Wood Group up on solid first half

Engineering services firm John Wood Group rose on Friday morning after revealing encouraging trading at its three main divisions in the six months to the end of June.

The firms says the engineering unit will deliver revenue and margin improvements, resulting in a 30% boost to earnings before interest, tax and amortisation (EBITA).

In the Production Services Network division (PSN), which operates in the oil and gas sector, Wood Group simply says it has seen "improved performance over 2011".

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At Wood Group GTS, which makes provides maintenance and repair services for turbines the firm says it will see EBITA growth, although weighted to the second half.

By 09:12 the stock had risen 2%.

BS