Wood Group Rises as Oil Engineering Unit Earnings Set to Gain
John Wood Group Plc (WG/), a U.K. oil services provider active in Africa and the Middle East, rose in London trading after saying that sales from its engineering unit are set to increase.
Shares of the Aberdeen, Scotland-based company rose as much as 3.4 percent and traded up 2.2 percent at 684 pence as of 8:26 a.m. in London.
The engineering unit’s earnings before interest, taxes and amortization will gain about 30 percent this year compared with 2011, Wood Group said in a trading statement today. The company’s full-year performance will be in line with its expectations, it said.
“We expect engineering to continue to outperform, driven by a strong upstream market,” Nick Copeman, an analyst at Oriel Securities Ltd., said in an e-mailed note.
To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net
To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
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