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Wood Group Says 2019 Revenue In Line Last Year; Sees Earnings Growth In 2020

Wood Group (John) PLC (WDGJF.PK,WG.L) said that revenue for the year ended 31 December 2019 will be in line with 2018 at around $10 billion. It also expects to deliver earnings growth in 2020.

The company noted that adjusted EBITDA, including the impact of IFRS 16, for fiscal year 2019 will be around $850 million to $860 million and operating profit before exceptionals will be around $410 million to $420 million, in line with current market expectations.

On a like for like basis, adjusting for disposals executed in 2019, the company expects to deliver adjusted EBITDA growth of 6% and strong growth in operating profit before exceptionals of 20%, both on a pre-IFRS 16 basis.

Looking ahead, the company expects modest revenue growth in 2020 and growth in adjusted EBITDA to reflect a continued focus on medium term margin improvement strategy.

Separately, Wood Group said that Birgitte Brinch Madsen will join the company as a Non-Executive Director on 1 March, 2020 and will also join the Board's Nomination Committee and the Safety, Assurance and Business Ethics Committee with effect from the same date.

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