AMEC Plc. (AMEC.L), a provider of consultancy, engineering and project management services, Thursday said it has performed in line with expectations in the first three months of the year and that guidance remains unchanged.
In an interim management statement, the company said order intake remains good. It includes a mix of new contract awards, broadened scope changes to existing contracts and negotiated work, thus providing good visibility for 2013 and beyond. The order book was 3.7 billion pounds at March 31, flat with last year and higher than 3.6 billion pounds at the end of December, 2012.
The group continues to see investment in its end markets and demand for its services, particularly from the conventional oil and gas sector, offsetting softening in the oil sands and mining markets. Activity in the North Sea and Gulf of Mexico remains especially strong, with work continuing on several projects.
Net cash at the end of March 2013 was around 25 million pounds, while it stood at 99 million pounds as of December 2012 and 468 million pounds as of March 2012.
AMEC continues to expect low-to-mid single digit revenue growth for the group in 2013 on an underlying basis, excluding procurement with a gradual improvement in group margins.
AMEC Chief Executive Samir Brikho said, ''The acquisitions made in 2012 are integrating well and the pipeline of further acquisition opportunities remains good. We remain on track to achieve our targeted EPS of greater than 100 pence ahead of 2015."
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