Engineer says revenue and profit in 2014 will be hit by the strength of the pound
Amec has warned that 拢250m of revenue will be blown off its books by currency headwinds this year.
In a statement to the City this morning, the engineer said exchange rates for 2014 were forecast to be 鈥渓ess favourable鈥� than in 2013.
It said it expected this to translate into an impact on revenue of around 拢250m and on trading profit of around 拢25m this year.
However, it said that it continued to have a 鈥渟trong financial position鈥� and its outlook for the year remained unchanged.
It said there would be less 鈥済reenfield鈥� activity in the oil and gas market but this would be partially offset by work in the green energy sector and Middle East oil and gas work.
It said there would be 鈥渕odest underlying revenue growth鈥� in 2014, though it said there would be a 鈥渟light reduction鈥� in group margins compared with 2013.
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