Amey set for a record breaking year in slump

AMEY, the Spanish-owned group helping to upgrade the London Underground, said it is on course to make &pound;2bn in revenue for the year, clearing the way to become one of the 10 biggest construction groups operating in the UK.<br /><br />Sales went up to around &pound;1.5bn last year, Amey said in a report filed to Companies House, but pre-tax profit fell 25 per cent to &pound;78.28m.<br />The company&rsquo;s chief executive Mel Ewell said the profit drop was due to currency fluctuations, blaming the pound&rsquo;s weakness against the euro, adding that sterling&rsquo;s relative strength this year would boost results.<br /><br />He added at least &pound;200m had been secured in contract winnings. Last week, Amey won a &pound;2.7bn contract to maintain the roads in Birmingham, adding to its order book. Ewell said the contract would help make 2009 a &ldquo;record-breaking year&rdquo;.<br /><br />Amey&rsquo;s Tube Services, the arm which manages its investment in the London Underground Tube Lines consortium, saw its revenue hit &pound;548.8m last year, while its operating profit was &pound;38.4m.<br /><br />Tube Lines maintains and renovates three of the Underground&rsquo;s lines: the Jubilee, Northern and Piccadilly.