John Wood H1 Like For Like Revenue Down 21%

John Wood Group Plc. (WDGJF.PK,WG.L) reported that its revenue on a like for like basis for the first-half of fiscal year 2021 was $3.2 billion down 21% from last year due to impact of Covid-19. Robust Consulting activity and relative resilience in operations partly offsetting lower activity in projects.

The company expects adjusted EBITDA for the first-half period will be $255 million to $265 million, down 12% from the prior year on a like for like basis.

John Wood said it continues to anticipates that settlement of the investigations by the UK Serious Fraud Office (SFO) and by the authorities in the US and Brazil will be finalised, during the second-quarter of 2021.

It is expected that about $60 million of the settlement amounts will be payable in the second-half of 2021, following payments in first-half related to the settlement of the investigation by the Scottish authorities in March of $10 million.

The remaining $126 million payable is expected to be payable in instalments in 2022, 2023 and 2024.

The company said its outlook for the full year remains unchanged.

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