BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Wood Group (WDGJF.PK, WG.L) announced, as a result of the US Tax and Jobs Act, the Group anticipates there will be a one-off, non-cash credit to the P&L in the year ended 31 December 2017 due to the revaluation of net deferred tax liabilities. The company expects the cash impact of the reduction in the headline US federal rate to 21% is likely to be offset to some extent by greater restriction on the level of interest deduction allowed in the US also introduced by the Act. The US rate reduction is expected to have a favourable impact on Wood's effective tax rate going forward.
Wood Group also reported a net debt as at 31 December of $1.65 billion. In the December trading update, the Group conservatively estimated that net debt at the year end would be around $1.8 billion.
Copyright RTT News/dpa-AFX