Wood Group announce 2022 trading update
John Wood Group PLC (‘Wood’ or ‘the Group’) announces a trading update for the year ended 31 December 2022 (‘FY22’), including the headline draft financial results.
Highlights
Delivering financial returns
Results for FY22 in line with guidance for revenue, adjusted EBITDA and net debt
Strong underlying revenue growth in 2022, led by Operations and Consulting with a return to growth in H2 in Projects
Transformed the Group
Financial strength restored following the sale of Built Environment business in September 2022
Legacy issues addressed including Enterprise litigation settled in November 2022
Business de-risked with minimal lump sum turnkey (LSTK) work remaining
Well-positioned for market growth
Order book of c.$6 billion including strong growth in Projects
Around 22% of Group revenue from sustainable solutions1
FY22 financial highlights
Revenue around $5.4 billion: underlying revenue growth at constant currency of around 8%. Reported revenue up 3%, including an adverse impact of around $275 million from foreign exchange rate movements. Growth in Consulting and Operations was offset by the expected full year decline in Projects
Adjusted EBITDA around $375 million to $385 million: in line with guidance and includes an adverse impact of around $15 million from foreign exchange rate movements
Adjusted EBITDA margin around 7.1% compared to 7.7% last year. This includes the impact of the previously guided lower margin in Operations, and a lower margin in Consulting that partly reflects the impact from exiting work in Russia
Net debt (excl. leases) at 31 December 2022 around $350 million to $400 million2,3 – within our guided range
Order book at 31 December 2022 of around $6 billion with the order book for delivery in 2023 up by around mid to high single digit percentage on the position a year ago
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