The Wood group (John) Board has recommended a final dividend of 23.9 cents per share, which makes a total distribution for the year of 35.3 cents, representing an increase of 1% on the total distribution for 2018. Dividend cover is 1.3 times (2018: 1.3x) and they expect to build dividend cover over the medium term.
Other financial highlights include:
•Revenue of $9.9bn reflects generally robust activity across energy and built environment markets
•Adjusted EBITDA of $855m and operating profit before exceptionals of $411m in line with guidance and expectations
•Growth in like for like adjusted EBITDA3 of 5%; led by ASEAAA and E&IS and the delivery of cost synergies of c$60m
•Profit for the period of $73m benefitting from significant reduction in exceptional items (net of tax) from $183m to $127m. Exceptional costs include a $46m provision in respect of certain regulatory investigation settlements
•Adjusted diluted earnings per share (AEPS) of 46.0c down 1.3%
•Strong cash conversion of 96% reduced net debt excluding leases to $1.42bn (2018: $1.51bn). (Net debt excluding leases : adjusted EBITDA pre IFRS 16 of 2.0x6)
•Disposal of nuclear and industrial services businesses completed in Q1 2020 generated proceeds of c$430m delivering target leverage of 1.5x on a proforma basis
