7th Nov 2019 10:07
(Alliance News) - John Wood Group PLC on Thursday said ongoing cost cutting measures are benefiting overall performance in a weak market.
The energy services firm, which is holding a capital markets day on Thursday, confirmed 2019 earnings before interest, taxes, depreciation, and amortisation performance is tracking market consensus despite a "slowing macro environment".
Aberdeen-based John Wood's Asset Solutions business is performing "strongly" in the Middle East, Caspian, and Asia Pacific regions. Asset Solutions Americas is benefiting from increased downstream and chemicals activity, though shale has slowed.
The consultancy business E&IS's activity and margins "remain relatively robust", John Wood said.
Chief Executive Robin Watson commented: "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."
Shares were up 6.7% on Thursday morning in London at 379.00 pence each.
By George Collard; [email protected]
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