LONDON (dpa-AFX) - Engineering and consultancy company Wood Group (John) PLC (WDGJF.PK, WG.L) reported Tuesday that its first-half loss was $11 million, compared to prior year's profit of $13 million.
Basic loss per share was 2.2 cents, compared to 2.1 cents last year.
Adjusted earnings per share were 10.1 cents, compared to 18.2 cents last year.
Adjusted EBITDA declined 20.6 percent to $305 million from $384 million a year ago. Adjusted EBITDA Margin dropped to 7.5 percent from 8 percent a year ago.
Revenue declined 14.7 percent to $4.09 billion from $4.79 billion in the prior year. Revenue on a like-for-like basis fell 11.5 percent.
Order book as of June 30 was at $7 billion, down 16.4 percent on June 2019 on a like for like basis.
The company noted that $3.1 billion of order book is due to be delivered in the second half, giving higher than typical visibility.
Looking ahead, Robin Watson, Chief Executive said, 'Our objectives are to maintain full year margins in line with 2019 and deliver strong cashflow to further reduce debt in the second half.'
The company projects to deliver a stronger second half margin as it looks to maintain EBITDA margins at the 2019 level of 8.6 percent.
Looking further ahead, the company remains committed to delivering medium term EBITDA margin target of 100 basis points improvement on 2019.
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