Aberdeen-based global engineering and consulting giant John Wood Group said its revenue rose 3% to $5.4 billion and its order book stood at $6 billion as it published a trading update for the year ended December 31, 2022.
The firm’s shares rose about 4%.
Wood said adjusted EBITDA was around $375 million to $385 million, in line with guidance.
The firm added that the sale of its Built Environment Consulting business resulted in a “significant exceptional gain on sale of around $600 million in the period.”
CEO Ken Gilmartin said: “We are pleased to have delivered a result for 2022 in line with our expectations at the half year, including a return to revenue growth and a balance sheet position that reflects the strengthened group.
“We are focused on growth in energy and materials, both with structural growth drivers – energy security, energy transition, net zero and the circular economy – which create long term growth opportunities for Wood.
“Our leading positions in these markets, long-term client relationships and expertise in decarbonisation and digitalisation is enabling us to win additional market share.
“Significant contracts won in the second half of the year include a five-year engineering services contract renewal with bp, a three-year contract renewal with Shell in the UK North Sea, and a four-year contract with INEOS to deliver a state-of-the-art petrochemicals complex in Belgium.
“This is a new Wood, led by a new team, and the strategy we recently shared at our Capital Markets Day will enable us to deliver sustainable returns.
“We have attractive growth prospects in our core markets, we are trusted by our clients, and we have the talent and solutions to enable a net-zero future.
“We’re focused on designing a strong future for Wood and enter this New Year with positive momentum.”