Wood Group holds guidance as Q1 revenues grow

Oil and gas engineer Wood Group, currently in talks on a potential $1.6bn takeover by private equity group Apollo, held annual guidance as first quarter revenues increased.

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The company on Thursday said revenue rose to around $1.45bn, reflecting good momentum across all business units. Group adjusted core earnings was in line with expectations.

Its order book at March 31 was around $5.7bn, slightly lower than at December 2022 and reflecting the phasing of large multi-year awards in operations, Wood said.

“The order book for delivery in 2023 has continued to build and is up significantly on the position a year ago,” it added.

“While we remain mindful of the uncertain economic outlook, our expectations for 2023 remain unchanged."

Reporting by Frank Prenesti for Sharecast.com