track to achieve its profit target of EPS of at least 100p ahead of 2015.

However, underlying revenue growth (exc. procurement) is expected to slow to a "low-to-mid single digit" rate.

The company expects a strong performance in conventional oil & gas but "more modest" growth in the clean energy and environment & infrastructure markets in the Americas.

Oil sands revenue is forecast to reduce and the company also warned of softening demand in the mining market.

[maurillac] 14/2/2013 08:30

"We continue to expect good revenue growth in the conventional oil & gas market in 2013, offsetting softening in the oil sands and mining markets. We remain on track to achieve our targeted EPS of greater than 100 pence ahead of 2015. As a mark of our continued confidence in the outlook and reflecting our strong cash generation, the board is recommending a 20 per cent increase in the dividend for the year."
"Order intake strong and forward visibility good
- Order book GBP3.6 billion (31 December 2011: GBP3.7 billion)"
i cant see a profit warning in that
m

[maurillac] 14/2/2013 08:27

where ?
m

[brain smiley] 14/2/2013 08:24

profit warning...

[maurillac] 14/2/2013 08:17

sp down 6% !
lol wtfdik
m

[maurillac] 14/2/2013 07:47

that looks like a cracking set of results !
sales + 28%
ebita + 11%
eps +14%
divi + 20%
cash flow +16%
3.6m order book
outlook good
should be a good day for the share price !
m

[maurillac] 13/2/2013 20:06

well the share price went well today. i put a few in my isa in december. so far it looks like it was a good move
m

[brain smiley] 11/2/2013 12:32

LONDON (SHARECAST) - AMEC, the engineering and project management group which is due to release its full-year results this Thursday, has been labelled as a 'buy' by Seymour Pierce.

"The FY12 results from AMEC should contain few surprises and attention will be directed towards the outlook statement. With the company target of 100p/share of earnings by 2015 now likely to be reached earlier, the company is looking at double-digit earnings growth for each of the next two years. This will require the order book to be sustained at least the £3.3bn reported a year ago, if not the £3.6bn level achieved in June 2012," said Seymour analyst Kevin Lapwood.

He said that the "signs are good", with AMEC currently enjoying a strong run of activity in conventional oil and gas activity which accounts for 30% of the group.

"This is in part due to the current period of oil price stability but also to very strong growth in the Gulf of Mexico, where AMEC has benefited from not being a major presence in the region at the time of the Macondo disaster and its strong safety track record."

Meanwhile, he said that Brazil - where the company recently acquired a 50% stake in offshore engineering firm KROMAV - is also showing "very strong growth". AMEC should also continue to benefit from UK nuclear decommissioning activity, he said.

For the company's 2012 results, Seymour Pierce is forecasting profits of £327.5m (consensus estimate: £323.2m). In 2013, these are expected to rise to £378m (consensus: £360m).

Lapwood concluded: "The shares have underperformed the market by 4.3% in the last three months and by 8.4% in the last year. They now trade at a discount to the Oil Service and Engineering Service peers on 11.5 times FY13 earnings. We leave our current estimates unchanged at this stage but note there is possibly room to upgrade."

[john of groats] 08/2/2013 17:30

Following today's purchase, there are 297,062,777 shares with voting rights.

"Cumulative purchases to date under the buyback programme amount to approximately £402.76 million. This figure includes commission and stamp duty.

"The £400 million share buyback programme has now been completed."

John

[maurillac] 18/1/2013 14:24

well the dips are easily dealt with at the moment .. will it break 1100 ?
m