- Engineering company Wood Group swung to a full-year profit, as it benefited from a reduction in writedowns and improved its margins.

Pre-tax profit for the year through December amounted to $73m, compared to a loss of $8m on-year.

Revenue fell 1.2% to $9.89bn, though operating profit before exceptional items rose 15% to $411m, which the company said was in line with its expectations.

Wood bumped up its annual dividend by 1% to 35.3c per share.

'In 2019 we delivered earnings growth, margin improvement and strong cash generation which resulted in a reduction in net debt,' chief executive Robin Watson said.

Watson said the company had made good progress on portfolio optimisation and the repositioning of its consulting, project and operations service offering in 2019.

The disposal of our nuclear and industrial services businesses generated proceeds of around $430m in the first quarter of 2020 and accelerated progress to target leverage.'

'We are confident that from this foundation we are building a differentiated, premium, higher margin business, supported by a continued focus on margin improvement, execution excellence and portfolio optimisation.'

At 8:36am: [LON:WG.] Wood Group John PLC share price was +0.65p at 272.45p

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