Oil and gas firm John Wood Group has seen its shares fall sharply after it said profits from its engineering division would be significantly down in 2014.

The Aberdeen-based firm said a weakened market in Canada, as well as profits from the division, which carries out offshore oil rig designs, would fall by around 15% next year. It added, however, that the weaker performance could be offset by stronger results from its services division.

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In the company's latest trading update, it revealed its pre-tax profits had increased by 43% in 2012.

Earlier this year, the Group announced it had made £239m, with revenues increasing 20% to £4.5bn.

(JP/MH)