Amec in buyback as profits soar

Amec has announced plans to buy back up to £400m of shares as the engineer to the oil, gas, minerals and metals industries reported a 12 per cent jump in profits for 2011.

The company, which also services the nuclear power and renewable energy sectors, is also planning to hike its full-year dividend by 15 per cent to 30.5p a share as its profits hit £299m.

Samir Brikho, Amec's chief executive, said: "the outlook for 2012 is underpinned by... the strength of the order book."