Wood Group hit by sliding revenue as it wrestles with ongoing pandemic impacts
Wood Group’s revenue has slipped over the past year, as its wrestled with the ongoing impacts of the pandemic, as well as geopolitical and inflationary headwinds.
The industrials group, which specialises in engineering and consulting, had its revenue slide 15.4 per cent to $6.4bn, down from $7.5bn in 2020.
Though the Aberdeen-headquartered group swung from an operating profit loss of $33m last year, to pull some $32m in the year to 31 December.
The group’s order book is also up nearly 20 per cent year-on-year to $7.7bn.
It comes as CEO Robin Watson steps down after seven years at the helm, with the intention to retire, which means the group will have to scout for a new chief.
Watson, who will exit in September, said: “When I think back to the business I joined, it was largely focused on the North Sea and Gulf of Mexico and was almost entirely an upstream oilfield services business.
“I reflect with pride on the business we have now and the opportunities we continue to unlock in some very exciting and relevant energy markets: carbon capture, hydrogen, bio-refining, minerals processing, solar and wind energy.”