Oil services firm Wood Group battered by Covid slowdown 

Oil services firm Wood Group forecasts return to growth after being battered by Covid slowdown

Oil services firm Wood Group has posted a slump in first-half revenues after taking a hit from the pandemic, but stuck by forecasts for a return to growth by the end of the year. 

The Aberdeen consulting and engineering firm suffered a 23 per cent slump in turnover to £2.3billion for the six months to June 30. 

Covid and a £54million loss of revenues from the sale of parts of the business were blamed. 

Covid slump: Aberdeen consulting and engineering firm Wood Group suffered a 23 per cent fall in turnover to £2.3bn for the six months to June 30

Losses were £8.3million, compared with a loss of £7.7million a year ago. The group held off from paying any interim dividend but it has faith in the future. 

Chief executive Robin Watson said: ‘Trading momentum and good growth in our order book, which is up around 18 per cent year-to-date, underpin our confidence in delivering a stronger second half which will reflect a return to growth.’ 

The order book was £5.6billion at the end of June, with around £2.2billion of that due to be delivered in the second half. 

Wood Group recently secured the first government-backed ‘green transition loan’ in a deal worth £430million. 

Under the agreement, it will commit to increasing its clean energy portfolio and significantly reducing its greenhouse gas emissions over a five year period. 

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