British energy services company John Wood Group Plc (WG.L, WDGJF.PK) reported Tuesday a sharp decline in fiscal 2012 profit on the absence of last year's hefty exceptional gain. Adjusted earnings climbed from last year on higher revenues. The company also hiked its dividend.
In the year, the company's profit was $258.2 million or 71.4 US cents per basic share, compared to last year's profit of $2.30 billion or 530.7 US cents per basic share, which included an exceptional gain of $2.09 billion. Adjusted earnings per share, which excluded items, grew 42 percent to 85.2 cents from 60.2 cents a year ago.
Profit from continuing operations before tax and exceptional items climbed 43 percent to $362.7 million from last year's $254.1 million.
Revenue from continuing operations increased 20 percent to $6.82 billion from $5.67 billion a year ago.
Citing its confidence in the longer term outlook, the company declared a final dividend of 11.3 cents which will bring the full-year dividend to 17.0 cents, 26 percent higher than last year.
Looking ahead, CEO Bob Keiller said, "We are set to make progress in all divisions in 2013, and I look forward to leading our further development in good long term growth markets."
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