CEO Ken Gilmartin highlighted the significant progress made during the first year of the strategic growth journey. The company reported a noteworthy increase in revenue, reaching approximately $6 billion (around £4.71bn), marking a 9% growth across all business units.

Adjusted EBITDA for FY23 surpassed expectations, standing at $420 million to $425m (around £330m to £334m), reflecting a 9% increase. The adjusted EBITDA margin, which includes operational expenditure (opex) investments, slightly exceeded 7%.

Mr Gilmartin said: “We are now one year into our strategic growth journey and our results continue to show clear progress. We have delivered strong revenue and EBITDA growth, improved our underlying cash generation, grown our order book, and continue to see an acceleration in the proportion of sustainable solutions within our pipeline.

“We are confident that our actions, business model and strategy are delivering and look forward to giving a further update in March.”

Strategic initiatives played a pivotal role in Wood’s success, with substantial contract wins across the energy and materials sectors. The order book, standing at around $6.1bn (around £4.8bn), grew by 4% on a comparable basis, supporting growth expectations for 2024. Notably, over 40% of the bidding pipeline is now focused on sustainable solutions.

Wood has initiated the sales process for its stake in the EthosEnergy joint venture, seeking to refine its portfolio. The company’s commitment to positive cash flows was evident, with operating cash flow reaching approximately $210m (around £165m) – a significant improvement from the $66m (around £52m) outflow in FY22. Net debt, excluding leases, stood at around $680m (around £534m) as of 31 December 2023, slightly above expectations due to FX impacts and timing variations in customer receipts.

In terms of business performance, Wood reported robust figures across its diverse portfolio. Consulting experienced a strong revenue growth of approximately 13%, reaching around $0.7bn (around £550m), driven by solutions in energy security, energy transition, and digital consulting. Projects and Operations also saw notable growth in revenue, reflecting increased activity levels across various regions.

Wood Group PLC confirmed a positive full-year outlook, supported by significant contract wins in the fourth quarter.