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Project management and services company Amec has announced plans to sell off some of its public-private partnerships. The company said it was going to begin the divestment process in its 2006 preliminary results In Scotland, this could include the South Lanarkshire and East Dunbartonshire schools PPP. The divestment of other non-core businesses, including building and civil engineering, building and facilities services and property developments was also announced. These businesses generated 2006 revenues of £1.1bn and losses of 11.6m. In February, Amec announced the sale of its 50% in Amec SPIE rail. The report states that the remaining non-core businesses will be divested as ‘quickly as possible' during 2007. Other financial highlights in the report include a revenue growth of 14%, and pre-tax profits before exceptional items of £64.7m, a drop from £73.9m in 2005, which reflects losses in construction. ‘After a year of great change and challenge, I am pleased to report results are in line with our expectations at the time of our December update, with no unexpected or negative developments in the legacy issues that have, for so long, dominated perceptions about Amec,' said chief executive, Samir Brikho. ‘As we move through 2007 and into 2008, strong prospects in the core energy businesses are combined with real progress on our cost cutting, with net benefits of £40m from 2008 onwards. ‘I am confident that with this step change, divestment programmes and balance sheet strength, we are well on track to deliver our new strategy and create real value for shareholders.' Highland Council has given its full support to Amec's plans to develop the Edinbane wind farm proposal. The proposal consists of 18 wind turbines.

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BUSINESS

Amec launches plan to dispose of PPPs

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