Half-year results 2017

• Challenging conditions continue in some key markets (primarily upstream oil and gas and solar)
  • underlying revenue down 24%
  • E&I underlying revenue up 7%
• Offset by better operational performance and contract close outs
  • trading margin up 80bp, and up 180bp for retained operations
• Retained operations order book up 2% to £5.5bn
• Efficiency and cost saving programme delivering greater benefits ahead of schedule
• £159m proceeds from non core disposal programme in H1, £229m in total since Q4
• Offer from John Wood Group remains on track to complete in Q4

Chief Executive, Jonathan Lewis said:

Operational discipline has improved, we have more than delivered on our cost saving targets and we have also seen the first tangible signs of sustainable growth: in the retained operations, trading margin is up 180 basis points compared to H1 last year with a 2% increase in the order book since the year end. 

Although, as expected, some of our end markets remain challenging, I am pleased that we are making progress across the business – reinforcing the value of a multi-discipline and multi-market customer offering.

Looking forward, I am confident Amec Foster Wheeler is now moving in the right direction, and I believe that our people and shareholders will have an exciting future as part of the Wood Group, once the deal closes in the fourth quarter."