Wood Group says ‘good growth’ continues

Aberdeen-based Wood Group is confident of good growth this year

Aberdeen-based Wood Group is confident of good growth this year

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Energy services giant Wood Group today said it was confident of delivering “good growth” for the current year, with operating cash flows expected to improve during the second half.

The Aberdeen-based firm, which in August posted an 18.6 per cent rise in first-half profits, said its engineering division remained on track to deliver earnings growth of between 10 and 15 per cent for the full year, boosted by onshore pipeline work for the US shale industry.

While Wood said shale-related activity was leading the growth as its PSN division, activity levels in the North Sea “remain robust”.

At its GTS turbine maintenance arm, earnings this year are predicted to be “slightly ahead” of 2012.

Overall, the group – which employs around 43,000 people around the world – said its full-year results should be in line with expectations, adding: “We anticipate improved operating cash flow in the second half, and our strong balance sheet provides a good platform for growth.”

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