Scotland business

Aberdeen firm Wood Group reports strong growth

Wood group worker
Image caption Wood Group saw strong performances from all of its divisions in the first half

Favourable market conditions have boosted Aberdeen energy services firm Wood Group's performance.

The company reported strong growth across its three divisions for the six months to the end of June.

Revenues from continuing operations climbed 35.7% to $3.34bn (£2.1bn), with pre-tax profits up 56% to £101m.

Wood Group said global economic uncertainty and lower commodity prices had "not had any discernible impact" on its activities.

The firm employs more than 41,000 people worldwide and operates in 50 countries.

It reported a 43.6% rise in pre-tax profits for its engineering division as it benefited from global demand for its services, particularly in upstream and subsea and pipeline activities.

Its production services wing, Wood Group PSN, also reported big revenue and profits growth following a strong performance in the North Sea and North America, particularly in the US shale regions.

Its rotating equipment division, Wood Group GTS, saw pre-tax profits soar by nearly 70%, boosted in part by a multi-year maintenance services contract for Shell's Brent assets in the North Sea.

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