Wood Group (John) PLC Capital Markets Presentation and Trading Update (5598S)
November 07 2019 - 1:01AM
UK Regulatory
TIDMWG.
RNS Number : 5598S
Wood Group (John) PLC
07 November 2019
7(th) November 2019
John Wood Group plc
Capital Markets Presentation and Trading Update
John Wood Group PLC ("Wood") is hosting a Capital Markets
Presentation for analysts and investors today. The presentation
will provide an insight into Wood's strategic objectives over the
medium term, looking at the macro trends and key growth drivers in
the markets that will shape the business.
Robin Watson, Chief Executive, will present on Wood's strategy
and positioning, including the formation of Technical Consulting
Solutions ("TCS") which brings together the capabilities of
Specialist Technical Solutions ("STS") and Environment and
Infrastructure Solutions ("E&IS"). David Kemp, Group CFO, will
provide an overview of Wood's financial strategy for value creation
in the medium term.
Wood today also confirms that the full year outlook for 2019
EBITDA remains broadly in line with consensus, despite the impact
on activity of a slowing macro environment. Financial performance
is benefitting from proactive cost reduction measures including
accelerated synergy delivery from the formation of TCS. In line
with trading, our expectations on cashflow are broadly unchanged.
The agreed sale of our nuclear business for c$305m is progressing
as expected towards completion which is anticipated in Q1 2020 and
will accelerate progress to target leverage.
Asset Solutions EAAA ("AS EAAA") has continued to perform
strongly particularly in Operations Solutions Middle East, Caspian
and Asia Pacific and Capital Projects, albeit with reduced low
margin procurement activity.
Asset Solutions Americas ("ASA") is benefitting from increased
downstream & chemicals activity although shale activity has
slowed. Project challenges in Process and Energy are being partly
offset by the benefit of successful close out on certain
contracts.
Activity and margins in E&IS remain relatively robust. In
STS, activity and margins are lower than anticipated principally
due to lower volumes in Automation.
Commenting on the Capital Markets Presentation, Robin Watson,
Chief Executive, said: "We are looking forward to sharing our
strategic plans to create a higher margin project management,
operations and consulting business. We are confident Wood is well
positioned to unlock growth opportunities from the emerging trends
in our energy and built environment markets."
-Ends-
Note to Editors:
Wood is a global leader in the delivery of project management,
engineering, consulting and technical services to energy and built
environment customers. We operate in more than 60 countries,
employing around 60,000 people, with revenues of around $10
billion. www.woodplc.com
Wood
Andrew Rose - Group Head of Investor
Relations 01224 532 716
Ellie Dixon - Investor Relations
Senior Manager 01224 851 369
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Chris Barrie
The Capital Markets Day will commence at 8.30am and a live
webcast of the presentation will be available from
https://www.woodplc.com/investors/financial-events-calendar. Replay
facilities will be available later in the day.
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END
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