Wood Group sees no change in full year outlook

30th Jun 2016 07:36

(ShareCast News) - Oil engineering services firm Wood Group said the full year outlook remained unchanged with no alteration to the guidance given in May on earnings before interest, tax and amortisation being 20% lower on 2015."The current environment remains challenging, however we are encouraged by the recent upstream awards and feel well positioned for future activity in brownfield maintenance and US onshore."Wood said it was seeing some early signs of customers beginning to assess future projects and felt well positioned for front end engineering and design and detailed design work that may come to market in the US."We expect financial performance in the first half of 2016 to demonstrate the benefits of: our asset light, predominantly reimbursable business model; our attention to management of utilisation; and significant overhead cost savings from reorganisation, delayering and back office rationalisation," Wood said in a trading statement.