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Wood Group FY18 Operating Profit Before Exceptional Items Rises 68%

Wood Group (John) plc (WDGJF.PK,WG.L) reported a loss of $7.6 million for the year to 31 December 2018 compared to a loss of $30.0 million, prior year. Loss per share was 1.3 cents compared to a loss of 7.4 cents. Operating profit before exceptional items increased by 68% to $357 million from 2017 proforma of $212 million. Profit before exceptional items was $175.2 million compared to $135.1 million. Adjusted EPS was 57.4 cents compared to 53.3 cents.

Fiscal year revenue from continuing operations improved to $10.01 billion from $5.39 billion, prior year. Revenue including joint ventures were up 12% to $11.04 billion from pro forma 2017.

For 2019, the company said revenue growth in the region of 5% will deliver organic earnings growth which, together with the impact of cost synergies of around $60 million, is expected to lead to growth in adjusted EBITA in line with market expectations.

The Board has recommended a final dividend of 23.7 cents per share, which makes a total distribution for the year of 35.0 cents, an increase of 2%. The final dividend will be paid on 16 May 2019 to all shareholders on the register at the close of business on 26 April 2019.

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