Full year results for the year ended 31 December 2011
Successful strategic repositioning and strong growth
John Wood Group PLC ("Wood Group" or the "Group") is an international energy
services company employing more than 39,000 people worldwide and operating in
50 countries. The Group has three businesses - Engineering, Wood Group PSN and
Wood Group GTS - providing a range of engineering, production support,
maintenance management and industrial gas turbine overhaul and repair services
to the oil & gas, and power generation industries worldwide.
Financial Highlights
Total revenue1 of $6,052.3m (2010: $5,063.1) up 19.5%
Total EBITA1 of $398.7m (2010: $344.8m) up 15.6%
Revenue from continuing operations2 of $5,666.8m (2010: $4,085.1m) up 38.7%
EBITA from continuing operations2 of $341.6m (2010: $218.7m) up 56.2%
Profit from continuing operations before tax and exceptional items of $254.1m
(2010: $156.2m) up 62.7%
Adjusted diluted EPS3 of 60.2 cents (2010: 39.8 cents) up 51.3%
Total dividend of 13.5 cents (2010: 11.0 cents) up 22.7%
Strategic and Operating Highlights
Successful strategic repositioning
Acquisition of PSN, which performed ahead of expectations
Disposal of Well Support
Return of cash to shareholders of £1.1bn
Engineering
Strong revenue growth and margin improvement in 2011
Increased activity in upstream and subsea & pipelines
Downstream activity in line with 2010
Recent awards support expectation of further revenue growth and margin
improvement in 2012
Wood Group PSN
Strong activity levels in North Sea and North America
Integration programme largely complete and on track to deliver expected
synergies
Performance held back by previously announced losses on Wood Group Production
Facilities contracts in Oman and Colombia
2012 performance improvement from underlying growth and reduced contract losses
Wood Group GTS
Strong recovery in Maintenance, with EBITA up over 20%
Successful progression of Dorad and GWF projects
Pursuing a number of additional Power Solutions prospects
Further Maintenance growth and good visibility in Power Solutions into 2012
Sir Ian Wood, Chairman, and Allister Langlands, Chief Executive said:
"We anticipate good progress in all divisions in 2012. In our activities
supporting clients' development capex, we are forecasting strong growth in
Engineering driven by increased E&P capex spend and have good visibility in our
Wood Group GTS Power Solutions business into 2012. In our activities supporting
clients' production opex activities, we see performance improvement in Wood
Group PSN and further growth in Wood Group GTS Maintenance.
"Through our market leading positions in engineering, production facilities
support and gas turbine services, we are well positioned to take advantage of
strong growth trends in energy markets and we continue to anticipate good
growth in the longer term."
