Wood Group (John) PLC (LSE:WG.) has unveiled solid results in what might be one of its last updates as a listed business.
Private equity group Apollo has made a 237p cash approach for the oil, gas and mining facilities contractor but has yet to decide whether it will make a firm offer.
The US group has until 19 April to make up its mind after a further extension but with the shares at 199p, down 2% today, investors seem unsure it will make that commitment.
Wood, meanwhile, has been retrenching and refocusing on six areas, with the scars in these results a US$542mln impairment charge that had already been flagged.
Ignoring that, underlying profits - adjusted EBITDA - were flat in 2022 at US$385mln, while revenues rose by 4% to US$5.4bn, which Wood said were both at the upper of its forecasts.
In the statement, Ken Gilmartin, Wood Group chief executive, said, he was “pleased” with the results, adding that 2023 had started with “good momentum” though it will be second-half weighted.
“Our order book for delivery in 2023 is up 10%, headcount is up 8% and financial guidance for 2023 is in line with our medium-term financial targets of adjusted EBITDA growth at mid to high single-digit CAGR [ annual revenue growth]," he added.