UK: Wood Group Profit Climbs

Wood Group Profit Climbs

Wood Group of UK reported its full year results for the year ended 31 December 2011.

Financial Highlights

– Total revenue of $6,052.3m (2010: $5,063.1) up 19.5%

– Total EBITA1 of $398.7m (2010: $344.8m) up 15.6%

– Revenue from continuing operations of $5,666.8m (2010: $4,085.1m) up 38.7%

– EBITA from continuing operations2 of $341.6m (2010: $218.7m) up 56.2%

– Profit from continuing operations before tax and exceptional items of $254.1m (2010: $156.2m) up 62.7%

– Adjusted diluted EPS3 of 60.2 cents (2010: 39.8 cents) up 51.3%

– Total dividend of 13.5 cents (2010: 11.0 cents) up 22.7%

Strategic and Operating Highlights

– Successful strategic repositioning

– Acquisition of PSN, which performed ahead of expectations

– Disposal of Well Support

– Return of cash to shareholders of £1.1bn

Sir Ian Wood, Chairman, and Allister Langlands, Chief Executive said:

We anticipate good progress in all divisions in 2012. In our activities supporting clients’ development capex, we are forecasting strong growth in Engineering driven by increased E&P capex spend and have good visibility in our Wood Group GTS Power Solutions business into 2012. In our activities supporting clients’ production opex activities, we see performance improvement in Wood Group PSN and further growth in Wood Group GTS Maintenance.

Through our market leading positions in engineering, production facilities support and gas turbine services, we are well positioned to take advantage of strong growth trends in energy markets and we continue to anticipate good growth in the longer term.”

LNG World News Staff, March 6, 2012