Wood Group on track

Oilfield services company Wood Group believes its 2009 performance will be in line with expectations and said it remains confident in the medium and longer term fundamentals for the business.However, the group warned that activity and margins at its development related engineering activities will continue to be impacted amid delays both in the pace at which projects are being progressed and in further awards. Volumes in subsea and pipelines have remained robust, the group added.'Our financial position remains strong and we anticipate good operating cash flow for the year,' said the group.'We remain confident in the medium and longer term fundamentals for our business, and believe that our market leading services and products will enable us to resume good growth as energy markets recover.'