John Wood Group FY21 Adj. Profit Declines; Robin Watson Plans To Retire As Chief Executive

Wood Group (John) PLC (WDGJF.PK,WG.L) reported that its fiscal 2021 adjusted EBITDA declined 10% on a like-for-like basis, with improved EBITDA in Consulting offset by lower EBITDA in Projects and Operations. Revenue declined 14% on a like-for-like basis, with growth in Consulting and Operations more than offset by a significant decline in Projects.

The Group posted an operating profit before exceptional items of $192 million for the year ended 31 Dec 2021, a decline of 10.3% from prior year. Adjusted earnings per share, in cents, was 17.5, down 24.6% from prior year.

Fiscal year loss to owners of parent narrowed to $139.5 million from a loss of $229.5 million, prior year. Loss per share, in cents, was 20.6 compared to a loss of 34.1. Fiscal year revenue from continuing operations was $6.40 billion, down 15.4% from last year.

Separately, John Wood Group PLC announced that Robin Watson, Chief Executive, has advised the Board of his intention to retire as Chief Executive. He will remain in his role until the successful candidate is in place.

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