LONDON, April 23 British engineering firm Amec
said on Wednesday it was on track to meet expectations,
although the strengthening of the pound against North American
currencies would hit earnings.
The company, which provides services and equipment for the
oil and gas, mining, nuclear and renewable energy sectors, added
that the acquisition of Swiss-based rival Foster Wheeler
would be completed by the third quarter.
Amec announced it had agreed to buy Foster Wheeler earlier
this year in a move to expand into growing markets such as Latin
America and the Middle East, as well as enter the U.S. midstream
industry, which has become increasingly lucrative due to the
The engineer said less favourable exchange rates this year
compared to last would reduce revenue by around 250 million
pounds ($420.59 million) and EBITA (earnings before interest,
tax and amortisation) by around 25 million pounds for the full
The order book at 31 March 2014 was 4.2 billion pounds, up
from 4.1 billion pounds at the end of 2013.
($1 = 0.5944 British Pounds)
(Reporting by Stephen Eisenhammer, editing by Louise Heavens)