Wood Group sets out ‘refreshed strategy’

Wood, the Aberdeen-headquartered global energy and engineering services group, is on track to report annual revenues of at least $5.2 billion (£4.3bn) after reaffirming its guidance for the year.

In a trading update issued ahead of a capital markets day, the group repeated its forecast for full-year revenue of between $5.2bn and $5.5bn. Adjusted underlying earnings are expected to be broadly around the middle of a guidance range of $370 million to $400m. This is after the negative impact from recent exchange rate movements, the firm noted.

Wood also outlined its new strategy and medium-term financial targets, with the focus on “attractive end markets where we are differentiated”.

Chief executive Ken Gilmartin told investors that the group’s turnaround was “progressing well”. He said: “Today is an important moment for Wood as we set out our refreshed strategy."