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| Share Name | Share Symbol | Market | Stock Type |
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| Amey | AMY | London | Ordinary Share |
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| 0.00 | 0.00% | - |
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Posted at 29/4/2003 13:37 by fothers I suspect time is running out for many disappointed AMY investors. There is not long left for competition to come forward and make a counter-bid. The question is should we hand over shares now to Ferrovial Servicios for 32p, and grin and bear it? |
Posted at 24/4/2003 12:59 by isinor If this is true, why did they not move several weeks ago with Amy @ 20p..? |
Posted at 16/4/2003 08:32 by loafofbread Having reread the RNS I see that I hold more shares than the entire board, no wonder they didn,t bother holding out for more.Have to say that the bidders should win an award on how to complete a takeover, AMY didn,t have a chance. |
Posted at 16/4/2003 07:26 by jim digriz 32p??? This is infuriatingly low. Now that we have had a good "kitchen sink" dumping of the companies problems and some good accounts, I was hoping that over the next 1-2 years the companies problems would be forgot and the company would return to something closer to its underlying value (at least £1 a share).It is depressing 32.6% of the company has already gone in irrevocable undertakings. These city institutions have NO PATIENCE. If they could hang on a year or two they could have a 5-10 bagger, but no, let's take a quick 25%.... AAAAGGGH. Sigh. Reject this bid! 100p, please! Better still, let AMY trade its way out of this. |
Posted at 23/1/2003 10:22 by loafofbread Do we know what value is being given to the Vectra deal? I had a look through the RNS and couldn't find a figure.I agree with the point above that as no more bad news has been released since the Dec briefing, maybe that is the sum of it. They are under an obligation to release it so I take the silence as a good sign. If thats the case my understanding is that total debt is around the £200M mark and MarCap approx £75M. Has anyone seen any figures that give valuations to the different divisions of AMY in the event of a breakup? Some articles say the company is worth double todays price where as most brokers in the RNS say its a sell even now, but value at 20p. The value of the underground deal must be substantial, a share of £5Billion over the next few years must be worth the effort. Jarvis? said it will add £14M in profits next year alone. The road division is a massive and profitable division. Amyway, it looks interesting at this level. |
Posted at 06/1/2003 10:20 by alecjm just think AMY needs two interested parties..... |
Posted at 06/1/2003 10:17 by crate Sunday times reports breakup value of AMY worth 40p-70p a share. A bit of a range but all positive from todays price. |
Posted at 03/1/2003 17:10 by ildamiano AMY trade of the day was undoubtedly the 1 million shares that changed hands. Judging by the subsequent 3% upward movement, it was snapped up by Mr. Tettamanti, giving him another 0.4% of the company. Expect an announcement to this effect on Monday or Tuesday. Hopefully the weekend press will have juicy goss of a raft of predator companies waiting to take-over the company at a tasty premium. |
Posted at 07/11/2002 15:32 by halfpenny READ THIS....looks like BIG FALLS to come MONEY ISSUES....16p to come... sooonnnn 7 November 2002 AMEY PLC Following advice from the recently appointed acting Group Finance Director, the Board of Amey plc has decided that, although the Group has funds available to pay the interim dividend of 1.16 pence per share announced on 10 September 2002, this dividend cannot be paid as a result of insufficient distributable reserves in the parent company. The matter of dividends payable in respect of the current financial year will be considered by the Board at the time of publication of the full year results. The Board has also decided to review the options for rebuilding the value of the Group. The Board has appointed Hawkpoint Partners Limited, alongside the Company's existing financial advisers, Deutsche Bank, to assist in this process. In the light of recent speculation the Board confirms that it is in discussions with its lenders and considers that its banking syndicate remains supportive. |
Posted at 16/10/2002 17:49 by hamidahamida FOR IMMEDIATE RELEASE 10 SEPTEMBER 2002AMEY plc INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2002 Strong First Half Results Strategic Review Increases Focus on Core Support Services Business Six months to 30 Six months to 30 Increase June 2002 June 2001 Turnover £453.7m £395.3m 15% Operating profit (loss) £16.4m (£0.6m) £17.0m Pre-tax profit £11.3m £1.5m £9.8m Adjusted pre-tax profit * £20.2m £6.7m £13.5m Adjusted earnings per share * 7.1p 2.0p 5.1p Dividend per share 1.16p 1.11p 5% Notes * figures stated before goodwill amortisation, non-cash pension costs and exceptional items Interim Highlights Adjusted Pre-Tax Profit well ahead at £20.2 million. Operating cash outflow as anticipated at £10.4 million. Cash inflow of £21 million from core operating contracts. Record £1.75 billion of new contracts awarded. Forward order book now at a record £5.2 billion, with secured turnover for 2003 and 2004 of £752 million and £679 million respectively (LUL excluded). Dividend increased 5% to 1.16 pence per share. Key Aspects of the Strategic Review Strong core business model adjusted to increase focus and deliver improved free cash flow. PFI/PPP activity to continue in new partnership formats but equity investments to be divested. Technology Services Division disbanded with certain businesses to be divested. New business - Ameysis - launched to amalgamate the Group's entire Information Technology BPO capability. Significant reduction in non-operational cost base. Brian Staples, Amey's Chief Executive, comments: The Group has delivered a solid first half performance, with strong increases in turnover and profitability. These results illustrate the strength of the Group's core support services business. Our operational contracts have delivered excellent results in the period, including high rates of profit conversion to cash. The Group has again increased its forward order book, with a record level of new contracts awarded, and this underpins future prospects. After a period of rapid expansion, during which Amey established itself as one of the UK's leading support services companies, the Board initiated earlier this Summer a comprehensive review of all of its activities. As a consequence we are announcing today some significant changes to focus on our strengths, dispose of non-core activities, reduce costs and improve cashflow. As a result of those changes the Amey business model will be refined and strengthened. I look forward to the future with a great deal of confidence. There will be an analyst briefing today at 11.00 am at Deutsche Bank, 75 London Wall, London EC2N 2DB. The interim results statement will be posted on Amey's web site www.amey.co.uk at 7.00 am, followed by the results presentation and a webcast of the analyst briefing at 5.00 pm. For further information please contact: Jane Beckley, Head of Communications, Amey T: 01252 533809 M: 07788 580591 Anthony Cardew / Nadja Vetter, Cardew & Co. T: 020 7930 0777 Notes to editors: Amey is a major provider of integrated business support services to the public and private sector and is working closely with central and local government to develop major PPP/PFI projects, including education, health, transport and defence. The company covers a wide range of services from the management of large-scale transportation infrastructure to the delivery of professional and back office services. Business Overview Amey has delivered good growth during the first half of 2002 with turnover increasing by 15% to £454 million. Pre-tax profit (adjusted for goodwill, FRS17, interest and exceptional items) was strongly ahead at £20.2 million (£6.7 million), despite higher levels of bidding and mobilisation costs. The Group enjoyed high rates of success in bidding which resulted in the award of 13 new or extended contracts totalling in value some £1.75 billion. Our bidding success and the delays to the completion of the London Underground PPP meant that the Group experienced high levels of bidding and mobilisation costs and related cash outflows. As a direct result there was an operating cash outflow of £10.4 million, taking net debt at the end of the first half to £142.5 million. This figure includes £18.3 million of non-recourse debt involved in two wholly owned PFI contracts. Our operating contracts performed very well in the period across each of the core segments (public, private and transportation services) and generated operational profits well ahead at £29.3 million (£18.8 million) on turnover 15% higher at £396 million. Average margin improved to 7.4%. Those contracts generated a cash inflow of £21 million. Operating profit from Public Sector contracts increased from £2.4 million to £5.4 million on lower revenues compared to last year, due to the run off of asset delivery turnover on Glasgow Schools and Thurleigh. The Group further increased its involvement in the higher value Business Process Outsourcing market place by winning contract awards for the provision of electronic library services in Northern Ireland and accounting services to the Department of Trade and Industry. Amey secured preferred bidder status in respect of large Local Authority partnerships in West Berkshire and Redcar and Cleveland. The West Berkshire partnership was completed and commenced at the end of the period. Operating profit from Private Sector contracts increased from £4.8 million to £7.1 million, on flat turnover of £95 million, with good volume growth in certain contracts being offset by completion of the One2One contract which ceased to contribute turnover at the end of the first half of 2001. Transportation Services demonstrated the strongest growth. Turnover rose from £134 million to £201 million while operating profit increased from £11.7 million to £16.7 million. This sector benefited from increased activity in rail maintenance and the full year effects of Highways contracts awarded in 2001. The new highways contracts awarded in the period allow us to look forward to further growth in this sector. Amey Technology Services, as indicated earlier, experienced very difficult trading conditions which resulted in a first half loss of £1.9 million. Those difficult conditions have not abated in the second half and we do not anticipate an improvement in the situation this year. For the first time the Group is reporting the financial results of its bidding activity, including the booking of fees deferred. Recognition of fees previously deferred contributed £10 million which resulted in a net bidding activity cost of £2.7 million. While the Group enjoyed high levels of bidding success generally, the continuing delays to the London Underground Public Private Partnership were disappointing. However, the Sale and Purchase Agreement for the acquisition of the LUL Infraco was signed on 8 May 2002 and at the end of the period TubeLines Group notified that it was in a position to complete the transaction. Further delays have resulted from the Judicial Review and other regulatory processes but we anticipate that the way will soon be clear for completion by 7 November 2002. London Underground and its Impact on Financing The receipt of European State Approval, the final regulatory hurdle that has to be cleared before the transaction can go ahead, is expected shortly. The Group has continued to incur costs during the delay period and while we are confident that such costs will ultimately be recovered, the timing and mechanisms of recovery are currently unclear. The termination date of the Sale and Purchase Agreement is 8 November 2002 and delay costs will not be extended beyond that point without further agreement with London Underground. The delays to the PPP have undoubtedly increased the pressure on the Group's funding. Neither the scale of the bidding expense nor the timing of completion have been as we had anticipated. In the event that the acquisition of Infraco JNP by TubeLines goes ahead, Amey will recover its costs immediately upon financial closure. At the same time it will make an investment to purchase 33% of the equity of Infraco JNP, by way of a letter of credit rather than cash, of some £60 million. The Group has retained sufficient financial capacity to fund the obligations arising upon completion. In short, the Group will experience a significant cash inflow at the time of closure, although its financial commitments will increase. In the event that the acquisition of JNP does not complete, the Group will recover its bid costs under the cost under-writing provided by London Regional Transport (LRT). We are encouraged by a recent agreement with LRT which provides further certainty in respect of bid cost recovery. This has now enabled an interim recovery of Amey bid costs of £11.4 million received in the last few days. We believe this clearly demonstrates to all parties involved in the PPP, the continuing strong commitment to the process that the Government and LRT have maintained throughout. Overall, the Board anticipates a strong operating cash inflow during the second half as London Underground completes. In these circumstances, financial indebtedness, which includes commitments, will rise in line with the London Underground equity commitment. In the event that London Underground does not close, net debt will be higher at the year-end and until bid cost recovery is achieved, but the Group's overall financial indebtedness will be lower. In either case, on the basis of current forecasts, the Group will continue to operate within its banking covenants. The Group does not require support from its shareholders. In making these statements the Company has taken into account the cash impacts (described later in this announcement) of the one off costs of the changes envisaged following the completion of the recent review, but not the proceeds from the planned disposals. Actions Resulting from the Review Some of the actions arising from the review have been completed already, while others are in progress. All of the actions are targeted for completion by the end of this year. The actions are as follows: Bidding activity reduced in line with a reduction in the Group's turnover growth target which is reset to a range of 15% to 25%. All of the Group's PFI investments in Special Purpose Companies are to be divested. The Group intends to seek partners, on a cost sharing basis, to work with on all on-going and future PFI activity. The Group's BDU bidding unit has been consolidated into Amey Ventures, with consequent cost savings. General non-operational cost savings have been identified and actioned. Amey Technology Services Division has been disbanded with cost savings identified and actioned. Certain of the Technology Services businesses have been identified for divestment. Identified businesses are Vectra Consultancy and Resource Management, an IT Staff placement business, and potentially Datel. Strong interest has been expressed in these businesses. The balance of the Technology Services business is being transferred into Operations. All of the Group's Information, Communications and Technology (ICT) assets and activities are to be drawn together into a new business unit called Ameysis (described further below). The benefits of the cost savings are expected to be significant but the full impact will not be felt until 2003. The estimated cost of achieving the savings is £10 million, which will be taken as a one-off charge to profit in the current year, and we expect to fully recoup that expenditure within 2003 and 2004. Much detail inevitably lies behind these actions but two key areas are worthy of amplification. Changes to Amey Ventures and our PFI Approach The Group will achieve a number of its review targets by changing its approach to PFI. In particular our free cash flow ambitions can be largely fulfilled by reducing the amount we expend on bidding in the following ways. Amey Ventures has absorbed the bidding activity previously conducted by the Business Development Unit, while at the same time the Group has conducted a detailed review of pipeline projects. This review has enabled a selection process under which the Group will retain the most certain and valuable opportunities and will withdraw from others. In the wake of rationalisation, Amey Ventures' future expenditure will be reduced. The Group, among many others in the market, has made clear to the Government that the PFI procurement process is often too costly, and too slow, and that the process needs revision in order to continue to attract a reasonable level of interest. However, that does not signify that Amey intends to cease bidding for PFI schemes. We will continue to be a strong supporter of the Government's initiatives in this area, while also continuing to adopt a selective approach based on value. In addition to the asset sales the Group is seeking to work with a partner or partners on its on-going PFI activities, whereby the bidding costs will be shared in return for the equity investment opportunity or the construction contract. Such a partnership would further reduce the Group's work acquisition costs, with the support services activities arising from the contracts retained. Finally, the Group has decided that its ownership of PFI equity investments is no longer appropriate and therefore the Group is exploring opportunities to divest them. This will release the true market value of the investments for our shareholders, reduce our capital employed and simplify the Group going forward. Formation of Ameysis Amey has strong white-collar BPO skills in ICT and change management area, which have been built around the original core skills acquired within the Comax business. Today these capabilities are at the heart of many of our operations and future opportunities. The establishment of our shared service centre in Portsmouth, and the successful transfer of the majority of our back office activities to the centre, means that we can offer a similar service to our clients. We are therefore taking advantage of the disbanding of Technology Services to amalgamate our entire IT BPO capability into one business unit, Ameysis Ltd, which will be responsible for the delivery of IT services to external clients and will also meet internal requirements. From the outset, Ameysis will be a full spectrum professional support services organisation with a range of capabilities covering: Project direction and management Management Consultancy Change Management and Business Process Re-engineering (BPR) ICT Solution design, development and implementation ICT Service delivery of its selected Services through the Amey Shared Service Centre (SSC), client-specific SSCs, and direct client contracts An Information Technology (IT) competence centre, supporting all of the above, and delivering specific IT services to external customers. Contact Centres Business Communications Digital Services The new business has more than 900 professional staff and revenues drawn from external and internal clients. Ameysis Ltd will be headed by Derek Lewis, who will report to Mel Ewell, the Group Operations Director. Derek, who has recently joined the Amey Group, has an impressive and proven record of success in the IT sector, having previously held a number of executive positions at the highest level in the industry. Dividend The Board remains confident of the Group's profitability and it has therefore increased the interim dividend by 5% to 1.16p per Ordinary share. The interim dividend will be paid on 11 November 2002 to shareholders on the register at close of business on 11 October 2002. Board Changes On 20 August 2002 we announced the resignation of David Miller, the Group Finance Director, and the appointment of Michael Kayser to succeed him. David will step down as Finance Director at the close of play today, after presenting the half-year results, but will remain with Amey until 31 December 2002 in order to ensure a smooth handover. Michael Kayser becomes Group Finance Director with effect from 11 September 2002. The changes being made as a result of the review of the Group's activities have already led to Robert Osborne leaving the Group, and Charles Mogg leading a single bidding unit. We announce this morning the departure of John Robinson, whose position has become redundant as a result of the disbanding of the Technology Services Division. The Directors thank John for his considerable input during recent years and wish him well in the future. John will resign his directorships and leave the Group at the end of September. These moves complete the changes to the Board, and leave the Group with a strong, slimmer senior executive team, suited to the simplified business model. Forward Workload The extent of the Group's forward workload grew at a record level in the first half with more than £1.75 billion of orders taken since the end of December 2001. The total order book now stands at £5.2 billion, up from £3.5 billion at 30 June 2001. As a result secured workload for 2003 now stands at £752 million while the corresponding figure for 2004 is £679 million. Forward Opportunities Although the Group has reduced its opportunity pipeline in line with the new growth targets, the forward pipeline remains very substantial and capable of sustaining the Group's continuing progress. We continue to invest in our important clients and employees, and we are grateful for their continuing support of the Group. Guidance and Outlook The Group's core support services activities have continued to deliver well in the second half, and we are confident that the full year underlying contract performance will continue to be strong. Bidding activity and mobilisation costs will be lower in the second half as predicted, but the timing and the mechanism of the recovery of the LUL PPP delay costs is, at this point in time, uncertain, although we are confident that they will be fully recovered. It is unlikely, given the sale process which is underway, that Technology Services will recover in the second half, and a further similar loss to the first half is expected. As a result of the Strategic Review actions an estimated charge against profit of £10 million will be taken as a one-off item in the second half, and we expect that expenditure to be fully recouped in the next two years. Having taken each of those factors into account the Board is confident that the Group will still deliver second half profits ahead of the first half. We anticipate that operational cash inflow will be strong in the second half and, with the completion of the London Underground acquisition, the Group will end the year with net debt held at broadly last year's level, even after the one off costs of the review are met, and before taking account of any disposal proceeds. Delivery of the strategic review actions will see the Group enter 2003 operating to a simpler, stronger business model, with greater focus on its core activity, reduced debt, and sound growth prospects. Note This document contains certain statements that are or may be forward looking with respect to operating and financial performance and plans and objectives of the Group and its Joint Ventures. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements and forecasts. These factors include, but are not limited to, statements made elsewhere in this document as well as (i) exposure to fluctuations in interest rates and rates of taxation (ii) changes in UK government procurement policy (iii) the decisions of regulatory authorities (iv) the impact of competition (v) changes in customers' service requirements and (vi) adverse economic conditions. Segmental Reports Introduction This section of the Interim Report provides an up-date on the underlying segments of the Group's operational performance. In order to aid analysis we have also included a section that relates to the Group's Bidding Activity. The segmentation of the Group's results will change as a result of the Strategic Review actions. In line with this, the Group intends to rationalise its segmental breakdown into three groupings: Bidding Activity, Business Process Services and Transportation Services. Public Sector Services Public Sector Services Six months to Six months to June 2002 June 2001 Turnover £100.3m £115.9m Operating profit £5.4m £2.4m Public Sector turnover has decreased year on year due to the run off of asset delivery volumes on the Scottish school contracts. This trend will also be evident in the second half of the year. The West Berkshire Council Partnership commenced near the end of the period and we are satisfied that the transfer of people and services to Amey, has proceeded well during the critical early stage. While the Group has a wide variety of Local Authority contracts, many of which are in transportation, West Berkshire represented an important step in the Group's development, in view of the fact that it marked our successful entry into the large Local Authority modernisation market. The award of Preferred Bidder status by Redcar and Cleveland Council is a further important step, and we look forward to commencing that partnership in the second half of the financial year. The Group has continued to develop its position in the Education market and there is an increasing incidence of educational services being included within wider Local Authority partnerships. During the first half of 2002 we have devoted considerable attention to the emerging health market and satisfied ourselves that good opportunities will arise for the Group in due course. However, progress is slow and we have not yet commenced bidding for any definitive projects. Our contracts in Defence continue to progress well and we expect to make progress on a number of fronts in the second half, as final decisions are reached on various opportunities. In addition, the Army Training Range, Airfield Support Services and C Vehicles contracts will reach Preferred Bidder stage in the Autumn. Private Sector Services Private Sector Services Six months to Six months to June 2002 June 2001 Turnover £94.5m £95.5m Operating profit £7.1m £4.8m Turnover in Private Sector Services proved flat in the first half and we do not anticipate this situation changing in the second half. However, this segment of our business has performed well at the profit level and this is also expected to continue. We await with considerable interest the completion of the QinetiQ sale process, which should take place this Autumn. Discussions are on going with management in respect of the renewal of our contract with QinetiQ and we are optimistic about the outcome. In general terms, opportunities for growth in the private sector remain more difficult than in the public sector and the weakness of the Stock Market and the impact of wider trading conditions are causing delays to a number of opportunities. Transportation Services Transportation Services Six months to Six months to June 2002 June 2001 Turnover £201.5m £134.3m Operating profit £16.7m £11.7m This segment of the business enjoyed a strong first half in terms of results and new work secured. Turnover expanded significantly under the full year influence of contracts commenced last year and increased expenditure on rail maintenance. We are anticipating the continuance of this performance into the second half, although it is not yet clear whether expenditure volumes in rail will be affected by the takeover of Network Rail in October. Our Highways business achieved high levels of bidding success in the first half of the year, which serves to underline our leading position in this market. Much of our success reflects the quality of the services we provide together with the ability of our team to offer innovate new services. Our new partnership with Mouchel made a significant contribution to our success in the period. Further bids will be determined this Autumn. In Rail we have appreciated the efforts of the Railtrack team during the difficult period of Administration and a start has been made to rectify the problems brought about by historic under investment in the infrastructure. We have witnessed a relatively large increase in activity which needs to continue in the future. There has been much speculation about Railtrack's plans to adopt greater responsibility for performance and reduce both the roles and margins of its maintenance providers. Amey has not been asked to accept any changes to its existing contracts at this time. We believe that future developments in this area should recognise that partnership is the best route to improved performance, and that existing margins are commensurate with the service that Amey provides. We look forward to working for Network Rail after it takes over in October and we are impressed by management's visionary plans to improve the performance, reliability and safety of the network. We share Network Rail's view that rapid progress is needed to achieve the required results and we look forward to working with them in the future. Technology Services Technology Services Six months to Six months to June 2002 June 2001 Turnover £28.8m £29.6 m Operating (loss) profit (£1.9m) £2.7m While turnover remained nominally flat year on year, many of the businesses in the Division experienced a difficult time and to date it remains unclear as to when that situation will ease. The businesses most impacted have been Datel, World Systems, Crown and BCN, each for somewhat different reasons. Vectra is trading normally, although growth has been harder to achieve. Datel possesses excellent technology, which it applies in the rail and light rail market. As a result of the Administration of Railtrack and the partial privatisation of the Underground, key clients have been unable to move forward with expected orders. World Systems and Crown have both been impacted by wider market uncertainties as clients have delayed or cancelled expenditures in their areas of activity. BCN is largely dependant upon a breakthrough order in the utility sector, which so far has not materialised. The technology is working with great success for British Gas but Centrica is not yet in a position to commit to a large-scale roll out contract. The Group has fully expensed its share (£2 million) of the operating cost incurred in the period. The strategic review of the Group's activity has resulted in the sale of certain businesses, as described earlier, and the elimination of the segment through the transfer of the remaining activities to Operations under the newly formed Ameysis business. In light of the trading circumstances, and the disposal of certain profit centres, we now anticipate that this segment will generate |
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