Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

John Wood Group sees robust growth, capitalizes on shift to cleaner fuels

EditorMalvika Gurung
Published 2023-09-22, 05:30 a/m
Updated 2023-09-22, 05:30 a/m

John Wood Group, the London-listed engineering and consulting firm, is witnessing a strong phase of expansion, leveraging growing investments in energy security and the shift towards cleaner fuels. The company's CEO, Ken Gilmartin, indicated on Friday that the firm is continuing to increase its global workforce with a focus on markets like the Middle East and North America.

The company's employee count, which stood close to 36,000 at the end of June, reflects an almost 5% increase from the previous year. This figure underscores the firm's growth trajectory. Notably, the expansion primarily involves white-collar professionals such as engineers, while the number of blue-collar workers remains relatively stable. Despite labor-market tightness in certain regions, Gilmartin noted that overall hiring hasn't been particularly challenging.

Wood Group's growth strategy is centered around organic expansion. In late 2022, the firm altered its approach to aim for a larger market share in the minerals industry and to exploit burgeoning energy markets like hydrogen and carbon capture. This strategy unveiled last November has led to a strong pipeline of opportunities - the best it has seen in ten years.

In terms of financial performance, Wood reported an increase in first-half adjusted earnings before interest, taxes, depreciation and amortization last month. The figure rose to $202 million from a restated $186 million a year earlier. Additionally, revenue saw a 16% surge reaching $2.99 billion. Following these results, the company revised its full-year earnings and revenue guidance upward.

Client sentiment remains largely positive according to Gilmartin. Their clientele includes some of the world's largest energy companies such as U.S.-based Chevron (NYSE:CVX). He noted a significant rise in investment activities currently underway and stated that clients appear less worried about inflation and recession risks compared to a year ago.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.