UK: Wood Group Profit Up

 Wood Group Profit Up

Wood Group announced half year results for the six months ended 30 June.

Financial Highlights

  • Revenue from continuing operations1 of $3,346.3m (2011: $2,465.9m) up 36%
  • EBITA from continuing operations1 of $205.1m (2011: $133.9m) up 53%
  • Profit from continuing operations before tax and exceptional items of $160.0m (2011: $102.7m) up 56%
  • Adjusted diluted EPS1 of 37.4 cents (2011: 25.2 cents) up 48%
  • Interim dividend of 5.7 cents (2011: 3.9 cents) up 46%

Divisional Highlights


  • Revenue growth and margin improvement
  • Important contract wins including Ichthys and Mafumeira Sul
  • Strong order book and future prospects

Wood Group PSN

  • Strong performance in the North Sea and North America
  • Actively working to improve performance on our long term contract with PDO in Oman
  • Renewals and contract wins support future performance

Wood Group GTS

  • Continued growth in Maintenance revenue and EBITA
  • Power Solutions EBITA benefitting from advanced stage of completion on Dorad contract
  • Expect good growth in EBITA for the year, weighted to the second half

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

“In the first half the Group has delivered growth across all three divisions, and we are confident of achieving full year performance in line with expectations. The Group is well placed with a balance of opex and capex related activities across key geographical areas of industry growth and a robust balance sheet. In July we announced a number of board changes and our strong management team is well set to further develop our leading positions across engineering, production facilities support and gas turbine services.”

LNG World News Staff, August 21, 2012