Wood Group’s results in line
SHARES in John Wood Group soared over six per cent yesterday, after the oil and gas services company reported full-year results in-line with expectations.
The FTSE 250-quoted firm posted a 16 per cent rise in core earnings to $533m (£320m) and a three per cent rise in revenue to $7.06bn.
The firm, which announced two profit warnings last year, expects strong demand for services in US shale to boost growth in 2014, but forecasts a weaker performance for its engineering business, as oil companies cut back on spending and cancel projects.