LONDON (dpa-AFX) - Engineering and consulting firm John Wood Group Plc. (WDGJF.PK, WG.L) reported that its loss attributable to owners of the parent for the year ended 31 December 2023 narrowed to $110.7 million or 16.1 cents per share from $356.3 million or 52.4 cents per share in the prior year.
Operating profit from continuing operation in the year was $38 million compared to an operating loss of $565 million in 2022, which was impacted by goodwill and intangible impairments of $542 million.
Adjusted earnings per share from continuing operation was 2.3 cents, compared to a loss of 3.1 cents in 2022, reflecting the higher adjusted EBIT and lower finance costs.
Revenues for the year grew to $5.90 billion from $5.46 billion in the prior year.
Arvind Balan will join Wood as Chief Financial Officer on 15 April 2024, replacing David Kemp who will retire from the Board on 14 April 2024. David will remain with Wood for a period of time to ensure a smooth transition.
John Wood Group said it upgraded its outlook, with 2024 guidance now towards the top end of its medium-term targets and 2025 expected to exceed those targets.
Adjusted EBITDA for 2024 is expected to grow towards the top end of its mid to high single digit medium term target, before the impact of disposals.
The company expects that its simplification program will add to its growth potential, leading to adjusted EBITDA growth in 2025 above its medium-term target.
The company said it is on-track to deliver significant free cash flow in 2025.
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