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Wood Group HY profit falls 86.7 percent on exceptional costs
August 22, 2017 / 6:31 AM / a month ago

Wood Group HY profit falls 86.7 percent on exceptional costs

Aug 22 (Reuters) - Oilfield services company John Wood Group Plc reported a 86.7 percent fall in half-year profit, due to an exceptional charge and as weak oil prices hurt demand for its services.

Profit fell to 6 million pounds for the year ended June 30 from 45 million pounds last year, impacted by exceptional costs of $47.6 million including a $25.2 million charge in relation to the Amec Foster deal.

Wood Group, which is buying Amec Foster for 2.2 billion pounds ($2.83 billion) said should the remedy proposed by the Competition and Markets Authority be accepted and implemented, pretax synergies of about 25 million pounds would not be achieved.

$1 = 0.7762 pounds Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair

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