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Probably won’t open but it’s a buy with IC and a strong buy from me
KPA, apparantly the earth 's core is causing increased volcanic and earthquake activity . Evidence that it is a contributor is that the oceans have warmed more at lower levels and the antartic sea ice has thinned near a fault line but increased away from the fault line. Problem we have is that only a few scientists want to deviate from the narrative that it is all down to carbon dioxide. I am no expert btw.
Results are OK but FCF and an increase in net debt still a concern.
Being A LTH I am forced to hold for the promised up turn in 2025. There has been quite a few promises now and one always has to be wary of "jam tomorrow".
We live in hope and I would hasten to add that I am a genuine shareholder unlike some regular posters on here.
Ken is doing an interview on sky news now. If anyone wants to rewind!
The eartĥs core ot heard that one before.
The results looked pretty good to me it is just that it is tarred with the oil and gas brush even though much of the business is in other sectors. Frankly I think there would be huge value creation by splitting the group up and getting a premium for the non oil and gas parts but I have seen nothing on that front . Lets hope for a bid and that the scientists start to realise that the extra activity in the earths core is causing most of the sea temperature rise .
The EV world is not all it is cracked up to be.
Thanks, remember reading that but did not find it noteworthy but worth a 2nd look.
At least 888 went the right way today... adding WG. each drop.
MaryBr190 - Fair points
Execs moving to US hinted here - https://news.sky.com/story/oil-engineer-wood-group-to-cut-hundreds-of-jobs-13098692
With regards DT - google it. he repeats it now and then, probably for votes
Alliance News) - John Wood Group PLC on Tuesday announced improved annual earnings, lifted its outlook and announced a "simplification programme" to trim costs.
The Aberdeen, Scotland-based engineering and consulting business said revenue in 2023 rose 7.9% to USD5.90 billion from USD5.47 billion. Its pretax loss narrowed to USD62.7 million from USD691.4 million.
Adjusted earnings before interest, tax, depreciation and amortisation grew 8.8% to USD423 million from USD388 million.
It reported cash flow from operating activities of USD48 million, a swing from an outflow of USD361 million.
"We made significant progress in this first year of our three-year growth strategy. We delivered strong revenue and adjusted Ebitda growth, and we significantly improved operating cash flow," Chief Executive Officer Ken Gilmartin said.
"We continue to see clear business momentum, with a higher order book, double-digit growth in our pipeline and positive pricing trends in both pipeline and order book. It is encouraging that the fastest growing parts of Wood are the higher-margin Consulting business, and our sustainable solutions across all areas."
Gilmartin said Wood Group has launched a "simplification programme to drive efficiency". It is eyeing annualised cost savings of around USD60 million from 2025. The programme will have an "initial focus on central costs", where costs are expected to be trimmed by around USD10 million this year.
Looking to 2024, it expects adjusted Ebitda growth towards the top end of its mid to high single digit target. In 2025, it predicts Ebitda growth "above our medium-term target".
"We are on-track to deliver significant free cash flow in 2025, as previously guided," it said.
Wood Group did not resume its dividend, which it had axed following the onset of the Covid-19 pandemic.
Shares in the company traded 1.7% lower at 145.70 pence each in London on Tuesday morning.
BearFoot - have you a link to the press article referred to please?
Drill Baby Drill
Watch the first 3/4 minutes and you can see what wokeCNN Sly news & BBC do not report.
The only way this does not happen is if the CIA-JFK-DJT ! The world awaits.
https://www.youtube.com/watch?v=Fr3ccVc21Dc
IF articles in the press are to be believed execs are relocating to the US.
With a high probability of DT becoming next US pressident will he stick to his words of Drill Baby Drill?
If so that may be pay day for WG and shareholders.
A long wait and could be some downside before then, but maybe worth it in the end.
The dip here is a clear opportunity to add. This is undervalued compared to peers on any metric you care to use. Same can be said for most UK shares at the moment. This won't persist.
Must say I would only be tempted back in myself at the low 130's level, although might not get there, of course.
Also watching to see if we get any inside buying. Nothing like some meaty purchases to demonstrate the old maxim of actions speaking louder than words... GLA.
Perhaps disappointing would be a less succinct word to use Ivor. Anyway yes not great - there doesn't seem to be that many major players in this market and yet profits seem elusive. I'm neither a buyer nor a seller on this news. I think they need to welcome a buyer (for the company).
Nothing about debt.
Nothing about return to free cash flow. "simplification" will mean reduction.
no comment
Seems to want to go to the 132p level again - add be glad
Only me it seems as I anticipated the rejection and sold majority of shares at the time. This have been a great accretive for me. Even managed a cheeky trim and a buyback already today.
Can't imagine any shareholders are happy after rejecting Apollo last year.
WIll do & happy to.
MaryBr
If you are buying dips then I suspect you'll get plenty of opportunity to do so today as this is going to go south
Crap results again.
I like this quote, maybe a divi by 2025……. “From 2025, our sustainable free cash flow generation, combined with proceeds from disposals, will provide increased flexibility in our capital allocation policy”