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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: 152.00
Bid: 151.80
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UPDATE 2-US shale presence helps John Wood Group's core profit

Tue, 19th Aug 2014 09:57

* Expects FY EBITA to rise from a year earlier

* H1 rev rises 10.3 pct at $3.80 bln

* Shares jump 6 pct (Adds analyst comment, updates share movement)

Aug 19 (Reuters) - John Wood Group Plc, a Britishenergy services company, is banking on its presence in the U.S.shale industry to drive growth, after its production servicesbusiness helped offset weakness in other divisions in the firsthalf of the year.

Shares in the company rose 6 percent, making the FTSE-250 component one of the top five percentage gainers on theindex on Tuesday morning.

The company expects full-year earnings before interest, taxand amortisation (EBITA) to increase from last year, led by itsproduction services division, Wood Group PSN, which accounts formore than 60 percent of total revenue.

"Wood Group's 1H 2014 (first half) results and the outlookfor 2014 reflect the importance of its exposure to U.S. shalewithin (mainly) the PSN business," Credit Suisse analysts saidin a note.

The company's primarily shale-related U.S. onshore projectshave brought in more than $500 million of revenue so far thisyear. Revenue from Wood Group PSN rose 22.4 percent to $2.34billion in the first half of the year.

Wood Group PSN works on modification, enhancement andabandonment of mature oilfields, while the company's engineeringsegment designs, builds and maintains oil and gas facilities andpipelines.

Wood Group said EBITA from production services rose 47percent, but fell 9 percent in its higher-margin engineeringservices segment, hurt by a slowdown in upstream projects insome regions.

Total EBITA rose marginally to $243.9 million for the sixmonths ended June 30 from $243.2 million a year earlier.

Total revenue rose 10.3 percent to $3.80 billion.

The company, which competes with Amec Plc, raisedits interim dividend by 25 percent to 8.9 cents.

Shares in the Aberdeen, Scotland-based company rose 4.6percent to 786 pence at 0953 GMT on the London Stock Exchange.They touched a high of 796.5 pence earlier in the session. (Reporting by Abhiram Nandakumar in Bangalore; Editing byGopakumar Warrier)

More News
1 Nov 2023 10:45

IN BRIEF: John Wood Group hires Rolls-Royce executive as new CFO

John Wood Group PLC - Aberdeen, Scotland-based engineering and consulting - Hires Arvind Balan as its new chief financial officer, starting April 15 next year. Balan has been CFO of the Civil Aerospace division of jet engine maker Rolls-Royce Holdings PLC for the past two years. Before that, he worked for oil major Shell PLC for 14 years in the UK, Singapore and China. At John Wood, Balan replaces David Kemp, whose retirement was announced back in August, having worked at John Wood for a decade. "Wood has always stood out for me as a company with unique potential," incoming CFO Balan says.

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1 Nov 2023 08:14

Wood Group appoints Arvind Balan as CFO

(Sharecast News) - John Wood Group said on Wednesday that it has appointed Arvind Balan as its chief financial officer and executive director with effect from 15 April 2024.

Read more
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5 Sep 2023 15:22

London close: Stocks fall on back of weak services data

(Sharecast News) - London's stock markets ended the trading day in negative territory on Tuesday, pressured by a decline in sterling against the dollar on the back of disappointing services sector data.

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4 Sep 2023 09:24

Wood Group, Harbour Energy partner for UK North Sea operations

Wood signs contract with Harbour energy

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4 Sep 2023 09:23

John Wood and Harbour Energy enter USD300 million North Sea deal

(Alliance News) - John Wood Group PLC on Monday said it has agreed a new strategic partnership with Harbour Energy PLC to provide engineering, maintenance and other operational services.

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LONDON BRIEFING: CMC names new CFO; takeover offer for Ergomed

(Alliance News) - Stocks in London are expected to open on a positive note on Monday, amid an improvement in global risk sentiment.

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4 Sep 2023 07:10

Wood Group signs $330m services deal with Harbour Energy

(Sharecast News) - Engineering company Wood Group said it had struck a $330m services agreement with North Sea oil and gas producer Harbour Energy.

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27 Aug 2023 10:27

Sunday share tips: Wood Group, Cake Box

(Sharecast News) - The recent failed takeover for Wood Group could present a buying opportunity for investors, suggests the Mail on Sunday's Midas column.

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24 Aug 2023 14:14

Director dealings: LSE, Wood Group non-execs make purchases

(Sharecast News) - London Stock Exchange was on the list of director buys on Thursday, after an independent non-executive director was linked to a purchase.

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22 Aug 2023 17:13

Cyclical stocks lift UK equities off six-week lows; Wood Group rises

Blue-chip FTSE 100 snaps seven-day losing streak

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22 Aug 2023 16:56

LONDON MARKET CLOSE: FTSE 100 snaps seven day losing streak

(Alliance News) - Stocks in London were higher at the close on Tuesday as markets celebrated better-than-expected public sector borrowing figures in the UK, and hoped that Chancellor Jeremy Hunt may have enough firepower in government coffers to enact some pre-election tax cuts.

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22 Aug 2023 13:09

UK's Wood Group raises profit forecast on contract wins; shares rise

CFO David Kemp to retire

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