Amec trading in line with expectations

Engineering and project management giant, Amec, which has bases in Newcastle and North Shields, says its year-to-date trading remains in line with expectations

Samir Brikho, Amec chief executive
Samir Brikho, Amec chief executive

Engineering and project management giant, Amec, which has bases in Newcastle and North Shields, says its year-to-date trading remains in line with expectations.

In an interim management statement, the company said its order intake remained strong and provided “visibility for the remainder for 2014 and beyond”.

A number of major, long-term contracts had already been secured this year and Amec, which employs around 27,000 people, was on track with its acquisition of Foster Wheeler AG.

The group was in a strong financial position, with net debt at the end of March 2014 of approximately £27m.

The final dividend of £84m for the year ended 31 December 2013 will be paid to shareholders in July.

The statement said: Amec expects to see good underlying revenue growth in 2014 for its existing operations, with ongoing strength in the oil and gas and clean energy markets.

“However, the mix of business may result in a slight reduction in group margins.”

Chief executive Samir Brikho said: “Amec has continued to trade in line with expectations for 2014 and our record order book gives us confidence in our continued growth.

“The acquisition of Foster Wheeler remains on track, with integration planning well underway and completion expected in the third quarter.

“We believe the combination of Amec and Foster Wheeler is a compelling one, for our shareholders, our customers and our employees.”

Amec expects to announce half year results for the six months ending 30 June 2014 on August 7.

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