20 August 2019
Six months ended 30 June
Adjusted EBITDA (excluding impact of IFRS 16)1
Adjusted EBITDA Margin (excluding impact of IFRS 16)
Like for like adjusted EBITDA (excluding impact of IFRS 16)
Operating profit before exceptional items (excluding impact of IFRS 16)1
Adjusted EBITDA Margin
Operating profit before exceptional items1
Profit/(loss) for the period
Adjusted diluted EPS1
Net debt excluding leases3
“Strong margin improvement and profit growth in the first half was led by activities in energy markets in the eastern hemisphere and our environment and infrastructure operations in North America, together with cost synergies. We also made substantial progress on our non core asset disposal programme and have agreed the sale of our nuclear business for c$305m, with completion anticipated in Q1 2020. This will result in significant deleveraging and bring us close to our target leverage. With 87% of 2019 revenues delivered or secured we remain confident in our full year outlook and guidance is unchanged. Looking further ahead, we remain well positioned for growth across the energy and built environment markets.”
Robin Watson, Chief Executive
Adjusted EBITDA (pre-exceptional items, including Wood’s share of joint venture EBITDA) is adopted as an additional non-statutory /‘non-GAAP’ measure of profit. This is presented at the Group and Business Unit level to report underlying financial performance and facilitate comparison with peers.
Adjusted Diluted EPS is also presented, defined as “earnings before exceptional items and amortisation relating to acquisitions, net of tax, divided by the weighted average number of ordinary shares in issue during the period”. In contrast to previous reporting, the measure is stated before amortisation arising from acquisitions only and not amortisation relating to other intangibles such as software costs.
Comparative figures for 2018 are shown on the same basis.
Consensus adjusted EBITDA, includes an estimated impact of IFRS 16 of c$170m and is $919m (Range: $889m-$948m). Growth in consensus underlying adjusted EBITDA, excluding the impact of IFRS 16 is c8%. Consensus Operating Profit (pre exceptional items) is $447m (Range: $413m-$491m) and Consensus AEPS is 53.2c (Range 46.0c-64.5c).
Wood is a global leader in the delivery of project, engineering and technical services in energy, industry and the built environment. We operate in more than 60 countries, employing around 60,000 people, with revenues of around $11 billion. We provide performance-driven solutions throughout the asset life-cycle, from concept to decommissioning across a broad range of industrial markets including the upstream, midstream and downstream oil & gas, power & process, environment and infrastructure, clean energy, mining, nuclear and general industrial sectors. www.woodplc.com
Andrew Rose – Group Head of Investor Relations 01224 532 716
Ellie Dixon – Investor Relations Senior Manager 01224 851 369
Kevin Smith 020 7638 9571
There will be an analyst and investor presentation at the London Stock Exchange, 10 Paternoster Square, EC4M 7LS at 09.00. Early registration is advised from 08.30. A live webcast of the presentation will be available from https://www.woodplc.com/investors/financial-events-calendar. Replay facilities will be available later in the day.