Aberdeen-headquartered John Wood Group has announced improved EBITDA with margin expansion offsetting lower revenue in a half-year trading update this morning.
The firm, which is currently at the heart of takeover attempt from a Dubai-based rival, reported a 4% increase in adjusted EBITDA of around $210m (£163.28m).
An increased EBITDA margin of roughly 7.4%, compared to 6.8% last year, helped offset a 6% loss in revenue, which dropped to around $2.8m (£2.18m).
Ken Gilmartin, CEO, said: "Our growth strategy continues to deliver, with further growth in EBITDA and order book.
"Crucially, we are now seeing the improving quality of our business coming through with margin expansion as we focus on engineering services and consulting and move away from EPC work.
"As we look ahead, we remain focused on delivering our potential, including generating significant free cash flow next year. We are winning exciting and complex work across our businesses whilst progressing both our Simplification and disposal programmes.
"We are pleased to reconfirm our outlooks for both this year and 2025."
The firm has recently secured a number of contracts, including one for the world's largest offshore gas facility in Western Australia.
FTSE 100
The UK's flagship share index, the FTSE 100, was up four-points at 8,197 shortly after opening this morning.
Brent crude oil futures were up 0.60%, trading at $85.59 a barrel.
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