John Wood Group PLC, issues the following pre-close trading update for the year to 31 December 2015. Full year results will be announced on 23 February 2016.
Our overall outlook for 2015 remains unchanged and we anticipate full year performance in line with previous guidance for EBITA of around $465m. In what is expected to be a prolonged period of challenging market conditions we are benefitting from our flexible business model and are focussed on managing utilisation, delivering overhead cost savings in excess of estimates at the half year and working with customers to develop efficient solutions. Our balance sheet and cashflow generation remain strong, supporting the delivery of strategic acquisitions and our previously stated intention to increase the dividend by a double digit percentage in 2015.
In Wood Group Engineering, we entered 2015 with reasonable backlog and performance also benefitted from the breadth and diversity of our business. In Upstream, work continues on key projects including Det Norske's Ivar Aasen and Hess Stampede and these will both provide follow on work in 2016.