Amec shares plunge amid fears of client cutbacks

By Dominic Midgley Published: 5:45AM GMT 05 March 2010

Amec

Pre-tax distinction was down by a third from �307m to �203m pre-tax, but it was the awaiting of plan delays and vigour on margins as oil producing countries rein in spending on new projects in the arise of high falls in the cost of wanton that appears to have majority shabby marketplace sentiment.

Amec pronounced in a statement: "2010 is approaching to be an additional severe year". "Although the turn of plan awards is foresee to urge in 2010 and impulse appropriation is approaching to be released, the timing of both activities is approaching to be back-end loaded."

Chinas trade industry feels the vigour as direct falls Nomura tips Kraft to combine with Cadbury China suffers deflation for third month in a row Asian shares often higher but counsel lingers Asian markets dive as retrogression fears take hold

It added: "There is approaching to be augmenting pricing vigour from customers."

In a year in that revenues were marginally down at �2.54bn, the division sum is being carried 15pc to 17.7p, with the remuneration of an 11.6p last on Jul 1.

Meanwhile, the change piece stays strong, with net money of �743m, putting Amec is in a great on all sides to go on a shopping spree.

"Acquisitions are initial priority with the cash, but if no befitting purchases have been done inside of a year I will cruise returning a little of the money to shareholders," pronounced Ian McHoul, arch monetary officer.

"We are penetrating to have purchases in oil and gas and chief and the increasingly critical H2O government sector"

"Geographically, we will be seeking to have purchases primarily in the UK and North America, but we additionally design to see at Australia, South America and the Middle East."

The sequence book of �3.2bn was increased in Jan when Amec won a �600m stipulate to work on the Gateway Storage Project, a mould-breaking subterraneous gas storage scheme.