- Shaftesbury 642.00 0.00
Wood Group thrives
Tuesday, 6th March 2012
Energy services company John Wood Group reported total revenue of $6.052bn for the year to end-December up 19.5% on the previous year's $5.063bn.Total EBITA was $398.7m (2010: $344.8m), up 15.6%.
Revenue from continuing operations was $5.666bn (2010: $4.085bn), up 38.7%.
EBITA from continuing operations was $341.6m (2010: $218.7m), up 56.2%.
Profit from continuing operations before tax and exceptional items was $254.1m (2010: $156.2m), up 62.7%.
Adjusted diluted EPS was 60.2 cents (2010: 39.8 cents), up 51.3%.
Total dividend was up 22.7% at 13.5 cents (2010: 11.0 cents).
Wood Group acquired PSN during the year, which performed ahead of expectations.
The group disposed of its Well Support arm.
Wood Group returned £1.1bn of cash to shareholders in the year.
Performance was held back by previously announced losses on Wood Group Production.
Sir Ian Wood, Chairman, and Allister Langlands, CEO, 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."
Story provided by StockMarketWire.com
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