John Wood Group Expects Strong Results for 2023

By Christian Moess Laursen

London, UK – John Wood Group, a leading consulting and engineering company, announced positive expectations for its 2023 results. The firm experienced significant growth across its divisions and secured substantial order wins in the fourth quarter.

Despite the challenges faced in 2022, John Wood Group anticipates full-year revenue of approximately $6 billion, indicating a remarkable increase compared to the $5.43 billion recorded in the previous year. This aligns with analysts’ consensus estimate of $6.04 billion.

The company aims to report adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) between $420 million and $425 million. This falls in line with the consensus figure of $420 million. Notably, adjusted EBITDA for 2022 stood at $385 million.

The impressive results primarily stem from revenue growth in various units. The consulting sector witnessed a 13% rise, projects saw a 10% increase, operations experienced a 7% upturn, and investment services jumped by an impressive 35%.

Chief Executive Ken Gilmartin expressed satisfaction with the progress made during the strategic growth journey. “We have achieved strong revenue and EBITDA growth, enhanced our underlying cash generation, expanded our order book, and observed a significant surge in the proportion of sustainable solutions within our pipeline,” he said.

With these positive developments, John Wood Group is poised for success in the coming year.