AEA Technology confident of progress despite gloomy outlook on UK growth

AEA TECHNOLOGY Group continues to be cautious about market conditions in the UK and Europe but overall remains confident of its business position.

AEA – an AIM-listed technical, energy and sustainability consultancy – said yesterday the actions taken to reduce its cost base in the last year combined with additional reductions this year are helping to underpin its bottom line.

In a management statement the company said: “Encouragingly there is a larger pipeline of opportunities compared to this time last year and as a result the number of bids being made by AEA in Europe has increased.”

The firm said its bid pipeline stood at $1.2bn (£725m) at the end of June, with a number of large contracts with the US government on track despite public spending constraints across the pond.