StockMarketWire.com - Oil services company Wood Group said it expected to deliver at least 10% growth in full-year revenue after it enjoyed a traditionally stronger performance in the second half.

Revenue was expected to grow to between around $10.9bn and $11.1bn, while Ebitda was expected to be between $620m and $630m, in line with guidance provided in August.

'We have delivered a stronger second half, due to our typical second half bias and the phasing of cost synergies, projects and the wider market recovery, the company said.

John Wood also said it had secured revenue synergies of over $500m and increased its cost synergy targets to over $210m.

Net debt, meanwhile, was expected to fall to $1.5bn at 31 December.

Looking to 2019, the company said its outlook remained generally favourable across our industrial end markets.

'Although our medium term outlook remains positive, in oil and gas recent volatility in commodity prices may impact confidence and the pace of contract awards,' Wood said.

'Overall, our broad end market exposure and flexible model position us well.'

'We currently anticipate further earnings growth in 2019 underpinned by additional cost synergy delivery with an impact of around $60m in FY 2019.'




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