News Column

Wood Group's results in line

February 19, 2014


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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