Wood Group shares tumble after trading update

Shares in energy industry engineering and consulting business Wood Group slumped on Tuesday as it held full-year guidance and said trading in the first 10 months of the year was in line with expectations, although revenue and profits would be lower than 2021.

The company said it expects revenue to be between $5.2bn-$5.5bn and adjusted core earnings to be broadly around the middle of its guidance range of $370m-$400m, both down on 2021.

Both had been impacted by recent exchange rate movements, which hit revenue by $200m and earnings by $10m.

Reporting by Frank Prenesti for Sharecast.com