AMEC trading slightly ahead
International engineering and project management company AMEC said its performance in 2008 has been running slightly ahead of expectations.
Performance has been strong across all of its core divisions and its end markets remain in robust health.
“Overall, the outlook for 2008 is slightly better than our previous expectations and we confidently expect to deliver the targeted six per cent margin,” chief executive Samir Brikho said.
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Average net cash in 2008 is expected to be in the region of £600m after first half acquisitions and year-to-date buybacks.
AMEC has announced three acquisitions this year for a total cash consideration of £70m. Last week it said it is paying C$45m (£22m) in cash for Bower Damberger Rolseth Engineering (BDR), a company specialising in providing technical engineering services to the “in-situ” Canadian oil sands industry.
