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Member News12th Jan 2024

Wood Group sees payback from first year of new strategy

Engineering, procurement and construction firm Wood expects business to grow further in 2024, following “clear progress” in 2023.

In a January 12 trading update, CEO Ken Gilmartin said: “We are now one year into our strategic growth journey and our results continue to show clear progress. We have delivered strong revenue and EBITDA growth, improved our underlying cash generation, grown our order book, and continue to see an acceleration in the proportion of sustainable solutions within our pipeline.”

Operating cash flow was around $210mn, most of which was in the second half of the year. This was a “significant improvement” from $66mn in 2022.

Its full-year revenue for 2023 was around $6bn, up 9% with good growth across all business units, including significant contract wins across energy and materials. Over 40% of its bidding pipeline now comes from sustainable solutions. It has started the sales process for its stake in the EthosEnergy, its gas turbine services joint venture.

(Image: courtesy Wood)