AMEC trading in line despite mining slowdown

Engineering consultancy AMEC said it was trading in line with expectations despite ongoing economic uncertainty.

The firm said mining activity was slowing, but conventional oil and gas activity remained strong, particularly in the North Sea and Gulf of Mexico.

Its order book was £3.6bn at the end of October, compared to £3.3bn the previous year, and down slightly from £3.7bn in June.

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"We are on track to deliver double-digit underlying revenue growth for the full year and we expect to deliver good growth in 2013," said Chief Executive Samir Brikho.

"We continue to target EPS of greater than 100 pence before 2015."

Net cash at the end of October dropped to £124m after share and acquisition-related outflows.

This compared with £430m the previous year and £290m in June.

The company added that the integration of two recent acquisitions was on track - Serco's 600-person nuclear Technical Services business and Unidel, a 260-person energy, resources and infrastructure engineering and consultancy business in Australia.

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