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11/05/2016

Wood Group Issues Profit Warning To Shareholders

Aberdeen-based energy firm Wood Group has issued a profit warning to shareholders due to "challenging market conditions".

The company stated it anticipates full year interest before tax (EBITA) will be approximately 20% lower than last year.

In a statement, Wood Group said: "Market conditions remain challenging in 2016 and we have seen further margin pressure in an environment of expected lower activity by operators.

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"Our continued focus on reducing costs, improving efficiency and broadening our service offering through organic initiatives and strategic acquisitions, positions us as a strong and balanced business in both the current environment and for when market conditions recover."

The firm added a trading update for the first half of the year will be published on 30 June.

(LM)

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