August 21, 2018 / 6:36 AM / 8 months ago

UK's Wood Plc eyes faster merger synergies after first half results

Aug 21 (Reuters) - Oilfield services company Wood Plc posted first-half profits at the higher end of its forecast on Tuesday while raising its cost-savings target for the integration of a smaller rival it bought last year by $40 million to $210 million.

Wood Plc said earnings before interest, tax and amortization (EBITA) dipped to $260 million for the six months ended June 30, from $264 million a year earlier on a pro forma basis as margins dropped 0.8 percentage points to 4.8 percent.

The company did not give figures factoring out the impact of the merger with smaller rival Amec Foster for other measures of profit.

Revenue rose 13.4 percent to $5.38 billion as demand for its oilfield services and products picked up due to higher spending by oil producers after a prolonged crude price slump. (Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below