AEA Technology said yesterday that despite short to medium-term difficulties in the UK, it was in a strong position and well placed for good growth in the new financial year.
Chief executive Andrew McCree, from Brora, said after the energy and environment consultant announced results for the half year to September 30: “Our US business is performing well and I am expecting a strong second half.
“The integration of Eastern Research Group has got off to a good start and we have already put in a bid to the US government using the combined expertise of ERG, Project Performance Corporation (PPC) and AEA.
“We now have a robust platform from which to grow the business in the US.
“In the short term, we expect UK government market conditions to remain tough with the UK Government progressively reigning in public spending.
“A strategic review is under way and this is intended to ensure that going forward the business is aligned to this evolving landscape.”
Chairman Paul Golby said AEA was now a new company, transforming itself over the past two years into one of the world’s leading advisers to governments on climate change, energy and sustainability.
He said that following the acquisition of US companies PPC in 2008 and ERG this year the group’s growth in the near-term would come principally from America and the group now derived the majority of its revenue from the US market for the first time.
AEA yesterday reported adjusted pre-tax profits of £1.1million for the six months to September 30, down from profits of £3.7million a year earlier.
Revenue for the period was £50.6million, marginally below revenue of £51million the year before.
AEA also said it had a significant forward order book of about £380million.
AEA, created out of the commercial operations of the UK Atomic Energy Authority, sold a string of businesses, including one at Thurso, in 2005 and 2006 to focus on its present activities.