Financial summary
* Total Revenue of $7,064.2m (2012: $6,828.1m) up 3%
* Total EBITA1 of $533.0m (2012: $459.1m) up 16%
* Profit before tax of $412.8m (2012: $361.4m) up 14%
* Adjusted diluted EPS of 98.6 cents (2012: 85.2 cents) up 16%
* Total dividend of 22.0 cents per share (2012: 17.0 cents) up 29%
Group highlights
* Another year of good growth in 2013; performance in line with expectations
* $276m invested in strategic acquisitions, including Elkhorn in US shale market
* Enhanced differentiation in gas turbine activities through joint venture with Siemens
Bob Keiller, CEO commented: "2013 represents another year of good growth for Wood Group. In my first full year as CEO, the leadership team and I have considered the Group's strategy which remains sound and positions us well for the longer term. We are predominantly an upstream oil and gas services business and our intention is to broaden and deepen the services we can offer in this sector. We have reviewed all parts of the Group from three perspectives: risk profile, current and future financial performance and strategic fit with the Group overall, and this has resulted in a number of actions including the acquisition of Elkhorn and the joint venture with Siemens. Looking to 2014, our mix of opex and capex activities and the contribution of completed acquisitions is expected to lead to growth overall."
Dividend
The Group continues to adopt a progressive dividend policy taking into account its capital requirements, cash flows and earnings. Since IPO in 2002, the Group has increased the dividend by an equivalent of 20% per annum compound. In line with our policy, the Board is recommending a final dividend of 14.9 cents per share, an increase of 32%, which when added to the interim dividend of 7.1 cents per share makes a total distribution for the year of 22.0 cents per share (2012: 17.0 cents), an increase of 29%. The dividend of 22.0 cents is covered 4.5 times (2012 : 5.0 times) by adjusted earnings per share for the 2013 financial year. Reflecting confidence in future growth, the Board currently expects the dividend increase in 2014 to be around 25%, and our intent would be to increase the US dollar value of dividend per share paid from 2015 onwards by a double digit percentage.
