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John Wood Group PLC on Thursday said results for 2022 were in line with guidance.
John Wood is an energy sector-focused engineering and consulting business based in Aberdeen, Scotland.
The company expects 2022 revenue of around $5.4 billion, 16% lower than $6.4 billion in 2021.
For adjusted EBITDA, it expects between $375 million and $385 million, at least 31% lower than $554 million in 2021. It noted ‘strong underlying revenue growth in 2022’ driven by the Operations and Consulting divisions. It said the Projects division returned to growth in the second half.
John Wood expects 2023 revenue to be in line with medium-term financial targets which are ‘adjusted EBITDA growth at mid to high single digit compound annual growth rate, with momentum building as our strategy delivers.’
The company will release its 2022 results on March 28.
John Wood shares rose 3.7% to 151.45 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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