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Wood Group posts flat revenue but confident performance will improve in second half

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The company currently employs around 6,500 in the UK, most of whom are in Aberdeen.
The company currently employs around 6,500 in the UK, most of whom are in Aberdeen.

Engineering firm Wood has posted flat revenue after a decline in its projects and operations arms.

In half year results for the six months ended 30 June 2022, the London-listed firm posted revenue of $2,561m, down 0.4 per cent on the $2,570m in the comparable period in 2021. 

Adjusted EBITDA fell 5.1 per cent to $185m from $195m, with a strong performance in its consulting branch offset by a decline in projects and operations.

However, the company reiterated previous guidance that it expects higher revenue across the business this year and an improved performance in the second half.

“We are developing an updated strategy for Wood that will draw on our core strengths, return us to growth and deliver sustainable free cash flow,” Ken Gilmartin, CEO, said.

“We perform complex work in critical industries and our outstanding technical expertise and strong long-term client relationships position us well for growth across targeted markets,” he added.

The company had the “consulting and engineering capabilities” to aid global efforts to solve “challenges of energy security, decarbonisation and energy transition.”