Wood Group (John) PLC
19 December 2005
John Wood Group PLC: 2005 Trading Update
John Wood Group PLC ('Wood Group'), the international energy services company,
issues the following pre-close period trading update for the year ended 31
December 2005. The preliminary announcement of the results for the year will be
on 6 March 2006.
Wood Group is pleased to confirm good progress in 2005 in a healthy global oil &
gas market. The Board anticipates that Group financial performance will be in
line with expectations, with growth in all three divisions.
In Engineering & Production Facilities, the demand for Engineering is strong
across upstream, midstream and downstream and our international development is
continuing with a range of contract wins in Africa, Asia Pacific, and South
America. In Production Facilities, the North Sea has been particularly active
and we are continuing to invest in broadening our international reach, including
developing our regional presence in South America, the FSU, Africa, the Middle
East and Asia Pacific.
Well Support continues to perform strongly, with increased activity levels in
all three businesses. We are continuing to focus on international growth and on
developing our supply chain, including the extension of our Pressure Control
manufacturing capabilities, to meet growth in demand for our products and
services. An example of our international success is the $120m ESP contract
extension for PanAmerican in Argentina announced today.
In Gas Turbine Services, our oil and gas operations continue to make progress,
and the US power market is more stable. In Heavy Industrial Turbines, we are
expanding our range of re-engineered parts and winning more long term service
agreements including contracts with Sacramento Municipality Utility District
Financing Authority and Alliant Energy Corp.
Sir Ian Wood, Chairman and Chief Executive, said, 'I am pleased to confirm our
confidence in achieving strong growth in 2005. Looking into 2006, our position
in key markets and active investment programme should ensure we deliver
continuing good growth.'
Wood Group is an international energy services company with $2.3bn sales,
employing more than 14,000 people worldwide and operating in 36 countries. The
Group has three businesses-Engineering & Production Facilities, Well Support,
and Gas Turbine Services-providing a range of engineering, production support,
maintenance management and industrial gas turbine overhaul and repair services
to the oil & gas, and power generation industries worldwide.
For further information contact:
Wood Group 01224 851000
Alan Semple Finance Director
Nick Gilman Investor Relations Manager
Carolyn Smith Corporate Communications Manager
This information is provided by RNS
The company news service from the London Stock Exchange
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