| Updated:
Amec cuts its sales forecast
ENGINEERING giant Amec yesterday lowered its full-year revenue guidance, after lower oil and gas exploration hit its first-half results.
The FTSE 250-quoted firm, which mainly serves the oil and gas sector, reported a seven per cent decline in first-half revenue to £1.86bn, while pre-tax profit plunged 29 per cent to £83m. Boss Samir Brikho said that lower oil and gas exploration in some key markets such as the UK North Sea had partly offset strong growth from clean energy and Middle Eastern oil and gas.
Amec has trimmed its full-year guidance from “good” underlying revenue growth – mid to high single digit – to “modest” growth – low single digit.