John Wood Group Plc (LSE:WG.) chief executive Ken Gilmartin told investors its growth strategy continues to deliver, boasting earnings growth and its order book.
In a statement, it said earnings (adjusted EBITDA) reached approximately $210 million, reflecting a 4% increase despite a 6% decline in revenue to around $2.8 billion.
The engineering and support services company noted a significant improvement in its adjusted EBITDA margin, which rose to 7.4% from 6.8% the previous year – it said this was driven by better pricing and cost control.
Wood’s order book increased by 2% to approximately $6.1 billion, highlighting sustained demand for sustainable solutions.
It said that it continued to expect ‘high single-digit growth in adjusted EBITDA’ for the full year, and, highlighted that its performance will be weighted to its second half.
A simplification programme has achieved $25 million in annualized savings to date, contributing to its efficiency goals.
“Crucially, we are now seeing the improving quality of our business coming through with margin expansion as we focus on engineering services and consulting and move away from EPC work,” Gilmartin said in a statement.
"As we look ahead, we remain focused on delivering our potential, including generating significant free cash flow next year.
“We are winning exciting and complex work across our businesses whilst progressing both our Simplification and disposal programmes. We are pleased to reconfirm our outlooks for both this year and 2025."