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John Wood Group (WG) investor relations material
John Wood Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Published full year 2024 annual report and H1 2025 interim results, marking a milestone after a challenging period and enabling progress on the Sidara acquisition.
Revenue declined 13% year-over-year to $2.4 billion, reflecting lower pass-through activity, project delays, and client hesitancy amid financial uncertainty.
Decisive actions taken to reinforce governance, including leadership changes, external accounting experts, and enhanced controls.
Free cash outflow increased to $404 million, driven by lower EBIT, higher exceptional costs, and a significant unwind of working capital.
Net debt (excluding leases) rose to $1.1 billion, up $390 million from December 2024, due to lack of receivables financing and cash outflows.
Financial highlights
2024 revenue was $5.5 billion, down 1% year-over-year; adjusted EBIT fell 52% to $81 million, including $55 million of non-recurring review charges.
Statutory loss of $2.8 billion in 2024, driven by a $2.2 billion goodwill and intangible asset impairment and $267 million from revised revenue recognition on a legacy project.
Statutory operating loss narrowed to $5 million from $828 million in the prior year, with loss for the period at $72 million.
Free cash outflow of $153 million in 2024; net debt at year-end was $683 million, broadly flat year-over-year after $170 million in disposals.
H1 2025 revenue declined 13% year-over-year to $2.4 billion; adjusted EBIT down 38% to $63 million (excluding review charges).
Outlook and guidance
No financial guidance provided due to ongoing uncertainty and complexity in both internal and client environments.
Order book at June 30, 2025, was $6.5 billion, up from $5.8 billion at December 31, 2024.
Sidara acquisition expected to complete in H1 2026, with a shareholder vote scheduled for November 17, 2025.
The Sidara acquisition, if approved, will inject $450 million in capital and extend debt maturities, enhancing liquidity and stability.
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