Energy giant Wood 'on track' despite posting loss

Energy giant Wood 'on track' despite posting loss
Energy giant Wood 'on track' despite posting loss
Image copyright Wood Group
Image caption Chief executive Robin Watson said he felt positive about the future

Aberdeen-based energy services giant Wood has said its financial performance remains on track for the year despite posting a £40m ($52m) loss for the first six months.

Wood - formerly known as Wood Group - made an operating profit of £97m ($127m) before exceptional items.

Chief executive Robin Watson said the company had evolved in recent years due to the oil and gas downturn.

Oil and gas is now about 60% of the business, compared to 95% previously.

Revenue was up 13% to £4.2bn ($5.38bn).

Mr Watson told BBC radio's Good Morning Scotland programme that he was "very pleased" with the latest results.

He said: "We have grown the business. It's a significantly different organisation."

Fracking infrastructure

The chief executive said he thought oil and gas would remain the company's primary focus for the foreseeable future.

He added: "I am really positive about where we are.

"Performance in the first half is at the upper end of our guidance range.

"We remain on track to deliver growth in 2018, in line with previous guidance and market expectations."

Wood is also involved in delivering fracking infrastructure in the United States.

Asked on his views on fracking in Scotland, Mr Watson responded: "I think that's probably more of a political question."

He added: "We have kept our heritage, our headquarters remains in Aberdeen."

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