Amey has bounced back with a sharp rise in pre-tax profit to £127m last year, up 31% from £87m, as it capitalised on strong public sector demand and new framework wins.

The engineering and infrastructure group said it had now fully completed its carve-out from Ferrovial and restructured its capital with a £125m revolving credit facility to underpin its next phase of growth under the ownership of Buckthorn Partners and One Equity Partners.

Turnover across continuing operations remained stable at £1.81bn, with the trading margin improved from 5.8% to 7.5%.

But the group’s cash position slipped to £74m at the 2024 year-end, down from £116m in 2023.

Amey’s forward order book has climbed to £7.8bn, driven by major transport and facilities deals. These include a key role on the £800m Transpennine Route Upgrade (TRU) and an eight-year £261m Docklands Light Railway extension through the KeolisAmey joint venture.

Chief executive Andy Milner said: “Amey delivered strongly against its strategic objectives in 2024, resulting in a highly positive financial performance unimpeded by external global developments. We further consolidated our position within the UK and began to re-establish ourselves overseas.”

The group also delivered milestones on long-term infrastructure jobs, including completing South Wales’ Core Valley Lines upgrade, and nearing handover on the Thames Tideway project, where it acted as core systems integrator.

Amey’s Transport Infrastructure arm saw profits rise 16% to £37m despite turnover slipping 8% to £1.04bn, reflecting better margins across highways and rail. The firm now manages around 50% of Scotland’s motorway network and 25% of England’s. It also secured two Network Rail Eastern Routes frameworks worth up to £202m.

The Complex Facilities division posted a 25% rise in operating profit to £30m on turnover of £590m, buoyed by new Ministry of Justice work, including at HMP Lowden Grange.

The Consulting business took a hit, with profit falling 25% to £17m as turnover dropped to £181m, though it landed a €5m highways consultancy deal in Ireland and opened a new New York office early in 2025.