Wood books $568 million operating loss in year it reset balance sheet

Global energy services house Wood Group has reported an operating loss of $568 million in 2022, mainly due to an impairment charge as it focuses on recovery from the recent challenging years.

The UK-listed company’s group revenue increased 8% year on year to $5.4 billion while earnings before interest, taxes, depreciation and amortisation (Ebitda) was $385 million, similar to 2021.

Wood recognised an impairment of goodwill and intangibles of $542 million, which it said it had warned about in its January 2023 trading update.