LONDON (dpa-AFX) - Wood Group (John) Plc (WDGJF.PK, WG.L), an energy services company, reported that its fiscal 2016 profit fell 61.8 percent to $34.4 million from $90.1 million in the prior year. Earnings per share dropped to 7.3 cents from 20.8 cents last year.
Profit before tax and exceptional items decreased to $174.2 million from $249.2 million a year ago.
Adjusted earnings per share for the year were 64.1 cents, compared to 84 cents last year.
EBITA for the year declined 22.8 percent to $363 million from $470 million last year.
Total revenue for the year fell 15.7 percent to $4.93 billion from $5.85 billion in the prior year. Revenue from continuing operations on an equity accounting basis declined 17.6 percent to $4.12 billion.
Further, the company's board has recommended a final dividend of 22.5 cents per share, which makes a total distribution for the year of 33.3 cents per share and representing an increase of 10 percent. The company intends to pursue a progressive dividend policy going forward.
Looking ahead, the company said that the oil and gas market continues to present challenges in 2017 and it remains cautious on the near-term outlook.
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