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| Amec Spie sale may bring £295 million Project management and services group Amec said that the sale of Amec Spie is expected to complete in late July 2006 and the exceptional gain will be reported in the second half of 2006. The exceptional gain arising on the sale of Amec Spie is expected to be approximately £295 million after tax. The book value of Amec Spie as at 30 June 2006 will be approximately £325 million. Proceeds from the disposal will be used initially to pay down debt and will leave the group in a net cash position immediately following completion. The average net debt for the year ending 31 December 2006, previously expected to be £400 million, will fall to around £200 million. The Amec Spie businesses being sold comprise the Continental European Multitechnical Services business, the French rail business and 50% of rail activities in the UK, together with Amec Spie's Oil and Gas activities, excluding pipelines. Together, these businesses generated profit before interest, intangible amortisation and income tax of £49.7 million and revenues of £1,755 million in 2005. write your comments about the article :: © 2006 Construction News :: home page |