UK's Wood Group posts higher first-half profit on improved pricing
Aug 20 (Reuters) -British oilfield services and engineering firm Wood Group WG.L posted an 8.5% jump in its first-half adjusted core earnings on Tuesday aided by improved pricing, while maintaining its earnings forecast for the current year and 2025.
WHY IT'S IMPORTANT
Facing pressure from an activist investor to either sell or rethink its UK listing to maximize shareholder returns, Wood Group had undertaken initiatives such as improving costs and pricing, and sharpened focus on its sustainable business related to decarbonisation and net-zero strategies.
CONTEXT
The results come days after Dubai-based Sidara walked away from an offer for Wood Group, citing rising geopolitical risks and uncertainty in the financial market.
BY THE NUMBERS
Wood Group posted an adjusted core earnings for the six months to June 30 of $219 million, compared with $202 million a year ago.
It reiterated its expectations of high single-digit growth in adjusted core earnings for this year, while sticking to its forecast of adjusted core profit growth in 2025 to be above its medium-term targets.
Analysts on average forecasted adjusted core earnings for 2024 to be about $463 million and $540 million in the year after, according to a company compiled consensus.
KEY QUOTES
"As we look ahead, we remain confident that our strategy, actions we are taking and growth potential across our markets will deliver significant value for our shareholders," CEO Ken Gilmartin said in a statement.
Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich
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