AMEC, the engineering consultant focused on the resources industry, is on track to deliver double-digit percentage underlying revenue growth in 2012, despite the continued macro economic uncertainty.
The strength of order intake, the continued demand for AMEC's services and the ongoing customer investment in AMEC's core markets are driving growth expectations, the company said.
The order book at the end of March stood at £3.7bn, unchanged from the year-end figure but up from £3.1bn a year earlier.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
AMEC had net cash at the end of March 2012 of around £468m, down from £521m at the end of 2011 and £627m a year earlier, after spending £75m buying back it shares in the market.
"We continue to see healthy demand for our services and investment in our end markets - underpinned by the positive industry trends, particularly in the oil and gas and mining sectors. We are confident that this will support double-digit underlying revenue growth in 2012," said Chief Executive Samir Brikho.
"The acquisitions made in 2011 are integrating well and the pipeline of further acquisition opportunities remains strong," Brikho added.
JH
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
