Confirms guidance (Il Sole 24 Ore Radiocor) - London, 11 Jul - The UK consulting and engineering company Wood said in the half year ended June 30 adjusted EBITDA of about 210 million dollars was up around 4% with margin expansion more than offsetting expected lower revenue.

Adjusted EBITDA margin was about 7.4% compared to 6.8% last year.

Revenue was down around 6% at about 2.8 billion dollars.

The order book was up 2% at around 6.1 billion dollars.

The group said that it secured 25 million dollars of annualised savings of the total target of 60 million from 2025.

Wood confirmed its full-year outlook.

"We continue to expect high single digit growth in adjusted EBITDA, before the impact of disposals. Performance will be weighted to the second half, reflecting the typical seasonality of our business and the phasing of the in-year benefit of the Simplification programme," it added.

The operating cash flow performance is expected to continue to improve, it added.

Net debt at end 2024 is expected to be at a similar level to December 31, 2023 after the proceeds from planned disposals, which are due to complete in the second half of this year, the group said.

It also reiterated its guidance for 2025.

"We continue to expect EBITDA growth in 2025 to exceed our medium-term target, with the annualised benefits from our Simplification programme of around 60 million dollars on top of growth consistent with our strategy. With this improving profitability and continued improvements in cash conversion, we expect to deliver significant free cash flow in 2025.".

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(RADIOCOR) 11-07-24 09:36:07 (0201) 5 NNNN