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UK's John Wood Group posts 62 pct fall in FY profit, shares fall
February 21, 2017 / 8:19 AM / 8 months ago

UK's John Wood Group posts 62 pct fall in FY profit, shares fall

Feb 21 (Reuters) - Oilfield services company John Wood Group Plc reported a 62 percent fall in its 2016 profit as weak oil prices continued to force oil producers to slash spending.

Shares in the company fell as much as 10 percent to 736.50 pence in morning trade on the London Stock Exchange.

John Wood Group’s profit fell to $34.4 million for the year ended Dec. 31, from $90.1 million a year earlier.

The company said it expected EBITDA margin, which fell to 7.4 percent in 2016 from 8 percent the year before, to fall further by the end of the current year.

However the UK-based company said it was seeing signs of a potential uptick in onshore spending in North America, as the rig count in the United States rises. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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