Confirms 2024 EBITDA guidance, 2025 outlook (Il Sole 24 Ore Radiocor) - London, 09 May - The UK consulting and engineering company Wood said that in the first quarter revenue rose 6% to 1.356 billion dollars with growth in Operations offset by lower revenue in Projects, mainly reflecting lower pass-through activity and lower EPC revenue in line with the group's strategic shift.

EBITDA increased 4% with margin expansion across all of business units offsetting lower revenue. This margin performance was helped by both improved pricing and the strategic focus on building a higher quality business, with the move away from EPC work.

The order book on March 31, 2024 was 6.2 billion dollars, up 9% compared to March 2023.

Wood reiterated that it expects high single digit growth in adjusted EBITDA, before the impact of disposals with performance weighted to the second half.

It also continues to expect EBITDA growth in 2025 to exceed our medium-term target, with the annualized benefits from the Simplification programme of around 60 million dollars on top of growth consistent with its strategy.

"With this improving profitability and continued improvements in cash conversion, we expect to deliver significant free cash flow in 2025," it said.

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(RADIOCOR) 09-05-24 08:34:20 (0175) 5 NNNN