Wood Group Announce Full year results for the year ended 31 December 2014

Wood Group Announce Full year results for the year ended 31 December 2014

Growth in 2014 led by performance in Wood Group PSN Production Services

Financial Summary

Performance in line with expectations and up on 2013 led by strong growth in Wood Group PSN Production Services
Total Revenue of $7,616.4m up 7.8% on 2013 ($7,064.2m) and Total EBITA of $549.6m up 3.1% on 2013 ($533.0m)
Revenue from continuing operations on an equity accounting basis up 14.3% at $6,574.1m (2014: $5,753.2m)
Profit from continuing operations on an equity accounting basis before tax and exceptional items (but after tax on JV profits) up 10.9% at $414.5m (2013: $373.7m)
Adjusted diluted EPS of 99.6 cents (2013: 98.6 cents)
Total dividend of 27.5 cents per share (2013: 22.0 cents) up 25%; intention remains to increase US dollar dividend per share from 2015 onwards by double digit percentage
Strong cash generation and robust balance sheet providing security and flexibility
$217.3m invested in strategic M&A
Internal SG&A cost reductions and deferrals of over $30m to be delivered
Anticipate performance in 2015 to demonstrate relative resilience in a challenging market

Ian Marchant, Chairman commented:

“The Group performed well in 2014, delivering in line with expectations against a backdrop of a steep decline in oil price towards the end of the year. We will continue to help customers increase productivity in their new projects and existing operations. In line with our focus on customer efficiency, we are also implementing internal cost and efficiency measures to ensure we remain competitive. We will remain a reimbursable, asset light business with a balance of opex and capex activities, a broad range of longer term contracts and significant customer and geographic diversification. As we look to 2015, we expect financial performance to demonstrate the quality of our people and the relative resilience of our business in a challenging market, and we will see the full year benefit from completed acquisitions.”

Full press release

Source: Wood Group

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