Annual reports

Notes to the performance highlights:

1. 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.

2. Adjusted earnings before interest, tax, depreciation and amortisation. A reconciliation of adjusted EBITDA is shown in note 1 to the financial statements.

3. 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.

4. 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. 5. A reconciliation of free cash flow to our statutory cash flow statement is shown on page 38 of the financial review.

1. Excluding the Gulf of Mexico labour operations business sold in March 2023. Order book at constant currency.
2. 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.