John Wood trading in line

BRITISH energy services firm John Wood Group yesterday said yesterday it was trading in line for the full year.

The FTSE 100-listed group, which builds oil rigs and pipelines, said yesterday growth in 2012 would be strong, with high oil and gas prices helping to boost business.

John Wood said its engineering and GTS maintenance divisions had performed ahead of expectations.

“Overall, performance for 2011 is anticipated to be in line with expectations,” the company said in its trading update. “We anticipate good growth in all divisions in 2012.”

The company said it had not been hit by the volatility in global markets.

“We are not witnessing any material change in customer behaviour as a consequence of volatility in financial markets.”

The company said its results for the full year ending 31 December will include a net exceptional gain of over $2bn related to sale of its well support division.

In April John Wood Group completed the $2.8bn sale of the division to US conglomerate General Electric.