Wood Group Posts Rise in Profits

February 19, 2014

Wood Group reported a 14 percent increase in 2013 pretax profit to $412.8 million.

Financial summary:

Total Revenue of $7,064.2m (2012: $6,828.1m) up 3%
Total EBITA of $533.0m (2012: $459.1m) up 16%
Adjusted diluted EPS of 98.6 cents (2012: 85.2 cents) up 16%
Total dividend of 22.0 cents per share (2012: 17.0 cents) up 29%

Bob Keiller, CEO of Wood Group commented:

“2013 represents another year of good growth for Wood Group. In my first full year as CEO, the leadership team and I have considered the Group’s strategy which remains sound and positions us well for the longer term. We are predominantly an upstream oil and gas services business and our intention is to broaden and deepen the services we can offer in this sector. We have reviewed all parts of the Group from three perspectives: risk profile, current and future financial performance and strategic fit with the Group overall, and this has resulted in a number of actions including the acquisition of Elkhorn and the joint venture with Siemens. Looking to 2014, our mix of opex and capex activities and the contribution of completed acquisitions is expected to lead to growth overall.”

Press Release, February 19, 2014; Image: Wood Group