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Wood Group Reports Significant Growth In H1 Operating Profit; Affirms Outlook

Issuing a pre-close trading update for the six months to 30 June 2019, Wood Group (John) plc (WDGJF.PK,WG.L) said its first-half performance is up on the previous year. The Group achieved earnings growth and margin improvement, while revenue is line in with prior year. The Group's full year outlook is unchanged from previous guidance.

For the first-half, excluding the impact of IFRS 16, adjusted EBITDA will be up around 7% and operating profit (pre-exceptional items) will be up around 25% from a year ago. As at the end of June, net debt (excluding the impact of IFRS 16) will be C$1.6 billion, broadly in line with 2018-end position.

For the full year, the growth in adjusted EBITDA is expected to be in line with market expectations. There is no change to the Group's guidance on cash conversion and net debt for the full year.

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