Arab Today, arab today john wood reports 16 rise in fullyear
Last Updated : GMT 21:34:45
Arab Today, arab today
Arab Today, arab today

John Wood reports 16% rise in full-year

Arab Today, arab today

Arab Today, arab today John Wood reports 16% rise in full-year

London - Arabstoday

British oil industry services group John Wood reported a better than expected 16 per cent rise in full-year profits, helped by a strong performance at its core engineering unit where it expects to see further growth this year. The company, which designs, builds and maintains oil and gas facilities and pipelines, said increased exploration and production (E&P) activity drove sales at its engineering unit, and it expects further growth at the divison. “We are forecasting strong growth in Engineering driven by increased E&P capex spend and have good visibility in our Wood Group GTS Power Solutions business into 2012,” the company said in a statement. Last year’s earnings before interest, tax and amortisation (EBITA) were up 15.6 per cent at $398.7 million, ahead of a consensus market forecast of $364 million according to a company-supplied survey of analysts’ estimates. The Engineering division’s EBITA rose 33 per cent, the company said, accounting for nearly half of group earnings. “During 2011, we saw E&P spend growing at around 10 per cent on a global basis,” Chief Executive Allister Langlands told a conference call. “We see an increase in the range of 5-10 per cent in 2012. It could well be that spending ultimately grows towards the top of that range.” Analysts at Collins Stewart said the Engineering order book was healthy at 8 months, and added that the unit would likely see likely to see 10 per cent plus growth. Profits last year were held back, however, by a poor performance at the company’s PSN oil industry production services business. Wood Group had warned in December that the business - which it boiught last year for close to $1 billion - would be below expectations due to loss-making contracts and a slower than expected start to a contract in Oman. “Losses in Oman will continue to impact in 2012, although we anticipate that this will be at a reduced level compared to 2011,” Wood Group said on Tuesday. Investec Securities analyst Keith Morris said PSN was “the disappointment in 2011,” holding back underlying progress. Shares in the company, tipped to join Britain’s blue-chip FTSE index later this month, were down nearly 4 per cent at 733 pence by 1030 GMT.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today john wood reports 16 rise in fullyear Arab Today, arab today john wood reports 16 rise in fullyear

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today john wood reports 16 rise in fullyear Arab Today, arab today john wood reports 16 rise in fullyear

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today UAE to open its first nuclear reactor in 2018

GMT 19:11 2017 Tuesday ,26 September

UAE to open its first nuclear reactor in 2018
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday