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John Wood Group PLC on Thursday said it was trading in line with expectations in the first quarter of 2023, but added that it was mindful of the uncertain economic backdrop moving forward. The consulting and engineering company said its adjusted earnings before interest, tax, depreciation and amortization were in line with expectations in the first quarter of 2023, against a weak backdrop. It noted that revenue in the quarter increased to $1.45 billion, reflecting ‘good momentum’ across all its business units and higher pass-through revenue. The Aberdeen-based firm noted its order book at March 31 was around $5.7 billion. This was slightly lower than at then end of December, reflecting the phasing of large multi-year awards in its Operations segment. John Wood said its expectations for the full-year remain unchanged, with weighting still expected towards the second half of 2023. It added that it remains ‘mindful’ of the uncertain economic outlook, however. Shares in John Wood were up 0.1% at 221.60 pence on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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