News Column

Wood Group's results in line

February 19, 2014

SUZIE NEUWIRTH



SHARES in John Wood Group soared over six per cent yesterday, after the oil and gas services company reported full-year results in-line with expectations.


The FTSE 250-quoted firm posted a 16 per cent rise in core earnings to $533m (320m) and a three per cent rise in revenue to $7.06bn.


The firm, which announced two profit warnings last year, expects strong demand for services in US shale to boost growth in 2014, but forecasts a weaker performance for its engineering business, as oil companies cut back on spending and cancel projects.


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Source: City A.M. (UK)


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