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Engineering firm Amec expects 'modest' underlying revenue growth

Reuters - UK Focus

(Adds share movement, analyst comment)

Oct 3 (Reuters) - British engineering firm Amec Plc (Other OTC: AMCBF - news) said it expected to see "modest" underlying revenue growth in 2014, but kept its full-year outlook unchanged.

The company said less greenfield activity in some of its key upstream oil and gas markets was partially offsetting strong growth from its clean energy and middle eastern oil & gas businesses.

Amec's London-listed stock was up 2.9 percent at 1,076 pence at 0818 GMT, making it one of Friday morning's biggest percentage gainers on the FTSE-250 index.

Canaccord Genuity (Other OTC: CCORF - news) analyst Alexander Brooks said the shares had been weak over the past month and the fact that trading was "unchanged" suggested that this weakness in the stock was unjustified.

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In August, the company cut its revenue forecast as customers cut back on oil and gas exploration.

Amec reiterated that margins would be slightly lower compared to last year and said profit and cash flows would be weighted to the second half of the year ending Dec. 31. (Reporting by Karen Rebelo and Richa Naidu in Bangalore; Editing by Sunil Nair)