Wood Group Sees Higher Profits

Aberdeen-based Wood Group has recorded a profit rise led by performance in Wood Group PSN Production Services.

Wood Group PSN’s Production Services activities delivered strong growth, with revenue up 16.0% and EBITA up 30.4%. This increase is primarily attributable to performance in the Americas, led by higher margin US shale related activity, including the benefit of Elkhorn acquired in December 2013, and growth in the North Sea business.

The Group delivered EBITA of $549.6 million, up 3.1% from $533 million in 2013. Total Revenue of $7,616.4 million, up 7.8% on 2013 ($7,064.2 million).

The company has seen profit from continuing operations on an equity accounting basis before tax and exceptional items (but after tax on JV profits) up 10.9% at $414.5 million, compared with $373.7 million in 2013.

Wood Group achieved profit for the year 2014 of $336.3 million, versus $300.5 million or the same period in 2013. Adjusted diluted earnings per share (EPS) for the year was 99.6 cents per share (2013: 98.6 cents).

Ian Marchant, Chairman, commented: “The Group performed well in 2014, delivering in line with expectations against a backdrop of a steep decline in oil price towards the end of the year. We will continue to help customers increase productivity in their new projects and existing operations. In line with our focus on customer efficiency, we are also implementing internal cost and efficiency measures to ensure we remain competitive. We will remain a reimbursable, asset light business with a balance of opex and capex activities, a broad range of longer term contracts and significant customer and geographic diversification. As we look to 2015, we expect financial performance to demonstrate the quality of our people and the relative resilience of our business in a challenging market, and we will see the full year benefit from completed acquisitions.”

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