Amec trading in line with expectations

Amec made positive noises to the City this morning with a statement revealing that trading is in line with expectations and that future prospects are healthy.

Amec chief executive Sir Peter Mason said evidence suggested the decline in investment in industrial markets witnessed during the past two years has been halted. Enquiry levels have increased and there has been some resumption of project activity in the mining, forest industry and food and beverage sectors.

However, conditions in the US commercial building market have remained difficult, with the construction management arm failing to break even in the second half.

Sir Peter said the board is confident of major contract awards in the first quarter of this year.

Amec's full results for 2003 will be announced on 11 March.