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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: 68.40
Bid: 68.40
Ask: 68.50
Change: -2.55 (-3.59%)
Spread: 0.10 (0.146%)
Open: 69.65
High: 72.30
Low: 67.90
Prev. Close: 70.95
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UK's Wood Group raises profit forecast on contract wins; shares rise

Tue, 22nd Aug 2023 13:09

CFO David Kemp to retire

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H1 revenue up 19.7%; core profit rises 12.3%

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Order book rises 5% to $6 bln in H1, from Dec-end

Aug 22 (Reuters) - Britain's John Wood Group on Tuesday raised its core profit forecast on contract wins and improved pricing expectations, sending shares in the engineering and consultancy firm up 5%.

The company's projects business posted a 29.6% rise in revenue to $1.25 billion for the six months ended June 30.

Wood has scored major contract wins worth millions of dollars from Shell, Brunei Shell Petroleum (BSP) and GSK.L this year.

Overall, the company closed its order book at $6 billion in the first half, 5% above levels at the end of last year.

"We would expect to see improved margins starting to show some fruit as we get into 2024," CEO Ken Gilmartin said in an interview with Reuters.

The Aberdeen-based company's focus on its sustainable business, which involves providing solutions for decarbonisation, energy transition, and materials for net zero has also been a bright spot. About 20% of first-half revenues came from the segment.

Gilmartin said he expects that one-third of the projects that Wood plans to bid for over the coming 24 months will be for sustainable solutions.

Wood, which operates in over 60 countries, expects adjusted core profit for the full-year to be above its previous expectations while revenue is seen at around $6 billion. The company clocked annual revenues of $5.4 billion in 2022.

Shares were trading up at 155 pence by 1107 GMT, but still well below an offer price of 240 pence that private equity firm Apollo Global had made earlier this year and later abandoned.

Wood took a nearly $5 million charge related to the talks of the deal in the first half, it said.

Separately, Wood announced that its finance chief David Kemp, 53, would retire after an eight-year stint but will remain in the role until a successor is appointed. (Reporting by Anchal Rana and Eva Mathews in Bengaluru; Editing by Rashmi Aich and Conor Humphries)

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20 Jan 2025 08:39

IN BRIEF: John Wood wins "significant" contract with Esso Australia

John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Awarded "significant" new contract by Esso Australia Resources Pty Ltd to provide maintenance of onshore and offshore assets in Gippsland Basin in Victoria state. John Wood says the "long-term" contract starts this month and will create 250 jobs in Victoria. It doesn't provide the monetary value of the contract, nor its exact term.

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20 Jan 2025 07:03

Wood Group wins maintenance contract with Esso Australia

(Sharecast News) - Wood Group on Monday said it had won a contract to provide long-term maintenance for Esso's onshore and offshore assets in Australia's Gippsland Basin.

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2 Jan 2025 11:40

Wood Group offloads EthosEnergy stake for $138m

(Sharecast News) - John Wood Group announced on Thursday that it has completed the sale of its 51% stake in EthosEnergy Group to private equity firm One Equity Partners for a final net cash consideration of $138m.

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2 Jan 2025 09:39

IN BRIEF: John Wood completes Ethos Energy sale for USD138 million

John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Completes the sale of its stake in its joint venture focused on rotating equipment, Ethos Energy Group Ltd, to One Equity Partners LP for USD138 million in cash. Says the USD42 million of prior planned loan notes were replaced by an additional cash consideration at completion. Wood owned 51% of EthosEnergy with Siemens Energy AG and says it contributed USD34 million of adjusted earnings before interest, tax, depreciation and amortisation in 2023.

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19 Dec 2024 10:18

John Wood wins OMV Petrom contract for sustainable aviation fuel

(Alliance News) - John Wood Group PLC on Thursday said it has won a "significant" contract with OMV Petrom for a sustainable aviation fuel production project in Europe.

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19 Dec 2024 08:05

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19 Dec 2024 07:02

Wood Group wins contract to work on eco fuel refinery in Romania

(Sharecast News) - John Wood Group on Thursday said it had won a contract by OMV Petrom for a major project to boost production of sustainable fuel in Southeast Europe.

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(Alliance News) - EnergyPathways PLC on Monday said it has agreed a strategic engineering partnership with Wood Group UK Ltd, a subsidiary of FTSE 250-listed John Wood Group PLC.

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5 Dec 2024 09:03

IN BRIEF: John Wood Group shares rise as signs three contracts with BP

John Wood Group PLC - Aberdeen, Scotland-based oilfield and engineering services provider - Signs three "major agreements" with oil major BP PLC for engineering and project delivery services. Does not give any financial details of the contracts but says they consist of one new three-year deal and three-year extensions of two others. They cover a new master services agreement for engineering, procurement and construction management services and the extension of contracts for conceptual engineering and front end engineering and design services.

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5 Dec 2024 07:25

Wood Group secures three engineering, project delivery agreements with BP

(Sharecast News) - Wood Group said on Thursday that it has secured three "major" agreements with BP to provide engineering and project delivery services for their capital projects worldwide.

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