Tuesday 23 August 2011

Wood Group shareholders set for $1.1bn

Wood Group shareholders can expect $1.1billion cash back after the engineering firm, which supports the oil, gas and power generation industry, posted good half year results for 2011 today. "Volatile" global markets failed to dent the engineers' stride, as the total revenue was up 17% on 2010 figures, hitting $2,828.8million.

Sir Ian Wood, Wood Group Chairman, and Allister Langlands, the Chief Executive said in a statement: "Market conditions have continued to improve during the period with global exploration & production spending forecast to increase in 2011 and 2012. Despite the recent volatility in financial and commodity markets, we continue to see good momentum across our business."

The first half of 2011 saw big change for the group, taking PSN under its wing in April to form Wood Group PSN, as well as selling its Well Support division.