Wood Group climbs on positive trading statement

The share price of FTSE 250 engineering services Wood Group (LON:WG.) rose by 6.51% to 394.10p (as of 13:15 GMT) after it provided a year-end update for 2019. The company said that like-for-like EBITDA for the year was up by around 6% and management expect this growth to continue in the new year.

CEO Robin Watson commented: “Our full year 2019 results will demonstrate earnings growth, margin improvement and strong operational cash generation, resulting in a reduction in net debt. In Q4 we outlined our clear strategy to focus on higher margin project management, operations and consulting activities and announced the formation of our Technical Consulting Solutions business. We also continue to make good progress on portfolio rationalisation. Looking ahead, our business is well positioned across its energy and built environment markets and we expect to deliver earnings growth in 2020“.