Engineering firm Amec cheers investors with more new work

SHARES in engineering and project management group Amec rose yesterday after the firm said its performance for the first three months of 2013 had improved in line with expectations.

The company’s order book increased from £3.6bn to £3.7bn between December 2012 and March 2013, including a mix of new contract awards and additional work from existing contracts.

Amec reported strong demand from the conventional oil and gas sector, offsetting a weaker picture in the oil sands and mining markets.

Amec chief executive Samir Brikho said in the update statement: “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 earnings per share of greater than 100p ahead of 2015.”

The firm continues to expect low-to-mid single digit revenue growth and gradually improving margins.

Shares in FTSE 100-listed Amec closed up 1.76 per cent at 1,098p.