Onanunderlyingbasis,whichexcludestheimpactofcurrentandacquisitions,revenuesincreasedby28%,helpedbytheincrementalimpactofprocurementactivitiesoncertainnaturalresourcescontracts;withoutthis,underlyingsaleswouldhaveincreasedbyjust15%。

Whilethegroupsaidthatitwasontracktodeliverdouble-digitunderlyingrevenuegrowthin2012,second-halfunderlyinggrowthwillbesignificantlylowerthanH12012duetophasingofprojectexecutiveinNaturalResources。

Themarketclearlywasntpleased,withsharesdown5。

0%at1,101pbeforethecloseoftrade。

MichaelHewson,theseniormarketanalystsatCMCMarketsUKsaid:Someinvestorsareneverhappybutgiventhesharesweretradingjustbelowone-yearhighsperhapssomeofthevaluewasalreadypricedin。

Earningsbeforeinterest,taxandamortisation(EBITDA)increasedby25%from£122mto£152m,howevertheEBITDAmarginfellfrom8。

2%to7。

5%year-on-yearasexpected,asaresultoftheincreaseinprocurementactivitiesandashiftintheworkmixintheNaturalResourcesdivision。

Theseissueswillmeanthatthesecond-halfmarginwillbelowerthanlastyear,thoughitisstillexpectedtoimproveonthefirsthalf。

Operatingcash-flowjumpedby89%from£75mto£142m。

Thedividendpersharewashikedby15%from10。

2pto11。

7p。

Theorderbookhasbeenmaintainedatrecordlevels。

Weseecontinueddemandforourservices,andthishasnotbeensignificantlyimpactedbytheon-goingeconomicuncertainty。

Second-halfrevenuesareanticipatedtobemaintainedatbroadlythesamelevelasthefirsthalf,leavingusontracktodeliverdouble-digitunderlyingrevenuegrowthforthefull-year。

Weexpecttocontinuetodelivergoodgrowthin2013,Brikhosaid。

BC

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