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Full year results for the year ended 31 December 2012Strong growth in 2012 led by Wood Group EngineeringJohn Wood Group PLC ("Wood Group" or the "Group") is an international energy services company employing around 43,000 people worldwide and operating in 50 countries. The Group has three businesses - Wood Group 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 SummaryRevenue from continuing operations of $6,821.3m (2011: $5,666.8m) up 20%EBITA from continuing operations1 of $461.1m (2011: $341.6m) up 35%Profit from continuing operations before tax and exceptional items of $362.7m(2011: $254.1m) up 43%Adjusted diluted EPS of 85.2 cents (2011: 60.2 cents) up 42%Total dividend of 17 cents per share (2011: 13.5 cents) up 26%Group HighlightsLeadership changes position Wood Group for the next phase of growth Increasing contribution from oil-producing US shale regions Overall market conditions expected to remain favourable Anticipate progress in all divisions in 2013Wood Group Engineering Second consecutive year of 30%+ EBITA growth Strength in upstream and subsea & pipelines Revenue growth and margin improvement anticipated in 2013Wood Group PSN Good performance in North Sea and strong growth in North America Progress in Oman; confident of a significant improvement in 2013 Well placed to deliver strong performance in 2013Wood Group GTS Increased revenues in Maintenance and EBITA up around 10%Power Solutions EBITA slightly up on 2011 Anticipate improvement in Maintenance in 2013Bob Keiller, CEO commented:"Our 2012 financial results represent another year of strong growth with EBITA up 35%, reflecting the focus and hard work of our people around the world. Wood Group is a great company and I believe we can be even better if we harness our collective strengths more effectively and operate in a more joined-up manner.We are set to make progress in all divisions in 2013, and I look forward to leading our further development in good long term growth markets"
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Results for the year ended 31 December 2012- Agreed disposal of Data Services businesses ("Delta")- Revenues from continuing operations rose 2.0% to £797.8m -organic revenue growth of 6.0%- Events organic revenue growth of 11.9% with operating profit up to £142.4m- Emerging Markets revenues up 18.1% to £204.7m with operating profit of £61.7m- Adjusted operating profit from continuing operations up 1.6% to£177.0m- Fully diluted adjusted EPS for continuing operations up 3.3% to 49.8p - including Delta: 59.1p- £60.6m invested in acquiring eight events businesses and the remaining Canada Newswire stake- Recommending final dividend of 20.0p (2011: 20.0p) to bring total dividend to 26.7p, up 1.5%David Levin, UBM's Chief Executive Officer, commented:"2012 has been another good year for UBM both operationally and strategically.We grew overall revenues and profits, with robust underlying revenue growth in our key Events and PR Newswire businesses. Events now account for three quarters of the Group's continuing operating profit. We have continued to focus on large tradeshows; in 2012, 100 annual events generated revenues of more than £1m - accounting for 85% of annual event revenues.""The sale of the Delta businesses is a significant strategic step which simplifies UBM's business, improves the quality of our earnings, enhances underlying growth rates and removes the challenge of transitioning the Delta businesses to the digital environment. We can now focus on further developing UBM as a fast-growing and increasingly profitable events-led marketing services and communications business."
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