Amec still hunting for deals

ENGINEERING group Amec says it is on track to meet market expectations, boosted by strong performances in the North Sea and the Gulf of Mexico.

The international group, which has operations in Knutsford, Warrington and Northwich said its pipeline for acquisition “remains strong,” and reiterated that it would consider returning cash to shareholders this quarter if no acquisitions are made.

The company, which provides services and equipment for the oil and gas, mining, nuclear and renewable energy sectors, revised down its revenue target in August saying it expected 2013 revenue to be flat on last year due to weakness in its mining division, having earlier forecast low-to-mid single digit growth.

The company did not give a forecast for revenue or profit, but analysts expects its EBITDA this year to be £344m on revenue of £4.1bn.