Adjusted EBITDA is predicted to rise by 6% to approximately £147 million, reflecting favourable performance across all business units. In the same period, Wood’s headcount surged by 5% to 35,600 as the company secured notable new contracts.

Mr Gilmartin said: “We are making good progress in delivering on the growth strategy we outlined last November. Trading shows continued good growth and margins in line with our expectations. We have won a number of significant contracts in energy, minerals and life sciences during the period, all testament to the exciting position Wood holds in its key growth markets.

“As we look ahead, we are confident of our delivery both for the full year and medium term, including a return to generating positive free cash flow.”

The strategy, devised following a thwarted takeover bid by US private equity group, Apollo Global Management, focuses on enhancing shareholder returns. The group fended off Apollo’s undervalued proposals earlier in the year, setting a counteroffer share price of 240p per share, thereby approximating Wood’s valuation at nearly £1.7bn. Apollo later retracted its takeover intentions.

During the first half 2023, Wood Group experienced considerable growth in several markets, including the UK, the Americas, the Middle East, and Southeast Asia, predominantly due to its enhanced ability to secure contracts. Among the notable contracts won were a $250m operations renewal, a substantial minerals contract in Europe, and a life sciences contract with GSK in the US. These contracts contributed to the rise in Wood’s revenue from sustainable projects as the group shifts its focus away from its conventional oil and gas sector. Currently, over a third of Wood’s bidding pipeline consists of sustainable projects.

As of June 2023, Wood’s order book stood at approximately $6bn (around £4.58bn), marking a 3% increase on a constant currency basis, despite the group finalising the sale of its offshore labour supply operations in the Gulf of Mexico. The company has managed to navigate through significant wage inflation without impacting business operations, mainly due to its capacity to pass the inflation cost to its clients.

Wood Group, which employs about 8,000 staff in the UK, is expected to publish its half-year results on 22 August.