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John Wood Group PLC on Thursday reported ‘good trading’ in the first half of the year as revenue rose around 15% annually to $2.9 billion. The Aberdeen, Scotland-based engineering and consulting business said it expects its annual performance to be in line with its medium-term targets, which expects adjusted earnings before interest, tax, depreciation and amortisation growth at a mid-to-high single-digit compound annual growth rate. For 2022, adjusted Ebitda was $385 million. Adjusted Ebitda is expected to be about $195 million for the half-year, up about 6% year-on-year. ‘We are making good progress in delivering on the growth strategy we outlined last November. Trading shows continued good growth and margins in line with our expectations,’ said Chief Executive Officer Ken Gilmartin. The firm noted an order book of about $6 billion at June 30, up 3% on a constant currency basis. Net debt amounted to $650 million at June 30, compared to $393 million at December 31. In March, John Wood reported revenue of $5.43 billion for 2022, increasing 4.3% from $5.21 billion in 2021. Pretax loss was $694.5 million, widening from a loss of $172.0 million a year ago. Shares were down 1.4% at 136.28 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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