Wood confident of meeting profit forecasts

Oil and gas services firm Wood Group today said it is on track to deliver “good growth” during the first half of the year, and its annual profits should meet market expectations.

The Aberdeen-based group, which employs 43,000 people in 50 countries, said activity in the North Sea remain “remains strong”, with its PSN subsidiary having won a string of contract extensions in recent months.

Its engineering division is on course to achieve growth in underlying pre-tax profits of about 15 per cent, while its GTS gas turbine maintenance business has seen an upturn in activity after a sluggish first quarter.

The company said: “Looking further ahead, our strong balance sheet, market fundamentals, leading positions, and balance of opex and capex related activities position the group well for longer-term growth.”