Engineering consultant boosts workforce by 4% after aquisitions and “significantly” higher orders
Amec has revealed “significantly” higher orders in a bullish statement to the stock market predicting 2010 trading at the top end of expectations.
The group reported a good performance across its energy, environmental and natural resources sectors.
The group revealed that it had increased its workforce by 900 to 22,200 employees in the last year. Nearly half the additions came from the aquisition of Entec in March 2010..
The group said its EBITA margin was expected to be around 9% for the year and said the order book stood at £3.1bn compared to £3bn on 31 October 2009.
Amec said it had focused on high value, low risk contracts.
AMEC Chief Executive Samir Brikho said: “AMEC remains on track to deliver another year of improved performance in 2010.
“We expect to deliver a group EBITA margin of around nine per cent this year, reflecting improvements in operational efficiencies and supported by organic growth in our core sectors, despite continuing customermargin pressure.
The group said it was in an “exceptionally” strong financial position. It had net cash of £680m at the end of October 2010.