John Wood Group PLC (“Wood Group” or the “Group”) is an international energy services company employing around 43,000 people worldwide and operating in 50 countries. The Group has three businesses – Wood Group Engineering, Wood Group PSN and Wood Group GTS – providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide.
Financial Summary
– Revenue from continuing operations of $6,821.3m (2011: $5,666.8m) up 20%
– 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”
Full Results
[mappress] Press Release, March 05 , 2013