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Wood Group swings to loss; scraps dividend
StockMarketWire.com
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Oil-sector services company Wood Group swung to a full-year loss and scrapped its dividend after the pandemic pressured crude prices, drying up the contract pool as producers cut costs.
Pre-tax losses for the year through December amounted to £228 million, compared to a year-on-year profit of £73 million.
Revenue slumped 24% to £7.56 billion, while operating profit before exceptional items sank 48% to £214 million.
Wood said its order book at 31 December was down around 17% reflecting 'macro conditions and discerning bidder approach', though it had noticed improving contract award momentum late in the fourth quarter.
The company said it would continue to focus on improving margins in 2021 through better project execution and cost cutting.
'Our resilient financial performance in 2020 was underpinned by our strategic positioning across broad end markets and flexible business model,' chief executive Robin Watson said.
'We saw growth in renewables activity, strength in the built environment and relatively robust revenue in process & chemicals and we continued to win work, against the challenging backdrop of Covid-19 and oil price volatility.'
Story provided by StockMarketWire.com
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