Today, AEA has released it's full year results, highlights include:-
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"The last twelve months have been a challenging time for our shareholders. Like many other businesses selling to the UK Government we were severely impacted by the size and speed of the reduction in Government spending and this is continuing into the current year. Following the acquisition of ERG in November 2010, AEA has the majority of its business in the US. The Board believes that it now has a significantly larger platform from which to deliver growth."
"In the US, AEA now has the scale to deliver growth. Management is investing in a very sizeable US bid pipeline and this year has begun well with a strong improvement in order intake. In Europe last year management took decisive action to realign the cost base with the market. We will continue to bear down on costs, whilst looking across the business for improvements in operating performance."
To read the full press release click here
* Adjusted operating profit is defined as operating profit before amortisation of acquired intangibles and significant items
** Forward order book is management's judgment of the future value of orders