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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: 180.00
Bid: 181.60
Ask: 182.50
Change: 0.00 (0.00%)
Spread: 0.90 (0.496%)
Open: 180.00
High: 183.20
Low: 179.10
Prev. Close: 180.00
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Wood Group drops after mixed update - UPDATE

Thu, 13th Dec 2012 07:39

Energy services giant Wood Group has said that it expects to deliver good growth this year, with overall conditions in energy markets remaining 'favourable'.However, shares were down by 4.36% at 735p in afternoon trade on Tuesday after the company reported mixed conditions in its Engineering and GTS divisions."Overall, performance for 2012 is anticipated to be in line with expectations," Wood Group said."We anticipate further good growth in 2013 and remain confident in the longer term prospects for the group's market leading services in oil & gas and gas fired power generation markets."The company expects its Engineering division to report over 30% growth in 2012 earnings before interest, tax and amortisation (EBITA).In upstream, while the group is making progress in its projects in Australia and Angola and remains active in projects in the Gulf of Mexico, it did admit that it expects "some reduction in activity" in the Canadian oil sands market in 2013.In subsea and pipelines, the company said that it continues to see good activity levels in onshore pipelines in North America. However, in downstream, Wood Group said that the market outlook remains "subdued", though it has seen some improvement in the second half.Elsewhere, Wood Group PSN, which provides brownfield services to the oil and gas industry, has been boosted by a strong performance in the North Sea and in North America. Meanwhile, turbo-machinery division Wood Group GTS has benefitted from the contribution from its oil and gas related activities. However, it also revealed that it has recognised reduced margins on its contract with GWF.Credit Suisse cuts forecastsCredit Suisse said that it has cut its Wood Group forecasts for 2013 and expects consensus forecasts to come down also, largely on softer GTS profits. "In GTS, large lump-sum contracts (GWF, as flagged earlier in the year) are less profitable than hoped, and we have brought our earnings down modestly, offset by anticipated good demand from higher run-time on US turbines," the broker said.Credit Suisse maintained its 'neutral' rating and 925p target price for the stock, "largely as we believe this high-quality name is fairly priced at current levels".
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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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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.

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Wood Group, Harbour Energy partner for UK North Sea operations

Wood signs contract with Harbour energy

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

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