Wood Group Reports Narrowed Loss for H1 2023, CFO to Retire

Wood Group, the London-listed consulting and engineering company, announced that it has experienced a reduction in its pretax loss for the first half of 2023. The company reported a pretax loss of $26.0 million, an improvement compared to the restated pretax loss of $30.5 million in the same period last year. However, this result fell short of analysts' expectations of a pretax loss of GBP23.2 million (according to a Visible Alpha-compiled consensus).

On the positive side, Wood Group's adjusted earnings before interest, taxes, depreciation and amortization increased to $202 million from a restated $186 million in the previous year. Meanwhile, the company's revenue saw substantial growth, rising by 16% to $2.99 billion, fueled by strong performance across all its business units.

For the future, Wood Group anticipates revenue to reach approximately $6 billion, with adjusted EBITDA aligning with the company's medium-term targets of compound mid-to-high single-digit percentage growth.

In other news, Chief Financial Officer David Kemp has announced his retirement. While Wood Group is currently conducting a search for his successor, Kemp will continue in his role until a replacement is appointed.

Corrections & Amplifications: This headline was corrected at 0609 GMT to reflect that John Wood Group is projecting 2023 revenue of $6 billion, not 1H revenue.