Aecon’s revenues for 2014 were down -15% to CA$ 2.61 billion (US$ 2.09 billion). Its net profit more than halved from CA$ 47.8 million (US$ 38.3 million) last year to CA$ 21.8 million (US$ 17.5 million) in 2014.
However, the company won an “unprecedented” CA$ 3.5 billion (US$ 2.8 billion) of new contracts last year. Its backlog stood at CA$ 2.65 billion (US$ 2.13 billion) at the end of the 2014 – almost +50% higher than 12 months previously.
Aecon president & CEO Teri McKibbon said, “While 2014 was a transition year with the ramp-up of a significant number of new projects, which impacted revenue timing and muted progress on margins, Aecon’s near record backlog of CA$ 2.7 billion will see us in good stead as we move through 2015 and beyond.”
He added that the backlog was spread across Aecon’s three operating segments of Infrastructure, Energy and Mining. The company also added that outside of its stated backlog was additional anticipated revenue from Aecon’s ‘supplier of choice’ agreements with key partners. It said this recurring revenue represented some 25% of its annual sales.