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Wood Group revenues swell on oil recovery

Wood Group workers are involved in all aspects of offshore operations and maintenance
Wood Group workers are involved in all aspects of offshore operations and maintenance

Wood Group shares rose strongly yesterday despite recording a $52 million loss for the first six months of the year.

Revenues in the energy services giant grew 13% to $5.4 billion in the year to June 30.

Profits before exceptional items were $125m however the firm was impacted by a non cash amortisation charge of $125m and exceptional costs of $101m related to the EthosEnergy turbine services venture.

Chief executive Robin Watson said he expected its £2.2 billion takeover of Amec Foster Wheeler last autumn to deliver more cost savings than initially anticipated.

“Performance in the first half is at the upper end of our guidance range, reflecting continued momentum in trading and delivery of cost and revenue synergies,” he said.

“Integration is ahead of schedule and we are increasing our three year cost synergy target from at least $170m to at least $210m.

“Wood is delivering strong operational cashflows which underpin our deleveraging plan.”

The company’s order book stood at $10.6 billion and Mr Watson said he was confident of delivering a strong second half to the year.

“Our full year outlook is unchanged,” he continued.

“We are seeing recovery in our core oil and gas market and good contract awards in broader industrial sectors.

“We remain on track to deliver growth in 2018 in line with previous guidance and market expectations.”

Net debt stood at $1.6 billion and the firm said it remained confident of achieving $200m of asset disposals.

Wood’s shares rose by XXXp to close at XXXXp.