Wood gets off to a slick start

ABERDEEN-based oil services group Wood Group, which floated on the London Stock Exchange in June, today unveiled a 32% increase in its debut half-year pre-tax profits.

With oil and gas markets generally robust, give or take a bit of weakness in US gas drilling and in Venezuela, demand for Wood's expertise has been high.

Sales grew by 14% to $812m (£525m) in the six months to 30 June, producing a pre-tax profit of $50.9m.

Wood, which employs 10,000 people around the world, said trading in the weaker areas was expected to improve towards the year end and its performance would be in line with expectations.

Chairman and chief executive Sir Ian Wood said: 'We remain confident about prospects for the rest of the year.'

There will be a dividend of one cent. The shares, which hit a high of 230p shortly after floating, were today steady at 205p.