The engineering and consulting firm Wood Group issued a full year trading update this morning and with management quick to state that they were disappointed with the financial performance, it’s perhaps no surprise that the stock has come under pressure in early trade. There were some bright spots however with a significant improvement in the order book over the final quarter but the weaker trading backdrop means the company now anticipates posting negative free cash flow this year – a situation that should improve in ’26. Shortly after the open and the Wood Group share price was down by 24%.
Sticking with the FTSE-250 and financial services business XPS Pensions Group released a trading update this morning. This notes that the company has continued to perform strongly and full year revenues are now expected to be between £226m and £229m, equating to year-on-year growth of around 15%. Full year results are due mid-June and the XPS Pensions Group share price is up 12% around half an hour into the day.
The latest high street bank to report full year numbers was NatWest who issued their update this morning. It certainly had some highlights including full year dividend payments rising 26% and a separate note pointing out that the government’s stake is now below 7%. Impairment losses are also 40% lower year on year, but having recorded RoTE of 17.5%. expectations are that this metric will be under pressure in the near term. Invetsors have taken the glass half empty view here and the NatWest share price is down around 2% in early trade.
Most read news on Investegate this morning
NatWest Group plc 2024 Annual Results - - NATWEST GROUP (NWG)
FY24 Trading Update - - Wood Group (John) (WG.)
Significant New Contract Award and Trading Update - - Pinewood Technologies Group (PINE)
