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Pin to quick picksWood Group (J) Share News (WG.)

Share Price Information for Wood Group (J) (WG.)

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Share Price: 148.00
Bid: 147.60
Ask: 148.00
Change: -0.40 (-0.27%)
Spread: 0.40 (0.271%)
Open: 150.30
High: 150.30
Low: 143.30
Prev. Close: 148.40
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John Wood Group Rises As First Half Performance Ahead Of Year Ago

Wed, 26th Jun 2019 08:44

(Alliance News) - FTSE 250-listed John Wood Group PLC said Wednesday its performance in the first half is ahead of a year prior.

Shares in the oilfield services company were up 6.6% in London in early trading at 445.40 pence each, making it the best mid-cap performer on Wednesday.

John Wood said its revenue in the six months to June 30 is in line with a year before but the company has seen earnings growth and margin improvements.

The company said the margin improvement was led by its energy activities within its Asset Solutions unit in Europe, Africa, Asia & Australia. The company's Environment & Infrastructure Solutions unit also saw margin improvements, John Wood said.

Excluding the impact of moving to a new accounting method, the company's earnings before interest, tax, depreciation and amortization is expected to be about 7% higher than a year before. Operating profit is expected to be about 25% ahead of the prior year period.

"Our first half performance is ahead of prior year. We have delivered significant growth in operating profit together with Ebitda margin improvement. This has been led by our activities in energy markets in the eastern hemisphere and our environment and infrastructure operations in North America, together with the delivery of further cost synergies. Our expectation of revenue growth, strong earnings growth and cash generation in 2019 is unchanged," said Chief Executive Robin Watson.

John Wood expects full year revenue growth of about 5%, weighted towards the second half. Expected cost synergies of about USD60 million will lead to adjusted Ebitda growth, the company said.

For 2018, revenue on a statutory basis stood at USD10.01 billion, and including joint ventures revenue was USD11.04 billion. Pretax profit from continuing operations in 2018 was USD53.5 million. Before exceptional items, pretax profit was USD244.8 million.

The company's net debt is expected to be about USD1.6 billion at the end of June, in line with its 2018 year end position.

The company's Asset Solutions unit is split into two businesses: Americas and Europe, Africa, Asia & Australia. Each business contributes around 35% of the company's revenue.

In the Americas, John Wood said its Asset Solutions revenue was up on a year before but Ebitda was "slightly down". In Europe, Africa, Asia & Australia, revenue was flat on a year before but Ebitda saw "good growth".

In the company's Specialist Technical Solutions unit, representing about 15% of group revenue, John Wood said its revenue and Ebitda was in line with the year before.

Environment & Infrastructure Solutions, which contributes about 15% of revenue, delivered "good" growth in revenue and saw an "improved" margin performance in the first half.

Following the company's USD140 million part refinancing in the first quarter, John Wood said it has made further progress on refinancing its existing term loan facility, which is due to mature in October 2020.

In June, John Wood said it was able to secure USD364 million from a private placement from US investors.

"This extends the maturity of our debt profile and further diversifies our sources of long term finance at competitive rates, with the majority comprising a mix of seven to 12 year redemption dates at a fixed rate of around 5%. The refinancing has no material impact on our expectations for the full year interest expense," the company added.

More News
29 Apr 2024 09:47

IN BRIEF: John Wood promotes Houston-based exec to lead strategy

John Wood Group PLC - Aberdeen, Scotland-based consulting and engineering for energy and materials sectors - Promotes Jennifer Richmond to chief strategy officer, a newly created role, from executive president of strategy & development. Richmond will be based in Houston, Texas and report to Chief Executive Officer Ken Gilmartin. She joined Wood in 2022 from New York-listed engineering peer Jacobs Solution Inc. Wood says Richmond will focus on "accelerating sustainable growth in energy and materials" and "realising further value for our stakeholders". The appointment comes after Wood earlier this month came under pressure from a large shareholder to explore a sale or a US listing to maximise value.

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16 Apr 2024 12:47

Sparta Capital urges Wood Group to seek sale, rethink UK listing

LONDON, April 16 (Reuters) - Activist shareholder Sparta Capital Management is pushing British engineering services firm Wood Group to consider either selling itself or to reconsider its UK listing, according to a letter from the fund manager on Tuesday.

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16 Apr 2024 10:33

Sparta Capital urges Wood Group to seek sale, rethink UK listing

LONDON, April 16 (Reuters) - Activist shareholder Sparta Capital Management is pushing British engineering services firm Wood Group to consider either selling itself or to reconsider its UK listing, according to a letter from the fund manager on Tuesday.

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16 Apr 2024 07:01

PRESS: John Wood faces call to set itself up for sale from shareholder

(Alliance News) - John Wood Group PLC is facing a call from a large shareholder to explore a sale, Sky News reported on Monday evening.

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8 Apr 2024 09:25

Berenberg cuts Wood Group target on weak cash generation

(Sharecast News) - Wood Group is "on the right track" with its turnaround, according to Berenberg, but the broker still cut its target price for shares of the energy and materials engineering and consulting business following the group's recent results.

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(Alliance News) - Stock prices in London closed higher on Tuesday, as investors are waiting to see a key inflation reading from the US on Friday.

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26 Mar 2024 09:34

Wood Group eyes cost cuts as hails "significant progress" on strategy

(Alliance News) - John Wood Group PLC on Tuesday announced improved annual earnings, lifted its outlook and announced a "simplification programme" to trim costs.

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26 Mar 2024 09:19

Wood Group misses estimates for 2023 but upgrades guidance

(Sharecast News) - Shares in Wood Group slumped on Tuesday despite an upgrade to its current-year outlook, as the engineering company reported wider-than-expected losses and increased debt levels for 2023.

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19 Mar 2024 15:54

UK earnings, trading statements calendar - next 7 days

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15 Feb 2024 09:20

IN BRIEF: John Wood Group adds Babcock CEO David Lockwood to board

John Wood Group PLC - Aberdeen, Scotland-based energy and materials engineering and consulting - Hires David Lockwood as non-executive director, joining the board on March 12. Lockwood is the chief executive officer of London-based aerospace and defence contractor Babcock International Group PLC. Prior to Babcock, Lockwood was CEO of Babcock peer Cobham PLC and of electronics firm Laird PLC. Wood Chair Roy Franklin says Lockwood "is an innovative leader who has led large-scale company transformations and consistently delivered value for shareholders, making him a strong addition to Wood's board." Babcock welcomes the appointment, believing it will be "beneficial to both organisations".

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29 Jan 2024 09:12

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(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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LONDON MARKET CLOSE: Stocks in green thanks to US PPI reading

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London close: Stocks rise on positive UK economic data

(Sharecast News) - London's financial markets closed on a positive note today, buoyed by fresh data indicating that the UK economy had returned to growth in November.

Read more

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