Analysts at Canaccord Genuity said there was "little to impress us" after engineering and project management group AMEC posted its 2012 results.

AMEC hiked its dividend per share for the full year by 20% from 30.5p to 36.5p, but warned of more modest growth this year.

"However, we still think a materially higher dividend payout is possible and desirable," Canaccord said.

Revenue for the year to December 31st totalled £4,158m, up 28% on the £3,261m recorded in 2011 and ahead of Canaccord's forecast of £4,010bn.

Group EBITA (earnings before interest, tax and amortisation) rose 11% year-on-year from £299m to £331m, ahead of the £327m estimate.

Adjusted earnings per share (EPS) rose 14% to 80.4p, above the 79.7p forecast.

However the company said underlying revenue growth (excluding procurement) is expected to slow to a "low-to-mid single digit" rate.

"This is disappointing against our expectations of circa 6-7% next year, albeit on a higher revenue base than we had forecast," Canaccord said.

"We had flagged AMEC as a trading buy in to these results, but aside from the headline beat, there is little to impress us in these results."

Canaccord retained its 'hold' rating and price target of 1215p.

RD

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