In the money: Langlands breaks £1m pay barrier

WOOD Group chief executive Allister Langlands, above left, saw his pay packet rise by 17 per cent last year to break through the £1 million mark.

Langlands took home £495,000 in basic salary and a further £271,000 in a cash bonus, according to the firm’s annual report, which was published yesterday.

A further £271,000 bonus will be paid in two years under the company’s deferment scheme.

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Chairman Sir Ian Wood, above right, saw his total pay package rose to £555,000 from £474,000 during a year in which profits climbed by 56.2 per cent to $342m (£216m) following strong demand for services from oil explorers and from the growing shale gas industry in North America.

The directors will receive the payouts on top of their dividend income, with the company proposing a final dividend of 9.6 cents (6.1p) against last year’s 7.6 cents, making a total of 13.5 cents (8.6p).

Wood Group almost rejoined the FTSE 100 index in March’s quarterly reshuffle.