Profits rise by 14% as Wood Group spreads its risk

 

Bob Keiller, Chief Executive, Wood Group
Bob Keiller, Chief Executive, Wood Group

Latest annual profits at John Wood Group rose 14% before tax to $412 million in the year ending 31 December 2013.

Revenue at the Scots-based group rose by 3% to just over £7 billion over the same period.

Dividends of 22 cents per share have leapt forward by 29% compared to the previous year.

Going forward, Bob Keiller, Chief Executive, said today that the predominantly upstream oil and gas services company will spread the risk of putting so many eggs into the one economic basket.

He explained: “We have reviewed all parts of the group from three perspectives – risk profile, current and future financial performance and strategic fit with the Group overall – and this has resulted in a number of actions, including the acquisition of Elkhorn and the joint venture with Siemens.

“Looking to 2014, our mix of activities and the contribution of completed acquisitions is expected to lead to growth overall.”

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