Proactiveinvestors United Kingdom John Wood Group PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom John Wood Group PLC RSS feed en Mon, 17 Jun 2019 07:57:16 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905300945PR_NEWS_UKDISCLO_0083/ Thu, 30 May 2019 14:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905300945PR_NEWS_UKDISCLO_0083/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905290959PR_NEWS_UKDISCLO_0086/ Wed, 29 May 2019 14:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905290959PR_NEWS_UKDISCLO_0086/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905210959PR_NEWS_UKDISCLO_0089/ Tue, 21 May 2019 14:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905210959PR_NEWS_UKDISCLO_0089/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905170959PR_NEWS_UKDISCLO_0089/ Fri, 17 May 2019 14:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905170959PR_NEWS_UKDISCLO_0089/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905091045PR_NEWS_UKDISCLO_0085/ Thu, 09 May 2019 15:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905091045PR_NEWS_UKDISCLO_0085/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905091043PR_NEWS_UKDISCLO_0084/ Thu, 09 May 2019 15:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905091043PR_NEWS_UKDISCLO_0084/ <![CDATA[News - Wood Group says profits will be even more weighted to second half ]]> https://www.proactiveinvestors.co.uk/companies/news/219961/wood-group-says-profits-will-be-even-more-weighted-to-second-half-219961.html John Wood Group PLC (LON:WG.) pushed out two other announcements as it warned that trading was only “slightly ahead” of last year and that the full year result would be more than usually reliant on an improvement in the second half of the year.

The FTSE 100 energy services company, which historically has seen trading and cost cutting weighted towards the latter half of the year, said 2019 would see a further impact from phasing of projects towards the second half that it expected to result in around 60% of EBITDA being weighted to the second half of the year.

Management's overall outlook for 2019 was unchanged, with revenue expected to grow around 5% above US$1.03bn last year and to extract around US$60m of cost synergies to keep adjusted earnings in line with analyst forecasts, which are for adjusted EBITDA of US$932m and operating profit of US$489mln. As part of a target to strengthen the balance sheet, deleveraging is expected to continue in 2019, with cash conversion expected to remain strong at 80-85% and the dividend improved on a progressive basis.

READ: Wood sinks as Jefferies downgrades stock on increasing dividend risk

Ahead of its annual shareholder meeting, Wood also trumpeted a US$1bn extension to its nuclear decommissioning contract with Sellafield and said it was promoting senior independent director Roy Franklin to chairman of the board.

The Aberdeen-headquartered group said the better first-quarter performance was led by “relative strength” of the Asset Solutions Europe, Africa, Asia and Australia (ASEAAA) division, representing around 35% of group revenues, and from Environment & Infrastructure Solutions, which is less than half the size.

The ASEAAA arm was boosted by operational work in the Middle East and with growth in Asia Pacific expected to continue, while “moderate growth” is expected from the North Sea as the year progresses. Capital projects activity is expected to be broadly flat.

Asset Solutions in the Americas, representing another 35% of revenue, there was increased capital projects activity in downstream and chemicals, “good activity” in US shale and “improving visibility” on early stage offshore engineering projects. Solar and wind project awards were said to be offsetting the completion of coal combustion residual treatment projects and will contribute to increased activity in the second half.

Among the smaller divisions, Environment & Infrastructure Solutions, representing 15% of turnover, the first quarter benefitted from government and industrial spending increases in the US and Canada, which management expect to continue supporting activity, while earnings are benefitting from a prior decision not to pursue certain higher risk, fixed price contracts.

READ: Wood Group losses narrow as annual revenues rise strongly

Over in the Specialist Technical Solutions business, another 15% of group sales, there has been growth in subsea and technology & consulting, with a tailing off of activity from the Gruyere Gold minerals processing contract and Tengizchevroil automation project but earnings are expected to benefit from margin improvement initiatives.

Specialist Technical was also the beneficiary of the new US$1bn contract, where Wood has been selected to help with the decommissioning of the UK’s Sellafield nuclear power site, where it has worked on many projects before.

Sellafield Ltd, a wholly-owned subsidiary of the Nuclear Decommissioning Authority, has selected Wood to carry out front-end design and engineering services for various elements of the whole project, as well as site wide-project delivery improvements. 

Wood also said that following current chairman Ian Marchant’s announced retirement, Franklin will take up the reins from September. Franklin had been a director of Amec Foster Wheeler, which Wood acquired in late 2017, since January 2016, following a four-decade career in the energy industry, including 18 years at BP.

Shares in the company were down almost 2% to 438.7p after an hour’s trading on Thursday, close to their lowest level since late 2010.

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Thu, 09 May 2019 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219961/wood-group-says-profits-will-be-even-more-weighted-to-second-half-219961.html
<![CDATA[RNS press release - Wood wins $1bn nuclear engineering design contract ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190509070011_14067458/ Thu, 09 May 2019 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190509070011_14067458/ <![CDATA[RNS press release - Annual General Meeting Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190509070003_14067354/ Thu, 09 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190509070003_14067354/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Chair Succession ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905090200PR_NEWS_UKDISCLO_0011/ Thu, 09 May 2019 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905090200PR_NEWS_UKDISCLO_0011/ <![CDATA[RNS press release - Wood closes sale of Terra Nova Technologies ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190503070001_14061699/ Fri, 03 May 2019 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190503070001_14061699/ <![CDATA[News - Wood Group scraps plan to raise share incentives for CEO and CFO after shareholder pressure ]]> https://www.proactiveinvestors.co.uk/companies/news/219592/wood-group-scraps-plan-to-raise-share-incentives-for-ceo-and-cfo-after-shareholder-pressure-219592.html John Wood Group PLC (LON:WG) has bowed to shareholder pressure by cancelling higher share-based long term incentive payments (LTIP) for its top executives.

The energy services company said it would no longer increase LTIP awards for chief executive Robin Watson and chief financial officer David Kemp for the 2019-2021 period.

The group had raised Watson’s LTIP award to 250% of his annual base salary and Kemp’s to 200% as it was “concerned about longer term retention for senior management”.

READ: John Wood Group agrees to sell non-core business for US$38mln

Following criticism from shareholders, the board and executive directors mutually agreed to cancel the higher share-based payouts.The awards will be issued at the previous level of 200% for Watson and 175% for Kemp.

“The retention issue for our executive directors and senior management remains,” the firm said.  

“We stand by our principles to ensure we incentivise and motivate them in the long- term to deliver the business strategy. 

“We look forward to engaging with shareholders on alternative incentive vehicles as part of the remuneration policy review for 2020.”

In afternoon trading, shares were down 1.7% to 460p.

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Thu, 02 May 2019 15:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219592/wood-group-scraps-plan-to-raise-share-incentives-for-ceo-and-cfo-after-shareholder-pressure-219592.html
<![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Update on Executive Director remuneration ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905020858PR_NEWS_UKDISCLO_0089/ Thu, 02 May 2019 13:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201905020858PR_NEWS_UKDISCLO_0089/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Dividend Declaration - sterling rate ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904290959PR_NEWS_UKDISCLO_0091/ Mon, 29 Apr 2019 14:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904290959PR_NEWS_UKDISCLO_0091/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904251000PR_NEWS_UKDISCLO_0086/ Thu, 25 Apr 2019 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904251000PR_NEWS_UKDISCLO_0086/ <![CDATA[RNS press release - Wood awarded new contract by Evonik ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190425070002_14050927/ Thu, 25 Apr 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190425070002_14050927/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904230600PR_NEWS_UKDISCLO_0037/ Tue, 23 Apr 2019 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904230600PR_NEWS_UKDISCLO_0037/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904181000PR_NEWS_UKDISCLO_0091/ Thu, 18 Apr 2019 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904181000PR_NEWS_UKDISCLO_0091/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904180645PR_NEWS_UKDISCLO_0045/ Thu, 18 Apr 2019 11:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904180645PR_NEWS_UKDISCLO_0045/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Notice of AGM 2019 and Publication of Annual Report 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904151000PR_NEWS_UKDISCLO_0085/ Mon, 15 Apr 2019 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904151000PR_NEWS_UKDISCLO_0085/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904031000PR_NEWS_UKDISCLO_0094/ Wed, 03 Apr 2019 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904031000PR_NEWS_UKDISCLO_0094/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904020630PR_NEWS_UKDISCLO_0058/ Tue, 02 Apr 2019 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904020630PR_NEWS_UKDISCLO_0058/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904010730PR_NEWS_UKDISCLO_0081/ Mon, 01 Apr 2019 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201904010730PR_NEWS_UKDISCLO_0081/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903281100PR_NEWS_UKDISCLO_0086/ Thu, 28 Mar 2019 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903281100PR_NEWS_UKDISCLO_0086/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903281059PR_NEWS_UKDISCLO_0085/ Thu, 28 Mar 2019 14:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903281059PR_NEWS_UKDISCLO_0085/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903261135PR_NEWS_UKDISCLO_0099/ Tue, 26 Mar 2019 15:35:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903261135PR_NEWS_UKDISCLO_0099/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903261100PR_NEWS_UKDISCLO_0094/ Tue, 26 Mar 2019 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903261100PR_NEWS_UKDISCLO_0094/ <![CDATA[News - John Wood sinks as Jefferies downgrades stock on increasing dividend risk ]]> https://www.proactiveinvestors.co.uk/companies/news/217116/john-wood-sinks-as-jefferies-downgrades-stock-on-increasing-dividend-risk-217116.html John Wood Group PLC (LON:WG.) shares were on the slide in late-morning on Monday after broker Jefferies downgraded the stock to ‘underperform’ from ‘hold’ on the back of an increased risk to its dividend.

In a note, Jefferies said the FTSE 250 oil field services firm’s net loss of US$7.6mln for 2018 was “exactly” in line with its estimates, however it cautioned that there was “little organic deleveraging” of the firm’s debt pile, which despite falling US$450mln across 2017 and 2018 had relied heavily on US$225mln generated from the sale of the upstream business of engineering consultancy Amec Foster Wheeler, which Wood acquired for US$2.2bn in October 2017.

READ: John Wood Group agrees to sell non-core business for US$38mln

This, analysts said, meant dividend risk was increasing as the need to deleverage the group’s remaining debts of US$1.54bn would put pressure on the payouts as it could no longer rely on such large disposals.

Jefferies also cut its target price for Wood to 480p from 550p, saying that while 2018 had seen strong revenue growth of 78% to US$11.03bn in the year, expectations of similar numbers going forward would be “challenged” without more bolt-on mergers and acquisitions (M&A), which in turn could be made more difficult due to the company’s need to cut its debt and maintain a progressive dividend policy.

Analysts also said their cash flow predictions could be pressured by one-off or exceptional items as well as lower growth as disposals and fewer M&As took their toll.

Shares were down 7.8% at 502.8p.

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Mon, 25 Mar 2019 11:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217116/john-wood-sinks-as-jefferies-downgrades-stock-on-increasing-dividend-risk-217116.html
<![CDATA[News - John Wood Group agrees to sell non-core business for US$38mln ]]> https://www.proactiveinvestors.co.uk/companies/news/217089/john-wood-group-agrees-to-sell-non-core-business-for-us38mln-217089.html John Wood Group PLC (LON:WG. told investors it has agreed to sell a non-core business unit, conveyor systems, in a deal worth US$38mln.

It is selling Terra Nova Technologies to Cementation Americas, which is owned by Murray & Roberts Holdings Ltd.

The transaction is expected to close in the second quarter, subject to ‘normal conditions’.

READ: Wood Group losses narrow as revenues rose in 2018

"Terra Nova Technologies has a strong track record in delivering material handling equipment to our customers,” said David Kemp, Wood Group chief financial officer.

“Wood's strategy going forward is to focus on asset light solutions rather than the manufacture/fabrication of equipment.

“The disposal makes a good contribution to our non-core asset disposal programme which is a key element of our deleveraging plan."

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Mon, 25 Mar 2019 07:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217089/john-wood-group-agrees-to-sell-non-core-business-for-us38mln-217089.html
<![CDATA[RNS press release - Disposal of non-core conveyor systems business ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190325070011_14013391/ Mon, 25 Mar 2019 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190325070011_14013391/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903221100PR_NEWS_UKDISCLO_0083/ Fri, 22 Mar 2019 15:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903221100PR_NEWS_UKDISCLO_0083/ <![CDATA[News - Wood Group losses narrow as revenues rose strongly in 2018 ]]> https://www.proactiveinvestors.co.uk/companies/news/216726/wood-group-losses-narrow-as-revenues-rose-strongly-in-2018-216726.html Sector resurgence and the positive impact of the Amec Foster Wheeler acquisition supported a 78% rise in revenue at John Wood Group PLC (LON:WG) in 2018.

The oil services engineer brought in some US$1.03bn during the 12 months ended 31 December, up from US$6.16bn in the year before. Adjusted underlying earnings (EBITDA) amounted to US$630mln for the year, up 69% from US$372mln in 2017, while operating profit was marked at US$357mln versus US$212mln in the preceding period.

READ: Wood Group sells off another US$28mln of JV interests

The FTSE 250-listed company reported a narrower net loss of US$7.6mln from US$30mln a year earlier, and it accounted for US$183mln of exceptional costs – including business integration and restructuring costs, impairment against the EthosEnergy partnership with Siemens, and pensions.

"Wood delivered good organic growth in 2018,” said chief executive Robin Watson. “We completed the integration of AFW at pace, increased cost synergy targets by 24% and unlocked new opportunities across our broader range of capabilities and sectors to secure revenue synergies of over US$600mln.

“We have delivered strong operational cash flow which has supported both a reduction in net debt of US$450mln since completion of the acquisition of AFW, and the payment of US$231mln in dividends in 2018.”

Net debt reduced by 5.8% to US$1.54bn, from US$1.64bn. The group is paying a final dividend of 23.7 US cents per share, giving a 2% increase in total dividends for the year at 35 US cents.

Positive outlook for 2019

Looking to the current financial year, the company said it was “well positioned” for the growth trends emerging across its markets.

It highlighted that its present order book stands at US$10.3bn, representing around 60% of what is forecast for the whole year, in line with expectations.

Wood Group noted that revenue growth of around 5% will give organic earnings growth, which along with US$60mln of cost synergies, is expected to grow earnings (adjusted EBITDA) in line with market expectations. The company said it is confident in its ability to generate strong free cash flow.

Shares drop, UBS rating 'under review'

In a note to clients, analysts at UBS said: “On first look, we expect consensus for FY19 to remain broadly unchanged.”

But, they added: “We think there was some market expectation that the company would push back the deleveraging target.”

The analysts noted that Wood Group has outperformed the oil services sector by 8% over the past month. UBS has its ‘neutral’ rating at 670p price target for Wood Group ‘under review’.

In afternoon trading, the firm’s shares were 9.9% lower at 539.60p. Wood Group was demoted back to the FTSE 250 index from the FTSE 100 index at the start of this week.

 -- Adds analyst comment, share price --

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Tue, 19 Mar 2019 07:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216726/wood-group-losses-narrow-as-revenues-rose-strongly-in-2018-216726.html
<![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903190301PR_NEWS_UKDISCLO_0008/ Tue, 19 Mar 2019 07:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903190301PR_NEWS_UKDISCLO_0008/ <![CDATA[RNS press release - Full year results for the year ended 31 Dec 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190319070016_14006624/ Tue, 19 Mar 2019 07:00:16 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190319070016_14006624/ <![CDATA[RNS press release - Wood awarded construction contract from Siemens ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190314070003_14001492/ Thu, 14 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190314070003_14001492/ <![CDATA[RNS press release - Wood to construct biofuel facility in Oregon ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190312070004_13998082/ Tue, 12 Mar 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190312070004_13998082/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903011016PR_NEWS_UKDISCLO_0122/ Fri, 01 Mar 2019 15:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903011016PR_NEWS_UKDISCLO_0122/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903011015PR_NEWS_UKDISCLO_0121/ Fri, 01 Mar 2019 15:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201903011015PR_NEWS_UKDISCLO_0121/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201902220959PR_NEWS_UKDISCLO_0084/ Fri, 22 Feb 2019 14:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201902220959PR_NEWS_UKDISCLO_0084/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201902151222PR_NEWS_UKDISCLO_0079/ Fri, 15 Feb 2019 17:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201902151222PR_NEWS_UKDISCLO_0079/ <![CDATA[News - Wood Group sells off another US$28mln of joint venture interests ]]> https://www.proactiveinvestors.co.uk/companies/news/213399/wood-group-sells-off-another-us28mln-of-joint-venture-interests-213399.html FTSE 100 oil and gas services provider John Wood Group PLC (LON:WG.) has sold off another US$28mln of non-core assets.

The company has agreed to dispose of its 25% interest in UK roadways group RMS A13 Holdings, as well as its 52% stake in a Chinese manufacturing facility and 41.65% share in two gas power plants in Italy.

The disposals will bring in US$28mln, of which US$9mln has already been received. The rest is expected before the end of June.

READ: Wood Group lands US$66mln contract

Wood’s earnings share from the four joint ventures was forecast to be US$8mln this year, although RMS A13 carried with it “significant capital commitments” and an ongoing interest cost of around US$5mln.

Wood’s latest disposals follow hot on the heels of the US$26mln sale of its Italian wind farm joint venture. That deal was struck back in August and officially completed last month.

“Together, these transactions generate cash proceeds of around US$54mln and make a good contribution to our non-core asset disposal programme which is a key element of our deleveraging plan,” said chief executive David Kemp.

“Our asset disposal programme is ongoing and remains on track to generate over US$200mln of proceeds.”

Wood Group shares dipped 2.7% to 519.8p in early deals on Monday.

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Mon, 28 Jan 2019 08:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213399/wood-group-sells-off-another-us28mln-of-joint-venture-interests-213399.html
<![CDATA[RNS press release - Disposal of Interests in Non-Core Assets ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190128070004_13947910/ Mon, 28 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20190128070004_13947910/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201901250959PR_NEWS_UKDISCLO_0085/ Fri, 25 Jan 2019 14:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201901250959PR_NEWS_UKDISCLO_0085/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201812211211PR_NEWS_UKDISCLO_0106/ Fri, 21 Dec 2018 17:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201812211211PR_NEWS_UKDISCLO_0106/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201812211210PR_NEWS_UKDISCLO_0105/ Fri, 21 Dec 2018 17:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201812211210PR_NEWS_UKDISCLO_0105/ <![CDATA[RNS press release - WOOD GROUP (JOHN) PLC - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201812210959PR_NEWS_UKDISCLO_0086/ Fri, 21 Dec 2018 14:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/PRNRNS_201812210959PR_NEWS_UKDISCLO_0086/ <![CDATA[News - John Wood Group lands US$66mln contract for services to Sellafield nuclear site ]]> https://www.proactiveinvestors.co.uk/companies/news/211382/john-wood-group-lands-us66mln-contract-for-services-to-sellafield-nuclear-site-211382.html John Wood Group PLC (LON:WG.) has landed a US$66mln contract to supply programmable digital control technologies to the Sellafield nuclear site in Cumbria, UK.

The oil and gas services provider said it would assist Sellafield and its wider supply chain in delivering safe, sustainable and cost-effective solutions to the site.

The 10-year contract covers system design, manufacture and assembly of equipment, obsolescence management and maintenance support to project work and decommissioning carried out by Sellafield Ltd.

READ: Wood Group shares drop on oil price caution

“We are looking forward to working with Sellafield Ltd and demonstrating the strength and depth of controls integration expertise across the whole of Wood, bringing together our nuclear expertise with our automation and controls capability,” said Bob MacDonald, chief executive of Wood Specialist Technical Solutions.

"Securing this important framework is proof of the rationale for acquiring Amec Foster Wheeler 12 months ago and a good revenue synergy. We could not have won this contract as separate businesses.”

Wood Group completed the £2.2bn takeover of Amec Foster Wheeler in October last year. 

The contract announcement will come as welcome news for investors after the company warned earlier this month that recent volatility in commodity prices may impact confidence and the pace of contract awards. 

Nevertheless, Wood Group said it anticipated further earnings growth through 2019, thanks in part to US$60mln of cost synergies.

However, in early morning trading, Wood Group shares were still 2.8% lower at 519.20p.

 -- Adds share price --

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Tue, 18 Dec 2018 07:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211382/john-wood-group-lands-us66mln-contract-for-services-to-sellafield-nuclear-site-211382.html
<![CDATA[RNS press release - Wood wins $66m Sellafield control system framework ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20181218070004_13907014/ Tue, 18 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20181218070004_13907014/ <![CDATA[News - Wood Group shares drop on oil price caution ]]> https://www.proactiveinvestors.co.uk/companies/news/211045/wood-group-shares-drop-on-oil-price-caution-211045.html Wood Group PLC (LON:WG.) shares dropped in Wednesday’s early deals after it cautioned that recent volatility in commodity prices may impact confidence and the pace of contract awards.

It was a shot across the bows for investors which would otherwise have found comfort in a trading update that boasted “good organic growth” in the current financial period.

Wood shares were down 59p or 9.19%, changing hands at 585p each.

The company told investors that its positive trading momentum had continued, and, highlighted a stronger second half - reflecting its typical bias towards the latter part of the year - boosted by cost synergies, projects and a wider market recovery.

It said that full-year revenue is expected to be in the region of US$10.9bn to US$11.1bn, up more than 10% from the prior year, and, full-year earnings (EBITDA) is anticipated at U$620mln to US$630mln.

READ: Wood Group wins US$43mln Texas pipeline construction contract

The expected financial performance is in line with previous guidance, from August as well as market expectations.

The oil and gas services provider noted that is making progress with its deleveraging plan, meanwhile, it described the outlook as generally favourable in its end markets – but, cautioned that recent volatility in commodity prices may impact confidence and the pace of contract awards.

Nevertheless, the company said it anticipated further earnings growth through 2019, thanks in part to US$60mln of cost synergies.

"Wood returned to growth in 2018 and performance is in line with guidance and expectations. In 2018 good momentum in trading has driven revenue growth of over 10%; we secured revenue synergies of over $500m and increased our cost synergy targets to over US$210mln,” said Robin Watson, Wood chief executive.

“Integration is complete and our unique platform is generating strong operational cash flows which are supporting good progress on our deleveraging plan."  

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Wed, 12 Dec 2018 09:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211045/wood-group-shares-drop-on-oil-price-caution-211045.html
<![CDATA[RNS press release - Wood awarded a major EPC contract on US Gulf Coast ]]> https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20181212070003_13900098/ Wed, 12 Dec 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3133/LSE20181212070003_13900098/