John Wood Group PLC (WDGJF) Q2 2023 Earnings Call Transcript

John Wood Group PLC (OTCPK:WDGJF) Q2 2023 Results Conference Call August 23, 2023 3:00 AM ET

Company Participants

Ken Gilmartin – Chief Executive Officer

David Kemp – Chief Financial Officer

Conference Call Participants

Rachel Fletcher – Morgan Stanley

Nikhil Gupta – Citi

Mick Pickup – Barclays

Alex Paterson – Peel Hunt

Jamie Franklin – Jefferies

Ken Gilmartin

Good morning, and welcome to our Half Year Results Presentation. We’re here in London this morning for this virtual event. I’m Ken Gilmartin, CEO of Wood, and I’m really pleased to host you today as we share our latest results. I’m joined today by David Kemp, our CFO.

So, the agenda for this morning will be a summary of the highlights from the first half for me. David will then present the financials, and I will then talk about how we’re delivering on our strategy and the positive momentum that is creating. We will then take your questions at the end.

So, our standard disclaimer here for the record. So starting with a quick overview of the key highlights from the first half of 2023. So following a transformative 12 months for Wood, we entered 2023 with a clear strategy and a laser focus on performance excellence and predictable delivery. Six months in, that remains, and we’re seeing good trading and momentum. So let me talk to a few themes that illustrate my point.

So firstly, we’ve seen good trading across our business in the first half of the year. As David will walk you through, both revenue and EBITDA were up and we saw much improvement in our operating cash flow. We have increased our full year guidance today, underpinned by the delivery of our strategy. We shared this strategy at our Capital Markets Day last year.

I will come back to

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