AMEC plc, the international capital projects, services and investments group that includes AMEC Tunnelling, has announced its audited annual results for the year ending December 1999. It includes a 15% increase in pre-exceptional profit before tax to $131.5m.

The group also reports that margins in capital projects climbed as profit increased 51% to $49.7m, with a five fold profit increase to $16.5m from the investments sector. A strong net cash position of $168.3m has been achieved, with record order books at AMEC, SPIE and recently acquired AGRA.

UK and overseas opportunities, including major new contracts secured on Hong Kong’s WestRail project, are reflected in the 6% increase in civil engineering turnover, although margins were described as only ‘remaining satisfactory’.

Commenting on the results, chairman Sydney Gillibrand CBE said: “AMEC has once again delivered increased profits, with margins improving across the range of its businesses.”