Wood Group Revenue Up 20 Pct (UK)

March 5, 2013

John Wood Group said its revenue from continuing operations was $6,821.3m in 2012, up 20% compared to the year before ($5,666.8m).

Financial Summary

EBITA from continuing operations1 of $461.1m (2011: $341.6m) up 35%
Profit from continuing operations before tax and exceptional items of $362.7m (2011: $254.1m) up 43%
Adjusted diluted EPS of 85.2 cents (2011: 60.2 cents) up 42%
Total dividend of 17 cents per share (2011: 13.5 cents) up 26%

Group Highlights

Leadership changes position Wood Group for the next phase of growth
Increasing contribution from oil-producing US shale regions
Overall market conditions expected to remain favourable
Anticipate progress in all divisions in 2013

Wood Group Engineering
- Second consecutive year of 30%+ EBITA growth
- Strength in upstream and subsea & pipelines
- Revenue growth and margin improvement anticipated in 2013

Wood Group PSN
- Good performance in North Sea and strong growth in North America
- Progress in Oman; confident of a significant improvement in 2013
- Well placed to deliver strong performance in 2013

Wood Group GTS
- Increased revenues in Maintenance and EBITA up around 10%
- Power Solutions EBITA slightly up on 2011
- Anticipate improvement in Maintenance in 2013

Bob Keiller, CEO commented: “Our 2012 financial results represent another year of strong growth with EBITA up 35%, reflecting the focus and hard work of our people around the world. Wood Group is a great company and I believe we can be even better if we harness our collective strengths more effectively and operate in a more joined-up manner.

“We are set to make progress in all divisions in 2013, and I look forward to leading our further development in good long term growth markets.”

[mappress]
LNG World News Staff, March 05, 2013