- Audited results in line with 13 March update
- Year end net debt to EBITDA covenant ratio – 3.3x. Restated covenant agreed with lenders up to 4.5x until June 2018
- Confirmation that no final dividend being recommended
- Non-core disposal programme on track
- Shareholder vote on offer from Wood Group expected in June
Given conditions in natural resources end markets, our 2016 trading performance was robust, as we benefited from the breadth of our business – especially the record performance from solar – cost saving actions and the fall in sterling in the second half of the year.
We continue to expect another year of decline in oil and gas activity in 2017 and for solar activity to reduce significantly from the record levels seen in 2016. It is also expected that there will be a better performance from environment and infrastructure and a further significant contribution from standalone overhead cost savings.
This year, we will continue to leverage the outstanding technical expertise of our people to best serve our customers and deliver projects safely across all the markets in which we operate. This and the improvements we have made to the business will ensure we continue to make significant progress in 2017.