John Wood Group's Revenue Up 19%

John Wood Group PLC has released it interim results for the six months ended June 30, 2008. Wood Group businesses employ approximately 27,000 people in 46 countries.

Financial Highlights

  • Revenue of $2,526.9m (2007: $2,117.3m) up 19%.
  • EBITA1 of $207.9m (2007: $144.6m) up 44%.
  • Group EBITA margin increased from 6.8% to 8.2%.
  • Profit before tax of $181.3m (2007: $124.0m) up 46%.
  • Basic earnings per share of 23.7 cents (2007: 16.3 cents) up 45%.
  • Adjusted diluted earnings per ordinary share2 of 24.7 cents (2007: 16.8 cents) up 47%.
  • Interim dividend of 2.8 cents (2007: 2.0 cents) up 40%.

Operating Highlights

Group:

Significant financial and operating progress

  • Strong revenue growth.
  • Margin improvement in all divisions.
  • Continuing to extend our range of services and international reach.
  • 10% increase in headcount to over 27,000 people since December 2007.

Engineering:

  • All major business areas showing good growth.
  • -upstream very active.
  • -strong demand for subsea engineering activities.
  • -pipeline engineering busy across all locations.
  • -high levels of refinery upgrade work.
  • Continuing our international expansion.

Production Facilities:

  • North Sea market remains strong; increasing market share with newer entrants.
  • Continued expansion of international activities, including Peru and Colombia.
  • Joint venture signed with CCC in the Middle East.
  • Expansion into the safety and emergency response training market through the acquisition of M&O Global.

Well Support:

  • Good performance in all areas.
  • ESP - artificial lift markets strong; enjoying high levels of activity in Latin America and Africa.
  • Pressure Control - US markets strengthening; good contract wins in Latin America; positioning for further growth in the Middle East; increasing lower cost manufacturing capacity.

Gas Turbine Services:

  •  Oil & gas and power focused businesses active.
  • Continuing emphasis on longer term contracts.
  • Market for provision of fast track gas fired power solutions strong.

Sir Ian Wood, Chairman, and Allister Langlands, Chief Executive, of Wood Group, stated, "The first half of 2008 has seen continued strong growth and we are pleased to report another excellent performance. Overall, our markets are robust and the demand for our services remains high. We expect the strong growth to continue and believe results for the year will be ahead of expectations."
 

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