Gilmartin says Wood showing ‘clear progress’
Energy services company Wood Group is showing good growth across all its operations with the order book rising and stronger cash generation.
It also plans to sell its 51% controlling stake in Aberdeen-based equipment provider Ethos Energy which was set up in 2014 in conjunction with Germany’s Siemens. It has 4,000 staff globally.
In a trading update, Wood said its full-year adjusted core earnings would be slightly ahead of expectations and is forecast to come in at $420m to $425m, up 9%
Revenue rose 9% to $6bn and the order book was up 4% to $6.1bn, supporting growth expectations for 2024.
Ken Gilmartin, CEO, said: “We are now one year into our strategic growth journey and our results continue to show clear progress.
“We have delivered strong revenue and EBITDA growth, improved our underlying cash generation, grown our order book, and continue to see an acceleration in the proportion of sustainable solutions within our pipeline.
“We are confident that our actions, business model and strategy are delivering and look forward to giving a further update in March.”
Shares closed 4.40p (2.89%) higher at 158.6p.