British engineering consultancy and project management firm AMEC has seen it profits surge on the back of natural resources work.
Revenues are up 37% to £2.03 billion ($3.17 billion), with EBITA of £152 million, up from £122 million for the first half of last year.
AMEC’s backlog remains steady at £3.7 billion.
The company is currently £158 million through a £400 million share buyback programme.
“AMEC has had an excellent start to the year, with revenue growth boosted by phasing of project execution and procurement in our oil & gas and mining businesses in particular,” said CEO Samir Brikho. “This flowed into EPS, which was up 25 per cent at 36.1 pence, and operating cash flow – where we also achieved a good performance.
“The order book has been maintained at record levels. We see continued demand for our services, and this has not been significantly impacted by the on-going economic uncertainty. Second half revenues are anticipated to be maintained at broadly the same level as the first half, leaving us on track to deliver double-digit underlying revenue growth for the full-year.”
Brikho also expects “good growth” in 2013.
