Wood Group profits held back by turbines arm

Energy services giant Wood Group today reported flat first-half earnings as a rise in revenues was offset by weakness at its turbines division.

The Aberdeen-based firm posted an underlying operating profit of $243.9 million (£145.9m) for the six months to 30 June, compared with $243.2 a year ago.

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Total revenues grew 10.3 per cent to $3.8 billion, but chief executive Bob Keiller said a “strong” performance at its PSN Production Services division – helped by the booming US shale market – was offset by a lower contribution from upstream engineering and “weaker-than-expected” activity at its turbines arm.

Keiller added: “Overall, the outlook for the group for the year remains unchanged from the position outlined at our December 2013 trading update; we continue to anticipate full-year Ebita to be in line with expectations and up on 2013, led by growth in PSN Production Services.”