Wood Group Revenue Up 3 Pct (UK)

John Wood Group said its revenue from continuing operations was $3,447.1m in 1H13, up 3.0%.

Financial Summary

• Good growth in EBITA in the first half and confident of achieving full year performance in line with expectations
• Revenue from continuing operations of $3,447.1m (2012: $3,346.3m) up 3.0%
• EBITA from continuing operations1 of $243.2m (2012: $205.1m) up 18.6%
• Profit from continuing operations before tax and exceptional items of $186.6m (2012: $160.0m) up 16.6%
• Adjusted diluted EPS1of 44.5 cents (2012: 37.4 cents) up 19.0%
• Interim dividend of 7.1 cents (2012: 5.7 cents) up 24.6%

Divisional Highlights

Wood Group Engineering

• Strong first half performance; anticipate EBITA growth of c. 10-15% for the full year
• Mafumeira Sul and Ichthys projects progressing well; completion expected by the year end
• Onshore pipelines benefitting from US shale market; strong activity across principal subsea hubs

Wood Group PSN

• Strong growth in the Americas with significant contribution from US shale activities
• Multiple North Sea contract renewals reinforce our market leading position
• International awards include substantial new scope in Papua New Guinea

Wood Group GTS

• Improved margins in Maintenance offsetting impact of expected fall in Power Solutions activity
• Maintenance – benefiting from oil & gas activity, and cost reduction initiatives
• Power Solutions – confident of agreeing change orders on Dorad contract; good performance on NRG and Pasadena

Bob Keiller, CEO commented: “We have achieved good growth in the first half and remain confident of achieving full year performance in line with expectations. In March, I talked about our focus on increasing collaboration across Wood Group; this is progressing well and we have already seen new business opportunities driven by people working more closely together. Activity levels generally remain healthy and we believe the Group is well positioned for future growth.”

[mappress]
LNG World News Staff, August 20, 2013