Strong order book boosts Wood Group earnings

Oil industry services company Wood Group said full-year adjusted core earnings would be slightly ahead of expectations on the back of a strong order book.

Adjusted earnings before interest, taxes, depreciation, and amortisation for 2023 was now forecast to come in at $420m to $425m, up 9%.

Revenue rose 9% to $6bn with good growth across all business units, Wood said in a trading update on Friday. The order book was up 4% to $6.1bn, supporting growth expectations for 2024.

Reporting by Frank Prenesti for Sharecast.com