Wood Group sees higher revenues in H2

By Frank Prenesti

Engineering services company Wood Group said it expected revenues to be higher in the second half, driven by strong order book momentum.

In a first-half trading update, Wood said it was nearing completion of its Built Environment consulting arm to Canada’s WSP Global in a deal worth about $1.9bn (£1.5bn).

“It is encouraging to see the improving operational momentum in our business, especially the growth in our Projects order book, supported by a backdrop of strong market demand for our engineering solutions,” said new chief executive Ken Gilmartin.

“While our debt remains high, the sale of the Built Environment consulting business will restore the financial flexibility necessary to deliver our strategy, and we are making good progress towards completion in the second half.”

“We expect a stronger performance in the second half, helped by an improved performance in our Turbines joint ventures and stronger revenue growth, particularly in our Projects business.”

The group reported order book growth up 18% year on year and 5% in the year to date.

Reporting by Frank Prenesti at Sharecast.com

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