Profits up by 14% for Aberdeen's Wood Group

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Oil workerImage source, oil yard
Image caption,
Wood Group said it has reviewed its operations and its strategy remained "sound"

Oil services firm, Wood Group, has reported a pre-tax profit for 2013 of $413m (£246m) - a rise of 14% on 2012.

The Aberdeen group said revenues were up 3% for the year to $7.1bn (£4.3bn).

The company said it had been another good year of growth with significant acquisitions - including Elkhorn which operates in the US shale market.

However, Wood Group warned at the end of last year that profits from its engineering division would be down significantly in 2014.

Shares fell sharply after that news although there has been a modest recovery.

Chief executive of the group, Bob Keiller, who took over the role at the end of 2013, said the company's strategy remained "sound and positions us well for the longer term".

He added: "We are predominantly an upstream oil and gas services business and our intention is to broaden and deepen the services we can offer in this sector.

"We have reviewed all parts of the group from three perspectives: risk profile, current and future financial performance and strategic fit with the group overall, and this has resulted in a number of actions including the acquisition of Elkhorn and the joint venture with Siemens".

Wood Group employs about 43,000 people in more than 50 countries.

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