Wood Group (John) PLC (LSE:WG.) told investors it expects full-year revenue and earnings (adjusted EBITDA) to be in line with expectations, thanks to a stronger second half.
The group also raised a ‘for sale’ sign on its Wood’s Built Environment business unit following a strategic review.
The engineer said its order book at the end of December was up significantly year-on-year which supports the company’s expectations for a rise in activity this year.
"2021 saw improving momentum across our businesses, against a backdrop of continued challenging market conditions,” said chief executive Robin Watson. “Together with significant growth in our order book, this enables us to start 2022 confident that activity levels are improving.”
“While our leverage is higher than we would like, we anticipate that this will reduce significantly with proceeds from the proposed sale of our Built Environment business and higher activity levels.”
Watson added: “The board has concluded that a sale of our Built Environment business is the best option to deliver value for our shareholders.
“It will also strengthen the group as we look to capitalise on the significant opportunities ahead of us, including in energy transition and industrial decarbonisation."