Wood Group update pushes shares upwards

Engineering and technical services firm Wood Group (LON:WG.) has seen its share price climb by 5.86% to 442.40p (as of 13:40 BST) after it published an update for the six months ending 30th June. Management said that the company’s revenues were in-line with the same period of 2018, but that margins and earnings had both improved.

Chief executive Robin Watson commented: “Our first half performance is ahead of prior year. We have delivered significant growth in operating profit together with EBITDA margin improvement. This has been led by our activities in energy markets in the eastern hemisphere and our environment and infrastructure operations in North America, together with the delivery of further cost synergies. Our expectation of revenue growth, strong earnings growth and cash generation in 2019 is unchanged“.