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Wood Group reports 2018 loss of $7.6M; revenues jump to more than $11B

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Wood Group reports 2018 loss of $7.6M; revenues jump to more than $11B

Scottish energy services provider John Wood Group PLC reported March 19 a loss of $7.6 million for the full year 2018, down from a loss of $30.0 million in 2017.

The 2018 loss was recorded after exceptional costs of $183 million that were related to synergies, restructuring and impairments at EthosEnergy, its joint venture with Siemens Energy Service, the company said.

Wood's 2018 revenues, including joint ventures, totaled $11.04 billion, up 78.9% from about $6.17 billion in 2017. The company's 2018 adjusted EBITA was $630 million, up 69.4% from $372 million in 2017.

For this year, Wood expects that revenue growth of about 5%, along with the impact of cost synergies of about $60 million, will boost its organic earnings and adjusted EBITA.

Wood's order book stands at $10.26 billion.