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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: 148.40
Bid: 150.00
Ask: 150.10
Change: -2.90 (-1.92%)
Spread: 0.10 (0.067%)
Open: 152.40
High: 154.00
Low: 148.40
Prev. Close: 148.40
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UPDATE 1-Wood Group earnings rise as oil & gas firms spend more

Tue, 05th Mar 2013 07:40

* FY EBITA $461 mln stg vs $342 mln yr ago

* Sees growth in all divisions in 2013

* Oman 2012 loss $20 mln, at top end of guidance

LONDON, March 5 (Reuters) - British energy services companyJohn Wood Group posted a 35 percent jump in profits onTuesday thanks to an increase in spending from oil and gascompanies, which it said is set to continue this year.

Wood Group, which designs, builds and maintains oil and gasfacilities and pipelines, said earnings before interest, tax andamortisation (EBITA) for continuing operations was $461.1million in 2012, in line with expectations.

"We anticipate good progress in all divisions in 2013," saidthe company's chief executive Bob Keiller in a statement.

The group's engineering division is expected to deliverEBITA growth of around 15 percent in 2013, it said, thanks toprospects in a number of key regions including the Gulf ofMexico, the Middle East, Norway and Asia Pacific.

Last week, peer Petrofac posted a 17 percent rise innet profit to $632 million, narrowly missing forecasts.

John Wood said it expects improvement on a difficult Omanproject, where delays have ratcheted up losses and weighed onits shares. It confirmed that losses in Oman were $20 million in2012, at the top end of a previous guidance range.

The company hiked its full-year dividend 26 percent to 17cents.

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