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Interim Management Statement

4th Apr 2013 07:00

RNS Number : 5221B
AMEC PLC
04 April 2013
 

Thursday 4 April

AMEC plc Interim Management Statement

 

·; Year-to-date trading in line with expectations

·; Order intake and forward visibility remain good

o Order book £3.7 billion (December 2012: £3.6 billion; March 2012: £3.7 billion)

 

AMEC Chief Executive Samir Brikho said:

"AMEC has performed in line with expectations in the first three months of the year.

 "We continue to see good growth in conventional oil & gas, with new contract awards, such as the £68 million contract to deliver the hook up and commissioning services for the two new Clair Ridge platforms for BP and its co-venturers, boosting activity in the North Sea in particular.

 "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."

 

Guidance

Unless specifically addressed, guidance remains unchanged from that notified with the final results issued 14 February 2013.

 

Events

A conference call for analysts and investors will be hosted by Ian McHoul, Chief Financial Officer today at 8.30 am.

Next events

·; AMEC is holding its annual general meeting at 10.30 am today in London, UK. At the meeting, Chief Executive, Samir Brikho will update shareholders on the group's strategic progress and the outlook for 2013. No new price sensitive information will be presented.

·; AMEC is hosting an event for sustainable and SRI investors on Friday 19 April. The session will be held in London and will be webcast live.

·; AMEC expects to announce interim results for the six months ending 30 June 2013 on Thursday 8 August 2013.

 

Analyst consensus estimates are collated and published on AMEC's website on a periodic basis amec.com/investors/key facts.

Contacts

AMEC plc: +44 (0) 20 7429 7500

Samir Brikho, Chief Executive

Ian McHoul, Chief Financial Officer

Sue Scholes, Director of Communications

Nicola-Jane Brooks, Head of Investor Relations

Media

Brunswick Group LLP: Mike Harrison and David Litterick + 44 (0)20 7404 5959

 

Forward looking statements

Any forward looking statements made in this document represent management's best judgment as to what may occur in the future. However, the group's actual results for the current and future fiscal periods and corporate developments will depend on a number of economic, competitive and other factors, some of which will be outside the control of the group. Such factors could cause the group's actual results for future periods to differ materially from those expressed in any forward looking statements made in this document.

 

 

Interim Management Statement 4 April 2013

Group performance

Group performance has been in line with expectations in the first three months of 2013.

Order intake remains good and includes a mix of new contract awards, broadened scope changes to existing contracts and negotiated work, providing good visibility for 2013 and beyond. The order book was £3.7 billion at 31 March (December 2012: £3.6 billion; March 2012: £3.7 billion).

The group continues to see investment in its end markets and demand for its services, particularly from customers in 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 particularly strong, with work continuing on a number of projects.

The average number of employees was 28,770 in the period January to March 2013 (January to March 2012: 27,242 employees).

 

Financial position and net cash

AMEC remains in a strong financial position with net cash at the end of March 2013 of approximately £25 million (December 2012: £99 million; March 2012: £468 million).

Outlook

The outlook is unchanged from that provided at the full year results. AMEC continues to expect low-to-mid single digit revenue growth for the group on an underlying basis, excluding procurement - with a gradual improvement in group margins in 2013.

 

The balance sheet remains strong and provides a robust platform for further growth. The group continues to evaluate further acquisition opportunities.

Note to editors:

AMEC (LSE: AMEC) is a focused supplier of consultancy, engineering and project management services to its customers in the world's oil and gas, mining, clean energy, environment and infrastructure markets. With annual revenues of some £4.2 billion, AMEC designs, delivers and maintains strategic and complex assets and employs over 29,000 people in around 40 countries worldwide. See amec.com.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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