Wood Group (John) PLC
06 July 2005
John Wood Group PLC ('Wood Group')
Pre-close period trading update for the six months to 30th June, 2005
Wood Group has made good progress in the first half of the year in a strong
global oil and gas market. The six month results will be released on 13th
September, 2005.
In Engineering & Production Facilities, Engineering has had a good first half
with a healthy mix of deep and shallow water upstream awards and stronger
activity in our downstream business; new contract awards include Valhall in
Norway, East Area Gas in Nigeria, Gorgon in Australia and Telemark in the Gulf
of Mexico. In Production Facilities, the North Sea market is strong and we have
continued our very active business development drive into new regions around the
world.
All three Well Support businesses have seen good growth in the first half
benefiting from strong US and international markets. ESP continues to expand in
Russia and their new Chad contract has started up successfully. Wood Group
Pressure Control has picked up further contracts in Mexico, is making good
progress in the Middle East and is continuing to develop its Chinese
manufacturing capabilities.
In Gas Turbines, the US power market remains difficult but more stable. Our
recovery programme is on course and we are increasing our differentiation
through the sale of re-engineered parts and growing the number of longer term
contracts, including our first maintenance contract for advanced technology
turbines.
Overall, we are confident of a return to acceptable growth in 2005 and now
expect to be somewhat ahead of expectations.
Our six month results will be prepared under International Financial Reporting
Standards (IFRS) and we are providing a brief update today (see separate
announcement) on the main areas of impact.
For enquiries please contact
Wood Group +44 (0) 1224 851000
Alan Semple Finance Director
Nick Gilman Investor Relations
Carolyn Smith Corporate Communications
Brunswick
Patrick Handley/ Nina Coad + 44 (0) 20 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
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