Arab Today, arab today john wood reports 16 rise in fullyear
Last Updated : GMT 21:09:51
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

 



Arab Today, arab today

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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