AEA Technology (AAT): Trading in line and net debt better than expected
The market leading energy and climate change consultancy, published its Interim Management Statement for the period from 1 October 2009 to 16 February 2010.
Trading continues to be in line with the Board’s expectations with the positive cash performance supported by an improvement in the US as a result of actions taken to reduce working capital. Year-end net debt levels are expected to be slightly better than market expectations. AEA continues to bid on a good pipeline of opportunities in the US and this is expected to convert into strong growth during 2011/12. In Europe the business is now on a significant number of UK Government Framework contracts although management commented that the continuing uncertainty around the UK Government’s finances makes it less clear…