4th Oct 2013 07:00
WOOD GROUP (JOHN) PLC - Interim Management StatementWOOD GROUP (JOHN) PLC - Interim Management Statement
PR Newswire
London, October 3
4 October 2013 Interim Management Statement John Wood Group PLC ("Wood Group" or "the Group") issues the followingInterim Management Statement. A full year trading update will be released on 12 December 2013. The Group continues to deliver good growth and is confident of achieving 2013performance in line with expectations. Our outlook for 2014 remains unchangedfrom that outlined in our recent interim results announcement. Wood Group Engineering is performing well and is expected to deliver EBITAgrowth of c.10 - 15% in 2013. In Upstream, our Mafumeira Sul and Ichthysprojects are making a good contribution and remain on schedule to besubstantially completed around the year end, and we continue to be activeon a range of other projects. As expected, our business in Western Canadahas remained subdued. In Subsea & Pipelines, we are seeing good activityacross our principal hubs and are benefitting from US shale related onshorepipeline work. Downstream, process & industrial is on track to deliver animproved performance over 2012. In Wood Group PSN, growth is being led by our US onshore shale related business,where we now have over 1,900 people. Activity levels in the North Sea remainrobust, following a significant number of contract renewals during the period.Internationally, we have begun to mobilise our brownfield engineering andprocurement contract with ExxonMobil in Papua New Guinea. In Oman, we continueto expect an improvement in underlying financial performance for the full year. In Wood Group GTS, we continue to expect that 2013 EBITA will be slightlyahead of 2012. Maintenance performance is benefitting from cost reductioninitiatives, particularly in our power plant services business. In PowerSolutions, the NRG and Pasadena projects are now complete and the Dorad contractis on track to complete around the year end. We anticipate improved operating cash flow in the second half, and our strongbalance sheet provides a good platform for growth. Overall, the Group is confident of achieving full year performance in linewith expectations. - ends - Notes to editors: Wood Group is an international energy services company employing around 43,000people worldwide and operating in over 50 countries. The Group has threebusinesses - Wood Group Engineering, Wood Group PSN and Wood Group GTS - providinga range of engineering, production support, maintenance management and industrialgas turbine overhaul and repair services to the oil & gas, and power generationindustries worldwide. www.woodgroup.com Enquiries: Wood GroupNick Gilman - Group Head of Investor Relations and Corporate CommunicationsAndrew Rose - Investor Relations ManagerCarolyn Smith - Director of Corporate Communications, Eastern Hemisphere01224 851000 BrunswickPatrick HandleyRosheeka Field020 7404 5959
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