(RTTNews) – Engineering and consulting firm John Wood Group Plc. (WDGJF.PK, WG.L) reported Thursday higher adjusted EBITDA in its first quarter, despite weak revenues. The company further reiterated its EBITDA guidance for 2024 and outlook for 2025.
In its trading update for the quarter, the company reported that adjusted EBITDA was up 4 percent with margin expansion across all of its business units, which offset lower revenue.
The first-quarter revenue was $1.36 billion, down 6 percent from last year’s $1.46 billion, with growth in Operations offset by lower revenue in Projects.
Operations revenue was up 5 percent to $624 million, while Projects revenue was down 15 percent to $518 million, and Investment Services revenue was down 32 percent.
The company’s order book as of March 31, 2024 was $6.2 billion, up 9 percent compared to the same period a year ago.
For fiscal 2024, the company continues to expect high single digit growth in adjusted EBITDA, before the impact of disposals. Performance will be weighted to the second half, mainly reflecting the typical seasonality of the business.
For fiscal 2025, John Wood still expects EBITDA growth to exceed medium-term target, with the annualised benefits from Simplification programme of around $60 million on top of growth.
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