John Wood Group says earnings growth of 15pc on track for year

Suzie Neuwirth
ENERGY services firm John Wood Group yesterday announced that it is on track to deliver “good growth” in the first half of the year and remains confident of achieving its full-year target of 15 per cent growth in earnings.

Turbines division Wood Group GTS recovered from a sluggish first quarter, said the statement.

The engineering and PSN operations, which provide services to energy projects, both also performed well.

“Looking further ahead, our strong balance sheet, market fundamentals, leading positions, and balance of opex and capex related activities position the group well for longer term growth,” the company said.

The group’s shares are up by about seven per cent this year, outperforming a struggling sector shaken by profit warnings from industry leaders Saipem and Ake.

John Wood Group’s shares closed 3.14 per cent higher at 805.5p.