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FTSE 250 movers: Wood Grp up on guidance lift; Crest Nicholson falls again
(Sharecast News) - Engineering and consultancy company Wood Group on lifted annual earnings guidance after winning major contracts as it posted better-than-expected adjusted interim earnings, driven by a strong order book.
Revenue rose 16% to $3bn for the six months to June 30 with adjusted core earnings up 8.5% to $202m. Sales in its projects division jumped 29.6% to $1.25bn, thanks to robust demand from the chemicals, and oil and gas sectors.
The group's overall headline order book increased 5% from the end of December to about $6bn. Recently won major contracts included an estimated $250m two-year extended deal to provide services to Brunei Shell Petroleum.
Looking forward, Wood said adjusted core earnings margin was expected to be flat in the nearer term at around 7%, partly reflecting investments being made in the business and the level of low margin pass-through revenue activity.
"As such, adjusted EBITDA for full-year 2023 is expected to be ahead of our previous expectations and within our medium-term target of mid to high single digit growth," the company said.
It added that chief financial officer David Kemp had decided to retire, but would remain in his role until a successful candidate is in place.
Crest Nicholson continued its slide after a profits warning on Monday.
Market Movers
FTSE 250 (MCX) 18,034.89 0.76%
FTSE 250 - Risers
Investec (INVP) 459.40p 4.39% Wood Group (John) (WG.) 154.50p 4.32% C&C Group (CDI) (CCR) 135.20p 4.00% Hays (HAS) 102.50p 3.80% TI Fluid Systems (TIFS) 127.20p 3.75% Bank of Georgia Group (BGEO) 3,520.00p 3.68% Sirius Real Estate Ltd. (SRE) 81.95p 3.34% Quilter (QLT) 79.45p 3.18% LXI Reit (LXI) 87.75p 3.17% Ferrexpo (FXPO) 77.15p 2.87%
FTSE 250 - Fallers
W.A.G Payment Solutions (WPS) 85.00p -4.06% Trainline (TRN) 221.40p -3.40% Crest Nicholson Holdings (CRST) 171.00p -3.39% Hill and Smith (HILS) 1,708.00p -2.06% Keller Group (KLR) 768.00p -1.92% Currys (CURY) 48.06p -1.80% Capita (CPI) 18.49p -1.75% NB Private Equity Partners Ltd. (NBPE) 1,488.00p -1.59% Games Workshop Group (GAW) 10,670.00p -1.48% Dunelm Group (DNLM) 1,106.00p -1.43%
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