Energy services company Wood Group reported a strong performance in the first half of the year with revenues increasing to $5.38bn, up 13% on the same period in 2017.
The company attributed the growth to the global recovery in oil and gas markets and good contracts in broader sectors.
It said performance was at the upper end of its guidance range, “reflecting continued momentum in trading and delivery of cost and revenue synergies”.
Wood, however, posted a $52m loss for the period – which, it said, “was impacted by cash exceptional costs of $33m”.
Wood Group chief executive Robin Watson said: “Integration is ahead of schedule and we are increasing our three-year cost synergy target from at least $170m to at least $210m.
“Wood is delivering strong operational cashflows which underpin our deleveraging plan. We have good revenue visibility and remain confident of delivering a stronger second half.”
Image: Wood Group
Wood revenues grow 13%
By EBS