Aberdeen-based firm Wood Group has reported a pre-tax profit of £246m for 2013.

The figure is a 14% increase on 2012.

The multinational oil and gas services company added that its revenues also increased for the year by 3% to £4.3bn.

Discussing the figures, Wood Group said it had experienced a good year of growth with significant acquisitions, such as Elkhorn, which operates in the US shale market.

Last year, the group warned that profits from its engineering division would fall significantly in 2014.


Bob Keiller, Chief Executive of the Group, said the company's strategy remained "strong" and positioned it "well for the longer term".

He added: "We are predominantly an upstream oil and gas services business and our intention is to broaden and deepen the services we can offer in this sector.

"We have reviewed all parts of the Group from three perspectives: risk profile, current and future financial performance and strategic fit with the Group overall, and this has resulted in a number of actions including the acquisition of Elkhorn and the joint venture with Siemens. "Looking to 2014, our mix of opex and capex activities and the contribution of completed acquisitions is expected to lead to growth overall."

(JP/IT)