Wood Group Continues To Expect FY EBITDA Broadly In Line With Market; Stock Up
(RTTNews) - Shares of Wood Group (John) PLC (WDGJF.PK, WG.L) were gaining around 5 percent in the morning trading in London after the energy services company on Thursday confirmed that the full year outlook for 2019 EBITDA remains broadly in line with consensus. This is despite the impact on activity of a slowing macro environment.
The results were benefiting from proactive cost reduction measures including accelerated synergy delivery from the formation of TCS.
The agreed sale of nuclear business is progressing as expected towards completion which is anticipated in the first quarter, 2020.
Asset Solutions EAAA has continued to perform strongly particularly in Operations Solutions Middle East, Caspian and Asia Pacific and Capital Projects.
Asset Solutions Americas is benefiting from increased downstream & chemicals activity.
Wood Group is hosting a Capital Markets Presentation for analysts and investors today.
Robin Watson, Chief Executive, said, "We are looking forward to sharing our strategic plans to create a higher margin project management, operations and consulting business. We are confident Wood is well positioned to unlock growth opportunities from the emerging trends in our energy and built environment markets."
In London, Wood Group shares were trading at 372.86 pence, up 5 percent.