First of its kind: Energy giant Wood secures £430m green transition loan August 19, 2021 London-listed energy and engineering giant Wood has secured a £430m government-backed green transition loan – the first of its kind in the fight against climate change. Firms operating in the UK’s “industrial heartlands”, like Aberdeen-headquartered Wood, will be backed by the government in its bid for net zero emissions by 2050, the government said in [...]
Wood Group forecasts revenue slump as Covid derails operations June 24, 2021 Engineer Wood Group this morning forecast a 21 per cent drop in half year revenue as the company received smaller contracts during the pandemic. Revenue hit $3.2bn in the six months ended 30 June, with improved momentum in the second quarter as lockdown restrictions eased. The company said it expects net debt to increase to [...]
Wood Group axes final dividend as oil service firm swings to loss March 16, 2021 Engineers Wood Group this morning said it would not pay a final dividend after falling to a £228m loss in 2020. The FTSE 250 firm, which provides services for the oil industry, was battered by the collapse in oil prices last spring. As a result, it swung from a profit of £73m in 2019 to [...]
Wood Group profits to fall by a fifth amid ‘unparalleled challenges’ for market June 19, 2020 Wood Group has predicted that first half profits will tumble by nearly one-fifth, amid the “unique and unparalleled challenges” presented by the coronavirus pandemic. The engineering giant said that the slump in oil prices led to delays in order intake. It added that first half revenues would be down about 11 per cent on the [...]
Wood Group shares climb on expectation of higher annual earnings January 16, 2020 Shares in John Wood Group have risen after the oilfield services provider said it expects higher core earnings for 2019, with a strong performance from its engineering services unit offsetting slowing onshore drilling demand in the US. In an update to the stock exchange on Thursday, the firm said it expects adjusted earnings before interest, [...]
Wood Group boosts first-half profit as it looks to cut debt pile June 26, 2019 Energy services firm Wood Group has reported profit growth in the first half of the year, thanks to an improvement in its margins. The FTSE 250 firm said revenue for the six months to the end of June was in line with the previous year. Read more: Wood Group wins $1bn nuclear contract at Sellafield [...]
Burford Capital: AIM’s biggest firm still growing fast March 21, 2019 | City Talk By Graeme Evans from interactive investor. This AIM star is already big enough to make the FTSE 100, but City analysts argue it is worth even more. The extraordinary story of Burford Capital (LSE:BUR) continued in earnest today as the AIM market's biggest stock delivered another record year of significant profits growth. With shares up [...]
Light at the end of the North Sea oil pipeline: Oil firms have all taken a hit by the decline in global crude prices. But has it hit rock bottom? August 19, 2015 The affect of fraught conditions in oil markets on North Sea companies was revealed yesterday as John Wood Group and Cairn Energy announced their half-year results. Wood Group revealed it has axed around 5,000 jobs in response to the decline in crude oil prices, with 1,000 of them coming from North Sea operations. The company’s [...]
Wood Group to slash thousands of jobs amid oil price plunge August 16, 2015 Top oil contractor Wood Group has been forced to slash thousands of jobs as tumbling commodity prices continue to ravage key North Sea producers. The FTSE 250-listed firm cut more than 4,000 jobs in six months, with at least 1,000 in Britain, its half-year results are expected to show tomorrow. Earlier this year, Wood Group [...]
Wood Group is ahead of target on savings plan as it warns on finances June 25, 2015 Oil and gas services company Wood Group said yesterday that its financial performance in the first half of 2015 will be down on the same period in 2014, as a result of the “challenging” conditions in the market. The firm said in a trading update that it is making savings “significantly in excess of [...]