UPDATE 1-Arcadis raises profit outlook as cost cuts pay off
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AMSTERDAM Oct 23 (Reuters) - Dutch engineering firm Arcadis raised its forecast for full-year profit growth on the back of several new projects and as cost-cutting measures in Europe started to pay off.
Arcadis, which had previously forecast full-year profit growth of up to 5 percent, now sees continued growth in the fourth quarter and expects an increase of between 3 and 6 percent for 2013 as a whole.
The engineering and consultancy firm has won several deals in recent weeks.
These include a 40-million-euro contract for the Grand Paris Express metro lines in the Paris region and a feasibility study in New York for a multi-purpose levee known as Seaport City to control flooding in the wake of Hurricane Sandy.
"The Grand Paris metro project, and the more recent Seaport City project in New York are impressive wins in big urban centres," Chief Executive Neil McArthur said in a statement, adding that Arcadis continues to look for acquisitions.
Earnings before interest, tax and amortisation (EBITA) rose 9 percent to 46.5 million euros ($64 million), while revenues fell 2 percent to 633 million euros reflecting currency effects.
Analysts in a poll commissioned by Reuters had forecast EBITA of 44.2 million euros on sales of 657 million euros. ($1 = 0.7260 euros) (Reporting by Thomas Escritt and Sara Webb; Editing by David Cowell)
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