8% 9% 4% 76%Notes to the performance highlights:
Metrics shown are for continuing operations. Percentage growth rates are calculated on rounded figures on this page. Growth rates shown at constant currency are calculated by comparing FY23 to FY22 re-presented at FY23 currency rates.
Comparative information has been re-presented, due to the reclassification of Built Environment Consulting Saudi Arabia from discontinued into continuing operations following a decision not to dispose of that business, see note 7 to the financial statements.
Adjusted earnings before interest, tax, depreciation and amortisation. A reconciliation of adjusted EBITDA is shown in note 1 to the financial statements.
Order book comprises revenue that is supported by a signed contract or written purchase order for work secured under a single contract award or frame agreement. Multi-year agreements are recognised according to anticipated activity supported by purchase orders, customer plans or management estimates. Where contracts have optional extension periods, only the confirmed term is included. Order book disclosure is aligned with the IFRS definition of revenue and does not include Wood’s proportional share of joint venture order book. Order book is presented as an indicator of the visibility of future revenue.
A reconciliation of net debt excluding leases to net debt including leases is shown in note 31 to the financial statements. We refer to net debt excluding leases throughout this report as net debt.
5. A reconciliation of free cash flow to our statutory cash flow statement is shown on page 38 of the financial review.
Delivered results in line with expectations
Continued momentum
Growing our sustainable solutions business to $1.3 billion2
Focus on driving higher margins
Simplification programme to drive efficiency
Will improve both adjusted EBITDA and EBIT margins, and future cash generation
Aligning our portfolio with our strategy
Upgraded 2024 outlook
Upgraded medium-term outlook
- Excluding the Gulf of Mexico labour operations business sold in March 2023. Order book at constant currency.
- Sustainable solutions consist of activities related to: renewable energy, hydrogen, carbon capture & storage, electrification and electricity transmission & distribution, LNG, waste to energy, sustainable fuels & feedstocks and recycling, processing of energy transition minerals, life sciences, and decarbonisation in oil & gas, refining & chemicals, minerals processing and other industrial processes. In the case of mixed scopes that include a decarbonisation element, for our pipeline disclosure we include the proportion of the opportunity that is related to those decarbonisation elements. For our revenue disclosure, we only include revenue if directly within sustainable solutions, with mixed scopes only included if 75% or more of the scope relates to decarbonisation.
* Please note that certain information concerning executive directors’ remuneration was inadvertently omitted from 2023 Annual Report. Page 141 describes the three financial measures for the bonus year ended 31 December 2023. It also describes the outcome of two of the measures; however, the outcome for the growth measure (revenue backlog additions) was omitted. That information is available on our Remuneration page.
Please note: All the reports above are PDF downloads.
** Please note a correction to the 2022 Annual Report. On page 47, the Annual Report incorrectly states that “the Company achieved the following outcomes… agreeing a revised Climate Transition Plan with UKEF”. It should have stated “the Company achieved, or aims to achieve, the following outcomes… agreeing a revised Climate Transition Plan with UKEF”.