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| Thu 15:20 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
DISPOSAL OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation BLACKROCK, INC 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
17 NOVEMBER 2009 6. Date on which issuer notified
18 NOVEMBER 2009 7. Threshold(s) that is/are crossed or reached BELOW 12% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - 54,675,648 - 10.36% (B) Financial Instruments
N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument - CFD Exercise Price - N/A Expiration date - N/A Exercise/conversion period - N/A Number of voting rights instrument refers to - 7,365,818 Percentage of voting rights - Nominal - 1.39% Delta - N/A Total A + B + C Number of voting rights - 62,041,466 Percentage of voting rights - 11.75% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED - 62,041,466 (11.75%)
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name
STUART WATCHORN 15. Contact telephone number 020 7743 5741 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
19 NOVEMBER 2009
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| 22-10-09 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
DISPOSAL OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation BAILLIE GIFFORD & CO 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
21 OCTOBER 2009 6. Date on which issuer notified
22 OCTOBER 2009 7. Threshold(s) that is/are crossed or reached BELOW 6% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - 29,856,380 - 5.66% (B) Financial Instruments
N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument - N/A Exercise Price - N/A Expiration date - N/A Exercise/conversion period - N/A Number of voting rights instrument refers to - N/A Percentage of voting rights - Nominal - N/A Delta - N/A Total A + B + C Number of voting rights - 29,856,380 Percentage of voting rights - 5.66% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable Baillie Gifford & Co Baillie Gifford Overseas Limited Baillie Gifford & Co Limited Baillie Gifford Life Limited
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name
CHRIS HILL 15. Contact telephone number 0131 275 2147 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
22 OCTOBER 2009
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| 12-10-09 | PRN |
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NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS This form is intended for use by an issuer to make a RIS notification required by DR 3.3 (1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. (2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24. (3) An issuer making a notification in respect of options granted to a director /person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. (4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. Please complete all relevant boxes should in block capital letters.
MARK HARRY PAPWORTH DIRECTORS SPOUSE - MARIE-LOUISE
PAPWORTH
non-beneficial interest
BENEFICIAL INTEREST OF MARK HARRY ORDINARY SHARES
PAPWORTH
(s) and, if more than one, the number of shares held by each of them
MARIE-LOUISE PAPWORTH TRANSFER OF SHARES
N/A N/A
transaction
NIL 4 OCTOBER 2009
notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
N/A N/A
N/A N/A 21. Exercise price (if fixed at time 22. Total number of shares or
of exercise
N/A N/A
N/A KATRINA SISSONS-TAPPING 01224
532283 Name and signature of duly authorised officer of issuer responsible for making notification IAN JOHNSON __________________________________________________________ Date of notification 12 OCTOBER 2009
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| 10-10-09 | AFX UK Focus |
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Financial Times
WARNING OF ENERGY PRICE RISE The energy industry regulator Ofgem has warned that consumers face the prospect of large increases in their gas and electricity bills to fund infrastructure investments of 200 billion pounds over the next decade. The regulator predicted that bills could increase 60 per cent by 2016 in its assessment which took account of factors including; new legislation relating to climate change, the effect of the credit crunch and the effect of green stimulus packages. NO TIME TO STOP INTERVENTION, DATA SHOW Official figures on manufacturing output were released this week and have revealed that the sector fell back into recession during August, casting doubt on separate claims that the overall economy is improving. The economic think tank Niesr said that the weak industrial production figures suggested that the performance of the UK economy had actually been flat over the quarter. This is opposed to the growth predictions made by the polling company Markit who suggested that positive results from its purchasing managers' index were consistent with economic growth of between 0.5 and 0.6 per cent in the quarter.
HOUSE PRICES RISE FOR FIFTH MONTH According to figures from the Financial Times House Price Index for September, house prices in England and Wales rose for the fifth consecutive month. The survey showed that prices increased by 0.6 per cent during the month to bring the average house price in England and Wales to 205,338 thousand pounds, compared to the peak of 231,804 pounds recorded by the index in February 2008 and 5.6 per cent lower than they were a year ago. INSIDERS TO SET OUT STALLS FOR M&S JOB At Marks & Spencer's investor day next week Ian Dyson and John Dixon, internal candidates to succeed Sir Stuart Rose as chief executive, will put their case to the City. Dyson, as head of the firm's "2020" plan, is expected to outline significant cost savings and an expansion of online retailing capabilities. Analysts expect that changes to its supply chain could lead to savings of between 150 and 200 million pounds. Dixon, widely seen as the leading internal candidate, will update the market on developments in the food business.
WOOD GROUP WARNS OF DELAYS Oil services company John Wood Group says that full-year results will be in line with expectations despite concerns over a slowdown in the pace of progress in existing oilfield contracts. The group said: "In our development-related engineering activities, we are continuing to see delays both in the pace at which projects are being progressed and in further awards and, although we have a good prospect list, these two factors will continue to impact both activity and margins". Shares closed up 0.7 pence at 326.8 pence. DONINGTON PARK RACES FOR FUNDS TO MEET GRAND PRIX DEADLINE Donington Park was seeking 145 million pounds on Friday as it looks to secure its future as the home of the British Grand Prix. Formula One's commercial rights holder Bernie Ecclestone had warned that the July 11 2010 event would take place at Silverstone if Donington Ventures Ltd had not arranged the funding by Friday's deadline. Sources close to the situation said that further talks between Donington and potential investors are to take place Monday. Donington said: "We hope to be able to clarify the situation very soon".
ROBERT WALTERS REPORTS RISE IN HIRING BY BANKS Recruitment agency Robert Walters said that investment banks are once again taking on temporary and permanent staff amid a sustained boom in debt and equity markets. Banks are also recruiting newly qualified chartered accountants for the first time in 18 months. However, the recruiter's chief executive Robert Walters warned that the rise in hiring could be a "blip" due to overcorrection, with banks having cut too many jobs earlier in the year.
GROWING DAISY SIGNALS FRESH IT ACQUISITIONS Daisy Group is considering making further acquisitions in the telecommunications and IT services market having already acquired five companies in the previous quarter. Chief executive Matthew Riley said: "We are actively looking into a number of things right now". Philip Carse, head of research group Telecom Equity, "forecast annualised revenue of 231 million pounds and underlying profits of 16 million pounds". Carse said that the low profitability of distressed acquisitions would lower Daisy's historic margins of 21 per cent.
JJB SHARE PLACING HITS DELAY JJB Sports has been forced to temporarily postpone its planned 100 million pound fundraising until next week after concerns were raised by investors over an alleged loan made by the sportswear retailer's executive chairman Sir David Jones to Mike Ashley, the owner of rival retailer SportsDirect. The planned money raising, announced on Friday morning and expected to be completed by the end of the day, was stalled initially by the UK Listing Authority with a query on possible legal issues, which is now understood to have been cleared up, followed by requests from several other investors asking for more time to consider the proposal. JJB's two largest shareholders, Harris Associates and Crystal Amber, said that they would have been happy to participate in the fundraising.
LOSSES PUSH INLAND TO RECONSTRUCT ITSELF AS A HOUSEBUILDER Inland reported pre-tax losses of 10.5 million pounds in the year to July on revenue of 5.2 million pounds. The land trading vehicle's Net Asset Value per share fell to 24.9 pence from 32.88 pence. The company's ten million pound lending facilities with the Royal Bank of Scotland expire in nine weeks and the company is yet to secure another agreement. Inland chief executive Stephen Wicks said: "This has been a truly awful year".
WEEKEND SHARE WATCH Cranswick - Pendragon -
Prepared for Reuters by Durrants
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 10-10-09 | AFX UK Focus |
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Financial Times
WARNING OF ENERGY PRICE RISE The energy industry regulator Ofgem has warned that consumers face the prospect of large increases in their gas and electricity bills to fund infrastructure investments of 200 billion pounds over the next decade. The regulator predicted that bills could increase 60 per cent by 2016 in its assessment which took account of factors including; new legislation relating to climate change, the effect of the credit crunch and the effect of green stimulus packages. NO TIME TO STOP INTERVENTION, DATA SHOW Official figures on manufacturing output were released this week and have revealed that the sector fell back into recession during August, casting doubt on separate claims that the overall economy is improving. The economic think tank Niesr said that the weak industrial production figures suggested that the performance of the UK economy had actually been flat over the quarter. This is opposed to the growth predictions made by the polling company Markit who suggested that positive results from its purchasing managers' index were consistent with economic growth of between 0.5 and 0.6 per cent in the quarter.
HOUSE PRICES RISE FOR FIFTH MONTH According to figures from the Financial Times House Price Index for September, house prices in England and Wales rose for the fifth consecutive month. The survey showed that prices increased by 0.6 per cent during the month to bring the average house price in England and Wales to 205,338 thousand pounds, compared to the peak of 231,804 pounds recorded by the index in February 2008 and 5.6 per cent lower than they were a year ago. INSIDERS TO SET OUT STALLS FOR M&S JOB At Marks & Spencer's investor day next week Ian Dyson and John Dixon, internal candidates to succeed Sir Stuart Rose as chief executive, will put their case to the City. Dyson, as head of the firm's "2020" plan, is expected to outline significant cost savings and an expansion of online retailing capabilities. Analysts expect that changes to its supply chain could lead to savings of between 150 and 200 million pounds. Dixon, widely seen as the leading internal candidate, will update the market on developments in the food business.
WOOD GROUP WARNS OF DELAYS Oil services company John Wood Group says that full-year results will be in line with expectations despite concerns over a slowdown in the pace of progress in existing oilfield contracts. The group said: "In our development-related engineering activities, we are continuing to see delays both in the pace at which projects are being progressed and in further awards and, although we have a good prospect list, these two factors will continue to impact both activity and margins". Shares closed up 0.7 pence at 326.8 pence. COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 09-10-09 | PRN |
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This news article is displayed preformatted as it may contain results tables
Wood Group, the international energy services provider, issues the following Interim Management Statement. A full year trading update will be provided on 17 December, 2009. Market conditions remain broadly consistent with those outlined in our half year results statement issued on 26 August 2009, and we are continuing to benefit from a robust performance from our production support related activities, which make up around 55% of revenue across the Group's three divisions. In our development related Engineering activities, we are continuing to see delays both in the pace at which projects are being progressed and in further awards and, although we have a good prospect list, these two factors will continue to impact both activity and margins. Volumes in subsea and pipelines have remained robust and we have recently secured a three year project management contract for a gas storage development offshore Spain. In Production Facilities, we have seen good opex related activity across our longer term contracts in the North Sea, including work on the new awards secured in the second half of 2008, and we have recently announced a new three year contract with Chevron to support their North Sea assets. In international markets, we have continued our investment to build up our Australian hub and have recently been selected to provide operations, maintenance and modifications to two Peregrino wellhead platforms in Brazil. We announced the acquisition of Baker Energy for $38m on 1 October. Baker Energy provides a broad range of operations & maintenance services to oil & gas operators, both onshore and offshore. The company has a strong presence in the US, including a market leading position in deepwater activity, and operates in various countries in Africa and Asia Pacific. Baker Energy will be integrated with our existing Production Facilities operations. In Well Support, our Electric Submersible Pumps business continues to make good progress in developing its international activities, including securing a new contract in Colombia and increased activity in Kuwait and Chad. For Pressure Control and Logging Services US gas related activities, the US rig count appears to have stabilised and is expected to increase into 2010 which should provide positive momentum for our businesses. We retain our focus on expanding Pressure Control's business globally, recently strengthening our position in Mexico and the Middle East. In Gas Turbine Services, demand for our aftermarket services in oil & gas, and power & industrial applications has generally remained robust and we recently secured a number of operations & maintenance agreements, including a five year agreement with Brick Power and a nine year agreement with J Power, both in the US. In our fast track power package activities, we continue to see strong enquiry levels, but the timing of awards continues to be delayed. Our financial position remains strong and we anticipate good operating cash flow for the year. Overall, we believe our 2009 performance will be in line with expectations. We remain confident in the medium and longer term fundamentals for our business, and believe that our market leading services and products will enable us to resume good growth as energy markets recover. Ends - Notes to editors: Wood Group is an international energy services company with approximately $5 bn sales, employing approximately 27,000 people worldwide and operating in 50 countries. The Group has three businesses - Engineering & Production Facilities, Well Support, and Gas Turbine Services - providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide. Enquiries: Wood Group Nick Gilman / Carolyn Smith 01224 851000 Brunswick Patrick Handley / Nina Coad 020 7404 5959 END More |
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| 05-10-09 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
ACQUISITION OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation BLACKROCK, INC 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
2 OCTOBER 2009 6. Date on which issuer notified
5 OCTOBER 2009 7. Threshold(s) that is/are crossed or reached BELOW 14% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - 66,251,036 - 12.55% (B) Financial Instruments
N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument - CFD Exercise Price - N/A Expiration date - N/A Exercise/conversion period - N/A Number of voting rights instrument refers to - 7,595,818 Percentage of voting rights - Nominal - 1.44% Delta - N/A Total A + B + C Number of voting rights - 73,846,854 Percentage of voting rights - 13.99% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED - 73,846,854 (13.99%)
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name Louise Lyle 15. Contact telephone number 0131 472 7472 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
5 OCTOBER 2009
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| 01-10-09 | AFX UK Focus |
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LONDON, Oct 1 (Reuters) - British energy services company John Wood Group said on Thursday it has bought Michael Baker Corporation's energy services unit Baker Energy for $37.9 million in cash, boosting its global operations.
"Internationally it represents an excellent strategic fit with our existing operations support capabilities and extends our international footprint," said Les Thomas, group director responsible the company's production facilities activities.
(sharon.lindores.reuters.com@reuters.net sharon.lindores@thomsonreuters.com; +44 20 7542-9937)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 01-10-09 | AFX UK Focus |
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LONDON, Oct 1 (Reuters) - British energy services company John Wood Group said on Thursday it has bought Michael Baker Corporation's energy services unit Baker Energy for $37.9 million in cash, boosting its global operations.
"Internationally it represents an excellent strategic fit with our existing operations support capabilities and extends our international footprint," said Les Thomas, group director responsible the company's production facilities activities.
(sharon.lindores.reuters.com@reuters.net sharon.lindores@thomsonreuters.com; +44 20 7542-9937)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 01-10-09 | AFX UK Focus |
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LONDON, Oct 1 (Reuters) - John Wood Group PLC:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 01-10-09 | PRN |
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Wood Group acquires Baker Energy A subsidiary of international energy services company John Wood Group PLC ("Wood Group") has acquired the energy services business (Baker Energy) of Michael Baker Corporation (NYSE Amex:BKR). The consideration was US$37.9m, settled in cash at completion. Baker Energy provides a broad range of operations and maintenance services to a large number of oil and gas operators, both onshore and offshore. The company has a strong presence in the US, including a market leading position in deepwater activity, and operates in various countries in Africa and Asia Pacific. Baker Energy had revenues in the year ended 31 December, 2008 of US$243.5 million and currently employs around 2,400 people. Baker Energy will operate within Wood Group's Engineering & Production Facilities division. "The acquisition of Baker Energy is part of our ongoing strategy to expand and enhance our operations support capability," said Les Thomas, Group Director responsible for Wood Group's Production Facilities activities. "It will establish Wood Group as the market leader in the provision of operations and maintenance services in the US Gulf of Mexico market, and enhance our ability to support clients' deepwater activity, one of the most exciting growth markets in our industry. Internationally it represents an excellent strategic fit with our existing operations support capabilities and extends our international footprint."
Note to editors Wood Group is an international energy services company with more than $5bn sales, employing 27,000 people worldwide and operating in 50 countries. Wood Group has three businesses-Engineering & Production Facilities, Well Support and Gas Turbine Services-providing a range of engineering, production support, maintenance management, and industrial gas turbine overhaul and repair services to the oil and gas, and power generation industries worldwide. www.woodgroup.com Wood Group Engineering & Production Facilities is a market leader in engineering design, construction management and project management services, providing 'life-of-field' engineering, including greenfield and brownfield engineering, production enhancement, operations and maintenance, and commissioning. With an extended range of engineering services in the design and operation of both offshore and onshore oil & gas production, transportation and processing facilities, E&PF provides value-added solutions that are fit-for-purpose and tailored for each client. Baker Energy works with oil and gas companies worldwide to provide total asset management solutions. By integrating its diverse operating and management skills, Baker Energy has evolved into a single source supplier of comprehensive energy services, including operations assurance and maintenance management solutions, competency-based personnel recruiting and training, operations and maintenance manpower, and supply chain and logistics management. www.bakerenergy.com Michael Baker Corporation (Baker) provides engineering for its clients' most complex challenges worldwide. The firm's primary business areas are aviation, defense, environmental, facilities, geospatial, homeland security, municipal & civil, pipelines & utilities, transportation and water. With more than 4,500 employees in over 50 offices across the United Sates, Baker is focused on creating value by delivering innovative and sustainable solutions for infrastructure and the environment. For media enquiries please contact: Carolyn Smith, Director, Corporate Communications - Eastern Hemisphere, Wood Group Tel: +44 (0) 1224 851099, email: carolyn.smith@woodgroup.com Bobbie Ireland, Corporate Communications - Americas, Wood Group Tel: +1 (281) 828 3505, email: bobbie.ireland@woodgroup.com
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| 18-09-09 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
ACQUISITION OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation BLACKROCK, INC 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
16 SEPTEMBER 2009 6. Date on which issuer notified
17 SEPTEMBER 2009 7. Threshold(s) that is/are crossed or reached ABOVE 14% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - 66,866,638 - 12.67% (B) Financial Instruments
N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument - CFD Exercise Price - N/A Expiration date - N/A Exercise/conversion period - N/A Number of voting rights instrument refers to - 7,295,818 Percentage of voting rights - Nominal - 1.38% Delta - N/A Total A + B + C Number of voting rights - 74,162,456 Percentage of voting rights - 14.05% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED - 74,162,456 (14.05%)
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name
KAI CHEW 15. Contact telephone number 020 7743 2602 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
18 SEPTEMBER 2009
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| 14-09-09 | AFX UK Focus |
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Sept 14 (Reuters) -
overweight from 1 percent overweight overweight from 1 percent overweight underweight from 3 percent underweight overweight from neutral overweight from 2 percent overweight from 1 percent overweight underweight from neutral percent underweight from 1 percent underweight (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 10-09-09 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
DISPOSAL OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation LEGAL & GENERAL GROUP Plc (L&G) 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
8 SEPTEMBER 2009 6. Date on which issuer notified
9 SEPTEMBER 2009 7. Threshold(s) that is/are crossed or reached BELOW 3% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - BELOW 3.00% (B) Financial Instruments - N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments - N/A Total A + B + C Number of voting rights - not notified Percentage of voting rights - BELOW 3.00% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable Legal & General Group Plc (Direct & Indirect) (Group) Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct and Indirect) Legal & General Investment Management Limited (LGIM) Legal & General Group Plc (Direct) (L&G) (BELOW 3.00% = LGAS, LGPL & PMC) Legal & General Investment Management (Holdings) Limited (LGIMHD) (Direct) Legal & General Insurance Holdings Limited (Direct) (LGIH) Legal & General Assurance (Pensions Management) Limited (PMC) Legal & General Assurance Society Limited (LGAS & LGPL) Legal & General Pensions Limited (Direct) (LGPL)
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name
HELEN LEWIS 15. Contact telephone number 020 3124 3851 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
10 SEPTEMBER 2009
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| 09-09-09 | AFX UK Focus |
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Sept 9 (Reuters) -
supported by m&a (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 02-09-09 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
DISPOSAL OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation BLACKROCK, INC 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
1 SEPTEMBER 2009 6. Date on which issuer notified
2 SEPTEMBER 2009 7. Threshold(s) that is/are crossed or reached BELOW 14% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - 65,997,287 - 12.50% (B) Financial Instruments
N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument - CFD Exercise Price - N/A Expiration date - N/A Exercise/conversion period - N/A Number of voting rights instrument refers to - 7,295,818 Percentage of voting rights - Nominal - 1.38% Delta - N/A Total A + B + C Number of voting rights - 73,293,105 Percentage of voting rights - 13.88% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED - 73,293,105 (13.88%)
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name
KAI CHEW 15. Contact telephone number 020 7743 2602 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
2 SEPTEMBER 2009
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| 01-09-09 | PRN |
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John Wood Group PLC ("Company")
NOTIFICATION OF MAJOR INTEREST IN SHARES 1. Name of Issuer
JOHN WOOD GROUP PLC 2. Reason for Notification
ACQUISITION OF VOTING RIGHTS 3. Full name of person(s) subject to notification obligation BLACKROCK, INC 4. Full name of shareholder(s) (if different from 3 above)
N/A 5. Date of the transaction and date on which the threshold is crossed or reached
26 AUGUST 2009 6. Date on which issuer notified
27 AUGUST 2009 7. Threshold(s) that is/are crossed or reached ABOVE 14% 8. Notified details (A) Voting rights attached to shares Number of voting rights - Direct - N/A Number of voting rights - Indirect - 66,699,424 - 12.64% (B) Financial Instruments
N/A (C) Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial instrument - CFD Exercise Price - N/A Expiration date - N/A Exercise/conversion period - N/A Number of voting rights instrument refers to - 7,295,818 Percentage of voting rights - Nominal - 1.38% Delta - N/A Total A + B + C Number of voting rights - 73,995,242 Percentage of voting rights - 14.02% 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED - 73,995,242 (14.02%)
PROXY VOTING 10. Name of the proxy holder
N/A 11. Number of voting rights proxy holder will cease to hold
N/A 12. Date on which proxy holder will cease to hold voting rights
N/A 13. Additional Information
N/A 14. Contact name
KAI CHEW 15. Contact telephone number 020 7743 2602 Name of authorised company official responsible for making this notification.
IAN JOHNSON, COMPANY SECRETARY
31 AUGUST 2009
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| 27-08-09 | AFX UK Focus |
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Financial Times
FSA CHIEF BACKS GLOBAL TAX MEASURES Lord Adair Turner, chairman of the Financial Services Authority, has expressed his support for the idea of new global taxes on financial transactions, warning that the financial sector paying excessive salaries has "grown too big for society". Turner suggested that new taxes may be necessary to curb excessive profits and pay in the financial sector. He said that higher capital requirements will be the FSA's main tool to eliminate excessive activity and profit but that a tax on transactions on a global level may be an additional option.
NO WORKER IN ONE SIXTH OF HOUSEHOLDS According to official statistics from the Labour Force Survey, more than one in six households containing people of working age currently has no one in employment. The figures from the Office of National Statistics show the proportion of households where no one works rose by 1.1 point over the year to 16.9 per cent. The Department for Work and Pensions noted that 330,000 people came off unemployment benefit last month and said, "We are committed to doing all we can to get people back to work."
BACKLASH OVER PLAN TO CURB ONLINE FILESHARING Consumer rights groups and privacy campaigners have vowed to challenge government proposals to suspend the Internet connections of those suspected of illegal file sharing. Privacy International's Simon Davies said: "We will fight tooth and nail to destabilise this policy. We know that rights will be denied and innocent people will be victimised." Joel Smith, partner at lawyers Herbert Smith, says that such a law could make it on to the statute books "without much challenge".
PUBLIC INFRASTRUCTURE PROJECTS BOOST COSTAIN Civil engineering group Costain saw revenue rise from 422 million pounds to 476 million pounds in the first half of the year. However, pre-tax profits were down from 10.1 million pounds to 6.9 million pounds and analysts at Arbuthnot Securities expect increased pension contributions to mean the firm takes a 4.5 million pound charge. The firm announced that its civil engineering business, accounting for 85 per cent of the group's order book, will be split into environment and infrastructure divisions.
GOVERNMENT WORK HELPS SERCO MAINTAIN PROFITS Support services company Serco announced a 33 per cent rise in first-half pre-tax profits, attributing the upturn in fortunes to a drive among its customers to outsource as they look for efficiency savings. Chief executive Christopher Hyman is confident that the long-term nature of the UK government contracts, which provide the bulk of Serco's income, would see the company over freezes in public spending in the run-up to a general election. The firm has also won lucrative contracts in the Middle East and Australia.
TULLOW INTERIM PROFITS DROP 81 PER CENT Tullow Oil suffered an 81 per cent fall in interim profits, while production also declined. Chief executive Aiden Heavey said the poor results were an inevitable consequence of Tullow's decision to stop chasing quick results. He said: "Our focus is not on production, our focus is on spending money now. We should have a step change in production at the end of the year." Sanford Bernstein analyst Oswald Clint said: "We see no reason to be concerned from an exploration, production or cash flow perspective, and continue to rate the stock outfperform."
JOHN WOOD LIFTS PAY-OUT IN BID TO SOOTHE INVESTORS Aberdeen-based oil services provider John Wood Group announced a 5 per cent fall in revenue to 2.21 billion dollars, while pre-tax profits fell 11 per cent to 160.8 million pounds. However, the group predicted that full-year results would be in line with analysts' expectations and raised its interim dividend by 11 per cent. Chief executive Allister Langlands said: "We believe recovering energy demand, reserve depletion and the development of more challenging reservoirs provides longer-term fundamentals for our services and products."
NATEXPRESS CONSIDERS CASH CALL National Express shareholders have been canvassed as to whether they would prefer the company to embark on a 350-million-pound rights issue or pursue a takeover proposal from a consortium that includes the Cosmen family, National Express's largest shareholder. The bus and train operator's board met 15 of its institutional investors this week to gauge the support for equity raising to help pay down the company's 977 million pounds of debt.
WPP WARNS ON GROWTH AS CLIENTS SACRIFICE AD SPEND WPP reported a 47 per cent fall in pre-tax profits to 179 million pounds for the six months to June 30. The marketing and communication group's operating margin fell from 13.6 per cent to 8 per cent in the first half of last year, below market expectations of 10 per cent. WPP chief executive Sir Martin Sorrell said: "I think we would be the first to admit we should have moved quicker in cutting costs."
AL-FAHIM TAKES OVER PORTSMOUTH Dubai businessman Sulaiman Al-Fahim announced on Wednesday that he has become sole owner of Portsmouth Football Club. The Premier League club, which has been owned by Alexandre Gaydamak for the past three years, released a statement on its website confirming that Gaydamak's Devondale Investments vehicle had reached an agreement with Al-Fahim Asia Associates. Al-Fahim became chairman of the club last month after the deal was agreed in principal and Portsmouth chief executive Peter Storrie will remain in his current role. No further details of the terms of the deal have been disclosed.
Prepared for Reuters by Durrants
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-08-09 | PRN |
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John Wood Group PLC
John Wood Group PLC ("Wood Group" or the "Group") is a market leader in engineering design, production enhancement and support, and industrial gas turbine services for customers in the oil & gas and power generation industries around the world. Wood Group businesses employ approximately 27,000 people1 and operate in 50 countries. Financial Highlights Revenue of $2,411.4m (2008: $2,526.9m) EBITA2 of $187.7m (2008: $207.9m) In constant currency3, revenue up 7% and EBITA down 2% Group EBITA margin of 7.8% (2008: 8.2%) Profit before tax of $160.8m (2008: $181.3m) Basic earnings per share of 21.1 cents (2008: 23.7 cents) Adjusted diluted earnings per ordinary share4 of 22.3 cents (2008: 24.7 cents) Cash generated from operations of $228.2m (2008: $87.9m) Interim dividend of 3.1 cents (2008: 2.8 cents) Operating Highlights Group Robust performance in challenging energy markets Operating expenditure ("opex") related businesses, which make up 55% of revenue, continue to perform well Significant cost reductions implemented in areas of lower activity Stronger US dollar held back reported results, particularly for Production Facilities and Gas Turbine Services Engineering & Production Facilities Engineering Revenue just ahead of the first six months of 2008 Headcount reducing with project delays in upstream and downstream Good performance in subsea and pipeline Good prospect list, although project timing remains uncertain Continuing geographical expansion; acquisition in Saudi Arabia strengthens position in the Middle East Production Facilities Good growth in North Sea activity; increased market share with newer entrants Continued expansion of international activities; strengthening position in Australia and Brazil Expansion of training services Continuing margin improvement Well Support Production focused Electric Submersible Pumps ("ESP") business continuing to perform well; cost reductions contributing to increased margins Reductions in US rig count leading to significant volume declines and pricing pressure in US gas related market; early action taken to adjust cost base More resilient performance internationally Gas Turbine Services Demand for aftermarket services in both oil & gas and power related areas remains robust; delays in fast track power package awards Margin growth driven by internal restructuring, increased work under longer term contracts, and new product and service capabilities In their half year report, Sir Ian Wood, Chairman, and Allister Langlands, Chief Executive, of Wood Group, state: "In challenging energy markets, we continue to benefit from a robust performance in our production support related businesses and believe results for the year will be in line with expectations. We believe the longer term fundamentals for our business remain strong, and our market leading services and products, wide international spread and high quality customer base will enable us to resume good growth as energy markets recover. The confidence in our longer term outlook is reflected in the 11% increase in our interim dividend." Information: Wood Group Alan Semple 01224 851 000 Nick Gilman Carolyn Smith Brunswick Patrick Handley 020 7404 5959 Nina Coad Notes For footnotes see page 14. Interim Statement Introduction As anticipated, market conditions in the first six months of the year were challenging, with lower global economic activity leading to reduced Exploration and Production ("E&P") spending worldwide. The recent higher oil prices are likely to have little impact on E&P spending in the second half of 2009, but we continue to benefit from robust performance in our production support related businesses and believe results for the year will be in line with expectations. Trading Performance
operations In the first half, revenue decreased by 5% to $2,411.4m, but increased in constant currency terms by 7%. The movement in constant currency revenue is driven by a strong increase in Production Facilities activity, partly offset by a reduction in Well Support's US gas market related revenue and lower fast track power package revenue in Gas Turbine Services. EBITA decreased by 10% to $187.7m or 2% in constant currency terms. EBITA margins reduced, driven by lower margins in Engineering and in Well Support, partially offset by margin improvement in Production Facilities and Gas Turbine Services. Across the Group, we maintained our focus on developing our market leading positions and extending our range of services and geographic footprint, and invested $62.1m in acquisitions and capex (2008: $92.9m). Dividend Reflecting continuing confidence in our longer term outlook, we have declared an 11% increase in the interim dividend to 3.1 cents (2008: 2.8 cents). The dividend will be paid on 24 September 2009 to shareholders on the register at 4 September 2009. Markets Market conditions remain challenging: Global E&P spend is expected to reduce by around 15% during 2009, with lower volumes and price deflation leading to lower service company revenue; Customers are focused on cost reduction and efficiency improvements, and we are successfully applying our differentiated services and products to help customers reduce their overall project and operating costs. We benefit from our focus on supporting customers' opex, which represents around 55% of our revenue, and on customers' longer term capital projects. We believe recovering energy demand, reserve depletion and the development of more challenging reservoirs provides strong longer term market fundamentals for our services and products. Divisional highlights Engineering & Production Facilities We offer a broad range of engineering services to the upstream; the subsea, pipeline and midstream; and the downstream, process and industrial sectors. These include conceptual studies, engineering, project and construction management, automation projects and control systems upgrades. We offer life of field support to producing assets through brownfield engineering and modifications, production enhancement, operations management (including UK duty holder services), training, maintenance management and abandonment services.
The growth in revenue in the period of 1% or 18% in constant currency terms reflects the continuing demand for our services, particularly our opex related Production Facilities activities. The Engineering content of Engineering & Production Facilities revenue was approximately 48%, in line with June 2008. The constant currency increase was driven by strong underlying growth from the North Sea, our largest Production Facilities market. EBITA decreased by 4% in the period, with the margin decreasing from 9.5% to 9.1%. In constant currency terms EBITA was up 4%, and EBITA margins were down 1.1% points. The margin decrease was a result of lower Engineering margins due to somewhat reduced pricing and slightly lower utilisation, partly offset by a focus on operational efficiency and the provision of newer services driving improved Production Facilities margins. Engineering In Engineering, we had a reasonable level of activity, although we are seeing delays in the pace at which projects are being progressed through the development process. This is in part due to clients continuing to seek to benefit from the anticipated reduction in overall project costs across the supply chain. We have a good prospect list, although the timing of project awards remains uncertain. Engineering headcount has fallen from 8,700 at 31 December to 7,700 at 30 June; principally due to reductions of around 450 in upstream including oil sands, around 450 in downstream including chemicals, and in our activities in Venezuela. Our upstream activities represented around 40% of Engineering revenue. Upstream has remained active in Houston and we continued to broaden our international footprint. We are currently undertaking pre-FEED, FEED or detail design on over 15 large deepwater and offshore projects around the world, including three FPSO projects in West Africa. Recent awards include Chevron's Jack & St Malo in the Gulf of Mexico and Exxon Mobil's Scarborough and BHP's Macedon in Australia. Our subsea, pipeline and midstream activities represented around 35% of Engineering revenue. Spending in subsea and pipelines continued to be robust. We are currently working on over 12 major subsea projects globally and three floating liquefied natural gas ("LNG") studies. Recent awards include INPEX Ichthys and Chevron's Walker Ridge pipeline system and we continue to be active for BP in the development of its subsea programme in Block 31 offshore Angola. Activity levels in onshore US pipeline infrastructure were high as we supported customers making infrastructure investments in the pipeline network to link unconventional gas developments to end markets. Downstream, process and industrial represented around 25% of Engineering revenue. Our downstream business, which is focused primarily on the Americas, continues to be supported by regulatory work, including compliance with MSAT II benzene regulations. Our automation business remained strong as clients focused on opportunities to increase efficiencies and reduce costs. During the period we were awarded a significant global automation framework agreement by Chevron covering all of their upstream assets. Across Engineering there are a number of important strategic developments which we continue to progress, including continuation of our geographic expansion, focused on key markets in West Africa, the Middle East and Asia Pacific. In Asia Pacific, we entered a joint venture with PETRONAS in Malaysia to develop integrated floating LNG liquefaction, storage and offloading solutions, using our proprietary liquefaction technologies. In the Middle East, we entered into an agreement with Al-Hejailan Consulting, a Saudi Arabian engineering contractor, to acquire a majority interest in a newly established joint venture, Mustang Al-Hejailan Engineering. The joint venture will provide engineering and project management services to the oil, gas and chemical industries in the Kingdom of Saudi Arabia. We continue to expand our capabilities in the clean energy sector and following our contribution to the successful sanctioning of the South West Regional Development Agency's Wave Hub renewable energy project, we will continue through the execution phase in the role of Engineer and Project Manager. In the Middle East we remained active on the front end engineering and design ("FEED") for the first phase of Masdar's Carbon Capture and Storage ("CCS") project in the United Arab Emirates and have been awarded a study into CO2 injection for enhanced oil recovery by the Abu Dhabi Company for Onshore Oil Operations ("ADCO"). Production Facilities Production Facilities provides a broad range of services in support of customers' ongoing operations. Activity levels are driven by customers' focus on maintaining production levels, lowering unit production costs and ensuring asset integrity. Headcount has increased from 11,300 people at 31 December to 12,300 at 30 June with increases of around 200 people in the North Sea and around 750 in Asia Pacific, including around 500 through acquisitions. The North Sea is our largest Production Facilities market, representing around 60% of revenue and over the last few years we have positioned ourselves to win an increasing share of work from new entrants. Strong opex related activity across our longer term contracts delivered good sterling revenue growth, but the reported growth was held back by the impact of the weaker average sterling exchange rate in the period. We continued to be active for clients such as BP, Hess, Shell, Talisman, Total and Venture and enjoyed significant revenue growth in the period, including work for TAQA on their Tern, Eider, North Cormorant and Cormorant Alpha platforms and for Ithaca on their Beatrice field and Jacky development. In the period we were also appointed as duty holder on the Voyageur FPSO by Premier Oil following their acquisition of the North Sea assets of Oilexco. We are continuing to increase our presence in international markets and are seeing a greater number of international opportunities. To build our Production Facilities business in Asia Pacific we made two acquisitions in Australia and have recently secured a maintenance contract with ENI for their Blacktip gas development near Darwin and been given a letter of intent by Woodside to provide engineering, procurement and construction services for their Otway gas plant upgrade in Victoria. Our Latin American operations include Brazil, Colombia, Peru and Trinidad. During the period we were awarded a five-year operations and maintenance support contract for Statoil's Peregrino project offshore Brazil and received a two-year contract from BP to provide commissioning and start-up services for new onshore projects in Colombia. M&O Global, our safety and emergency response training company, has established new training centres in Egypt, Libya and Tunisia. We also completed the acquisition of CSS, a Louisiana based training company, providing a platform to expand our training services in North America. Well Support We provide solutions, products and services to enhance production and efficiency from oil & gas reservoirs.
Revenue is 14% lower than the previous period principally due to the impact of the weaker US natural gas market on our Pressure Control and Logging Services businesses. EBITA has decreased by 28% in the period, driven largely by lower volumes and pricing pressure in the US natural gas market. This has led to margins decreasing from 10.4% to 8.8%. In advance of the lower activity we reduced headcount and cut overhead costs by more than 10% across the whole division. Headcount has fallen in the US from 2,100 at 31 December to 1,500 at 30 June, and internationally from 2,200 to 2,100 over the same period. This has helped to position us for lower market volumes and protect our margins. Electric Submersible Pumps ("ESP") Our ESP business represented just over 50% of the division's revenue in the period and is focused on maintaining and enhancing oil production, frequently on a longer term contract basis. Our North American business, which represented around 30% of total ESP revenue, delivered a reasonable performance in the period. Internationally, where around 70% of our revenue was generated, and where our customers are typically IOCs and NOCs under longer term contracts, we have seen a stronger performance with good levels of growth in Africa and in newer markets in South America. Our ongoing cost reduction initiatives have contributed to increased margins in the period. Pressure Control Pressure Control represented around 35% of the division's revenues in the period. We are the US market leader in the surface valve and wellhead equipment market and are focused on growing our international business. Gas drilling related activity in the US decreased significantly, which led to a corresponding reduction in Pressure Control activity levels. The US market represented just under 65% of revenue in the period and we are continuing to pursue opportunities in growth regions such as the newer shale areas. In advance of volume reductions, we reduced our workforce in the US and significantly cut other costs to position us for the lower levels of activity. At 30 June our US workforce had reduced by around 30% from its peak. Activity outside the US contributed around 35% of Pressure Control's revenue and features longer term contracts with IOCs and NOCs. In particular, we have strengthened our business with PEMEX in Mexico and continue to build our presence in the Middle East. Our competitive position in the US and internationally is enhanced by our lower cost manufacturing facilities in China and Mexico. Logging Services Our production focused slickline services and development focused cased hole electric wireline services represented just under 15% of the division's revenues in the period. We faced challenging markets in the US land electric wireline market in the first half with significantly lower revenues and we have closed our US land production testing facilities. Overall we have reduced our US headcount by around 45%. Our Gulf of Mexico slickline activities and our operations in Argentina continue to perform well. Gas Turbine Services We are the world leading independent provider of integrated maintenance solutions and repair and overhaul services for industrial gas turbines, used for power generation, compression and transmission in the oil & gas and power industries.
Overall, Gas Turbine Services' revenue is down 14% in the period, or 8% in constant currency terms. The reduction in constant currency revenue was driven by the disposal of non core businesses and lower fast track power package revenue. Underlying maintenance, repair and overhaul revenue was up 3% on a constant currency basis. EBITA fell by 7% in the period, but was up 4% in constant currency terms, due to higher underlying margins which have increased in the period from 7.4% to 8.0%. This margin improvement has been driven by benefits from internal restructuring and cost reduction initiatives, increasing work under longer term contracts, and new product and service capabilities. We continue to focus on increasing the proportion of our work that is on a longer term contract basis and this is now about 50% of our revenues. The reduction in headcount from 4,100 at 31 December to 3,800 at 30 June is due primarily to the disposal of non core businesses in the period. Oil & Gas Our oil & gas activities provide support for turbines used for power generation, gas compression and transmission, and represent around one third of the division's revenue. Overall, demand for our services has remained robust as customers seek to maintain existing production. We made good progress in a number of key international markets during the period, including Brazil, Iraq, Peru and Saudi Arabia. Our Asset Management Solutions business, which manages the reliability of oil and gas customers' rotating equipment, has seen strong demand for its services in the North Sea and has been active with a number of customers including TAQA, Talisman and Total. Power & Industrial Our power & industrial activities provide support for turbines used for power generation and industrial applications, and represent around two thirds of the division's revenue. Our aftermarket revenue saw strong activity on a number of longer term contracts, including Air Products and the New York Power Authority ("NYPA") and demand for aftermarket services has remained steady. We were successful with the award of various new longer term operations and maintenance agreements including Berkshire Power Company's GT24B assets. We have also secured several long term maintenance contracts, including a 7EA contract with MEG Energy Corp and LM6000PD contract with East Windsor Cogeneration LP both in Canada. We are now supporting around 15,000 MW under longer term contracts (30 June 2008: 14,000 MW). We continue to develop relationships with new customers in several locations including Australia, Canada, Panama & Peru. Our fast track power package business, which contributed around 15% of the division's revenue, continued the construction of three power stations in Texas for El Paso Electric ("ELE") and East Texas Electric Co-operative ("ETEC") during the first half of the year. The ELE project was completed ahead of schedule and the ETEC projects are progressing well. We continue to have good enquiry levels however, as expected, we continue to see delays in new project awards due to the impact of tight credit markets. Cash generated from operations, and financial position
2009 2008 2008
Cash generated from operations pre
Cash generated from operations increased from $87.9m to $228.2m due to a reduction in working capital, partially offset by lower profitability in the period. Working capital inflows were $6.5m (30 June 2008: outflow of $161.2m) with the improvement due to improved receivables collection and advance payments from certain customers, partially offset by higher inventory. Net working capital as a percentage of annualised revenue5 was 13.3%, an improvement on 14.1% at 30 June 2008. Cash paid in relation to acquisitions in the period decreased to $26.6m (30 June 2008: $39.6m) and payments for capex and intangible assets reduced to $35.5m (30 June 2008: $53.3m). Amortisation was $11.3m (30 June 2008: $11.1m) and includes the impact of the amortisation of the other intangible asset balance arising from acquisitions. Tax paid in the period was driven by an effective tax rate of 32.5% of profit before tax, excluding other intangible amortisation of $5.1m (30 June 2008: $5.4m). The increase in interest, dividends and other is primarily due to the higher 2008 final dividend paid. The Group's financial position remains strong. Net debt was $185.7m, compared to $248.8m at December 2008 and $355.0m at June 2008. The movement in net debt in the current period was mainly driven by the strong cash flow from operations offset by our ongoing investment programme through acquisitions and capex. In March we extended our $950m bilateral facilities to 2012, with the potential for two, one year extensions. The Group's gearing ratio6 has decreased from 21.9% at 31 December 2008 to 15.2%, the ratio of closing net debt to annualised EBITDA (earnings before interest, tax, depreciation and amortisation) decreased from 0.7 times at 30 June 2008 to 0.4 times and interest cover7 decreased from 13.4 times at 30 June 2008 to 12.0 times. OCER8, used to measure operating capital employed efficiency, improved from 20.1% at 30 June 2008 to 19.5%. ROCE9 for the Group decreased by 4.1% points to 27.5% (30 June 2008: 31.6%), driven primarily by the reduction in Group EBITA margin, partially offset by the improvement in OCER referred to above. Foreign exchange The Group's revenue and EBITA are impacted by movements in foreign exchange rates, including the effect of retranslating the results of subsidiaries with various functional currencies into US dollars at different exchange rates. Given the materially stronger US dollar in the first half of 2009 compared to the first half of 2008, the table below shows our results for the six months to 30 June 2008 restated at the average exchange rates for the six months to 30 June 2009.
Revenue
Facilities
operations
EBITA
Facilities
operations
EBITA margin
Facilities
Outlook In challenging energy markets, we continue to benefit from a robust performance in our production support related businesses and believe results for the year will be in line with expectations. We believe the longer term fundamentals for our business remain strong, and our market leading services and products, wide international spread and high quality customer base will enable us to resume good growth as energy markets recover. The confidence in our longer term outlook is reflected in the 11% increase in our interim dividend. Sir Ian Wood, Chairman Allister G Langlands, Chief Executive 26 August 2009 Footnotes 1 Number of people includes both employees and contractors. 2 EBITA represents operating profit of $176.4m (2008: $196.8m) before the deduction of amortisation of $11.3m (2008: $11.1m) and is provided as it is a key unit of measurement used by the Group in the management of its business. 3 Constant currency changes are the movement between the actual revenue, EBITA and EBITA margin for the six months to June 2009 and the restated comparatives for revenue, EBITA and EBITA margin for the six months to 30 June 2008. The restated comparatives are calculated by applying the average rates of exchange for the six months to 30 June 2009 to the local currency revenue, EBITA and EBITA margin for the six months to 30 June 2008. The restated comparatives are set out in the foreign exchange section. 4 Adjusted diluted earnings per share is calculated by dividing earnings before amortisation, net of tax, by the weighted average number of ordinary shares in issue during the period, excluding shares held by the Group's employee share ownership trusts and adjusted to assume conversion of all potentially dilutive ordinary shares. 5 Net working capital as a percentage of annualised revenue represents the total of inventories, trade and other receivables, less trade and other payables divided by total revenue. Total revenue for the six month period is multiplied by two to provide an annualised equivalent. 6 Gearing is net debt divided by total shareholders' equity. 7 Interest cover is EBITA divided by net finance costs. 8 Operating Capital Employed to Revenue ("OCER") is Operating Capital Employed (property, plant and equipment, intangible assets (excluding goodwill and intangibles recognised on acquisition), inventories and trade and other receivables less trade and other payables) divided by Revenue. Total revenue for the six month period is multiplied by two to provide an annualised equivalent. 9 Return on Capital Employed ("ROCE") is calculated as Group EBITA, divided by average equity plus average net debt, excluding discontinuing activities. Group EBITA for the six months period is multiplied by two to provide an annualised equivalent. 10 Unless stated otherwise, comparisons of financial performance are between the six months to 30 June 2009 and the six months to 30 June 2008. Group income statement for the six month period to 30 June 2009
2009 2008 2008
Attributable to:
Earnings per share
(expressed in cents per share)
All items dealt with in arriving at the profits stated above relate to continuing operations. Group statement of comprehensive income for the six month period to 30 June 2009
2009 2008 2008
Other comprehensive income
benefit liabilities
to retirement benefit liabilities
of foreign currency net assets
for the period
Total comprehensive income
for the period is attributable to:
Group balance sheet as at 30 June 2009
2009 2008 2008
Assets
Non-current assets
Current assets
Liabilities
Current liabilities
Non-current liabilities
Shareholders' equity
Group statement of changes in equity for the six month period to 30 June 2009
2008
the period
Other
comprehensive
income:
hedges
movements on
retranslation
of foreign
currency net
assets
comprehensive
income for
the period
Transactions
with owners:
paid
relating to
share based
charges
shares to
employee
share trusts
purchased by
employee
share trusts
disposed of
by
employee
share trusts
movements in
respect of
shares held
by
employee
share trusts
2008
2009
the period
Other
comprehensive
income:
hedges
movements on
retranslation
of foreign
currency net
assets
comprehensive
income for
the period
Transactions
with owners:
paid
relating to
share based
charges
disposed of
by
employee
share trusts
movements in
respect of
shares held
by
employee
share trusts
of minority
interests
2009 The figures presented in the above tables are unaudited. Group cash flow statement for the six month period to 30 June 2009
2009 2008 2008
Cash flows from investing activities
borrowings acquired)
businesses (net of cash and
borrowings disposed)
and equipment
property plant and equipment
other intangible assets
Cash flows from financing activities
from bank loans
employee share trusts
employee share trusts
minority shareholders
financing activities
on cash and cash equivalents
cash equivalents
cash equivalents
cash equivalents Notes to the interim accounts for the six month period to 30 June 2009 1. Basis of preparation The interim report and accounts for the six months ended 30 June 2009 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34 `Interim financial reporting' as adopted by the European Union. The interim report and accounts should be read in conjunction with the Group's 2008 Annual Report and Accounts which have been prepared in accordance with IFRS's as adopted by the European Union. The interim report and accounts have been prepared on the basis of the accounting policies set out in the Group's 2008 Annual Report and Accounts. The interim report and accounts do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The interim accounts were approved by the Board of Directors on 25 August 2009. The results for the six months to 30 June 2009 and the comparative results for six months to 30 June 2008 are unaudited. The comparative figures for the year ended 31 December 2008 do not constitute the statutory financial statements for that year. Those financial statements have been delivered to the Registrar of Companies and include the auditor's report which was unqualified and did not contain a statement either under Section 237(2) or Section 237(3) of the Companies Act 1985. Functional currency The Group's earnings stream is primarily US dollars and the principal functional currency is the US dollar, being the most representative currency of the Group. The Group's financial statements are therefore prepared in US dollars. The following exchange rates have been used in the preparation of these accounts:
Disclosure of impact of new accounting standards The following standards, amendments and interpretations to published standards were mandatory for the financial year beginning 1 January 2009: IAS 1 (revised), `Presentation of financial statements'. The Group has elected to present two statements: an income statement and a statement of comprehensive income. Furthermore, adoption of the above standard has resulted in management including a statement of changes in equity within the primary statements of the interim report. IFRS 8, `Operating segments'. IFRS 8 replaces IAS 14, `Segment reporting'. The standard defines operating segments as components of an entity about which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. It also sets out the required disclosures for operating segments. On adoption, there was no change to the Group's reportable segments or financial measures. The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group or have no impact on the interim accounts: IFRIC 13, `Customer loyalty programmes'. IFRIC 14, `The limit on a defined benefit asset, minimum funding requirements and their interaction' IFRIC 15, `Agreements for the construction of real estate' IFRIC 16, `Hedges of a net investment in a foreign operation' IFRS 7 `Financial instruments ; disclosures' (Amendment) The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 January 2009 and have not been early adopted: IAS 39 (amendment), `Financial instruments: Recognition and measurement' IFRS 3 (revised), `Business combinations' and consequential amendments to IAS 27, `Consolidated and separate financial statements', IAS 28, `Investments in associates' and IAS 31, `Interests in joint ventures' IFRIC 17, `Distributions of non-cash assets to owners' IFRIC 18, `Transfers of assets from customers' 2. Segmental reporting Business segments
2009 2008 2008 2009 2008 2008
Production
Facilities
Services
(4)
Services - to
be disposed
2009 2008 2008 2009 2008 2008
Production
Facilities
Services
(4)
Services - to
be disposed
income
expense
taxation
the period Notes EBITDA represents operating profit before depreciation and amortisation. EBITA represents EBITDA less depreciation. EBITA and EBITDA are provided as they are units of measurement used by the Group in the management of its business. The Gas Turbine Services business to be disposed is an Aero engine overhaul company from which the Group has decided to divest. Revenue arising from sales between segments is not material. Central costs include the costs of certain management personnel in both the UK and the US, along with an element of Group infrastructure costs. 3. Dividends
2009 2008 2008
Dividends on equity shares
After the balance sheet date, the directors declared an interim dividend of 3.1 cents per share which will be paid on 24 September 2009. The interim financial report does not reflect this dividend payable, which will be recognised in shareholders' equity as an appropriation of retained earnings in the year ended 31 December 2009. 4. Acquisitions and disposals In January 2009, the Group disposed of two small businesses in its Gas Turbine Services division. Net proceeds received amounted to $11.6m and in addition the Group acquired various assets and liabilities as part of the transaction. A net gain of $0.2m arose on the disposals. In May 2009, the Group acquired a 70% shareholding in Proteus Global Solutions Pty Limited a provider of commissioning, operations support and engineering services based in Perth, Australia. The purchase consideration was $12.5m. In May 2009, the Group acquired a 51% shareholding in Regional and Northern Maintenance Services, a provider of operations support services to the oil and gas industry based in Darwin, Australia. The purchase consideration was $1.1m. The companies acquired during the period have contributed $11.8m to revenue and $0.7m to operating profit in the six months to 30 June 2009. The acquisitions carried out during the period provide the Group with access to new markets and strengthen the Group's capabilities in certain areas. The acquired companies will be in a position to access the Group's wider client base and use the Group's existing relationships to further grow and develop their business. These factors contributed to the goodwill recognised by the Group on the acquisitions during the period. During the period, the Group has revised the calculation of amounts payable under earn out arrangements for companies acquired in previous periods. This has resulted in a reduction of $38.8m in goodwill and deferred consideration liabilities. 5. Earnings per share
dilutive
ordinary
shares
net of tax
diluted
basic The calculation of basic earnings per share (`EPS') is based on the earnings attributable to equity shareholders divided by the weighted average number of ordinary shares in issue during the period excluding shares held by the Group's employee share ownership trusts. For the calculation of diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. The Group has two types of dilutive ordinary shares - share options granted to employees under Employee Share Option Schemes and the Long Term Retention Plan; and shares issuable under the Group's Long Term Incentive Scheme and Long Term Incentive Plan. Adjusted EPS is disclosed to show the results excluding amortisation, net of tax. 6. Taxation The taxation charge for the six months ended 30 June 2009 reflects an anticipated rate of 32.5 % on profit before taxation and amortisation of other intangibles for the year ending 31 December 2009 (June 2008 : 32.5%). 7. Retirement benefit liability No interim revaluation of the pension liability has been carried out at 30 June 2009 and accordingly there is no actuarial gain/loss in the statement of recognised income and expense. The figures for gains and losses for the full year together with the surplus/deficit at the year end will be presented in the 2009 Annual Report and Accounts. 8. Related party transactions The following transactions were carried out with the Group's joint ventures in the six months to 30 June. These transactions comprise sales and purchase of goods and services in the ordinary course of business.
2009 2008 2008
ventures
9. Cash generated from operations
2009 2008 2008
Reconciliation of operating profit to cash
generated from operations:
Adjustments for:
equipment
Changes in working capital (excluding effect
of acquisition and disposal of subsidiaries)
10. Reconciliation of cash flow to movement in net debt
11. Capital commitments At 30 June 2009 the Group had entered into contracts for future capital expenditure amounting to $10.5 million. The capital expenditure relates to property plant and equipment and has not been provided in the financial statements. 12. Post balance sheet events In August 2009 the Group entered into an agreement with Al-Hejailan Consulting, a Saudi Arabian engineering contractor, to acquire a majority interest in a newly established joint venture, Mustang Al-Hejailan Engineering. Statement of directors' responsibilities for the six month period to 30 June 2009 The directors confirm that the interim report and accounts have been prepared in accordance with IAS 34 as adopted by the European Union and that the interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: an indication of impairment events that have occurred during the first six months and their impact on the accounts and a description of the principal risks and uncertainties for the remaining six months of the year; and material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report. The directors of John Wood Group PLC are listed in the Group's 2008 Annual Report and Accounts. A G Langlands Chief Executive A G Semple Group Finance Director 25 August 2009 Independent review report to John Wood Group PLC for the six month period to 30 June 2009 Introduction We have been engaged by the company to review the condensed set of financial statements in the half year report for the six months ended 30 June 2009 which comprises the Group income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information in the condensed set of financial statements. Directors' responsibilities The interim report, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, `Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. PricewaterhouseCoopers LLP Chartered Accountants Aberdeen 25 August 2009 Notes: (a) The maintenance and integrity of the John Wood Group PLC web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the web site. (b) Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. Shareholder information Payment of dividends The Company declares its dividends in US dollars. As a result of the shareholders being mainly UK based, dividends will be paid in sterling, but if you would like to receive your dividend in dollars please contact the Registrars at the address below. All shareholders will receive dividends in sterling unless requested. If you are a UK based shareholder, the Company encourages you to have your dividends paid through the BACS (Banker's Automated Clearing Services) system. The benefit of the BACS payment method is that the Registrars post the tax vouchers directly to the shareholders, whilst the dividend is credited on the payment date to the shareholder's Bank or Building Society account. Shareholders who have not yet arranged for their dividends to be paid direct to their Bank or Building Society account and wish to benefit from this service should contact the Registrars at the address below. Sterling dividends will be translated at the closing mid-point spot rate on 4 September 2009 as published in the Financial Times on 5 September 2009. Officers and advisers Secretary and Registered Office I Johnson John Wood Group PLC John Wood House Greenwell Road ABERDEEN
AB12 3AX Tel: 01224 851000 Registrars Equiniti Aspect House Spencer Road Lancing West Sussex BN99 6DA Stockbrokers JPMorgan Cazenove Limited Credit Suisse Auditors PricewaterhouseCoopers LLP Chartered Accountants Financial calendar
2009 2009
date
date
Meeting The Group's Investor Relations website can be accessed at www.woodgroup.com.
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| 25-08-09 | AFX UK Focus |
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LONDON, Aug 25 (Reuters) - John Wood Group PLC:
business ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
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