Clear strategic progress, strong growth and increasing full year guidance
HEADLINE RESULTS | Notes | HY23 | HY22 | Movement | At constant currency | |
---|---|---|---|---|---|---|
Revenue (pre-exceptional) | Continuing | 4 | 2,986 | 2,571 | 16.2% | 19.7% |
Adjusted EBITDA | Continuing | 5 | 202 | 186 | 8.5% | 12.3% |
Adjusted EBITDA margin | Continuing | 6 | 6.8% | 7.2% | (0.4)ppts | (0.4)ppts |
Adjusted EBIT | Continuing | 7 | 89 | 82 | 9.2% | |
Adjusted EBIT margin | Continuing | 8 | 3.0% | 3.2% | (0.2)ppts | |
Adjusted diluted EPS | Total group | 9 | 1.1c | 5.7c | (80.7)% | |
Adjusted operating cash flow | Total group | 10 | 39 | (82) | n/a | |
Free cash flow | Total group | 11 | (219) | (352) | (37.8)% | |
Net debt including leases | Total group | 980 | 2,156 | 54.5% | ||
Net debt excluding leases | Total group | 654 | 1,756 | 62.8% | ||
Net debt / adjusted EBITDA | Continuing | 12 | 2.0x | 4.0x | n/a | |
Order book | Continuing | 13 | 5,991 | 6,424 | (6.7)% | (4.3)% |
Headcount | Continuing | 14 | 35,636 | 34,079 | 4.7% | |
STATUTORYRESULTS | ||||||
Revenue | Continuing | 4 | 2,986 | 2,563 | 16.5% | |
Operating profit | Continuing | 23 | 31 | (25.7)% | ||
(Loss) / profit for the period | Total group | (27) | 89 | n/a | ||
Basic EPS | Total group | (4.3)c | 13.0c | n/a | ||
Cash flow from operating activities | Total group | (7) | (117) | 93.9% |
建筑环境咨询(于2022年9月出售)被视为已终止的业务,其结果包括在“Total group”措施中. Continuing results exclude its results. HY22 results have been restated to include Built Environment Saudi Arabia. See notes.
Ken Gilmartin,CEO,said:
“When we announced our growth strategy in November last year, we set out a plan for Wood to deliver on its significant potential, and I am delighted that our results show the clear progress we are making. We have made a good start to the year, delivering growth in revenue, EBITDA, headcount and our pipeline, all while furthering our inspiring culture, as evidenced by our highest-ever employee net promoter score.
“As we look ahead, we are confident that our actions, 我们已经实施的商业模式和我们已经结盟的市场增长机会, support the momentum we are building in our business. As such, we are increasing our full year guidance for the year for revenue and EBITDA.”
Delivering on our profitable growth strategy
- Well-positioned for growth across energy and materials
- Market growth opportunity of c.5% CAGR with addressable market of c.$235bn in 2025
- Double-digit revenue and pipeline growth in HY23 across majority of our key markets
- Excellent growth across Carbon Capture and Hydrogen
- Order book of $6 billion, 与2022年12月相比增长5%(按固定汇率计算,不包括剥离的墨西哥湾劳工业务)
- Significant contract wins across energy and materials
- Growing and improving our pipeline
- Right business model in place, predominantly services-based cost reimbursable business
- Double-digit growth in the 24-month factored pipeline versus December 2022, 继去年的战略清理后,取消了总包交钥匙(LSTK)和大规模总包EPC工作
- This pipeline growth reflects the strength of our markets and our client offering
- Positive trends in pipeline gross margin reflecting selectivity of our bidding, and market conditions
- Engaged and energised people
- Headcount up 5% to around 36,000 people
- Highest recorded employee net promoter score scores to date
- Growing our sustainable business (see note 15)
- Over $600 million of sustainable solutions revenue in HY23, up 20% on last year
- Represented 20% of Group revenue
- 33% of sales pipeline from sustainable solutions, up from 31% at year end
Headline financial highlights
- Revenue and adjusted EBITDA ahead of expectations set out in HY23 trading update on 13 July
- Revenueof$3.0billionwas up 16% (+20% at constant currency) with growth in all business units
- c.$160 million increase in pass-through revenue, which generates only a small or nil margin
- This increase in pass-through revenue represented around a third of the revenue growth
- Adjusted EBITDA of $202 million was up 9% on last year (+12% at constant currency)
- Adjusted EBITDA margin of 6.8%, down 0.4ppts on last year, 反映了低利润传递收入的增加,以及我们之前指导的整个集团的运营投资,以实现未来的增长
- AdjustedEBITup 9% to $89 million following the EBITDA growth
- Adjusted diluted EPS of 1.1c was down 81% on last year, 主要反映了建筑环境咨询业务(于2022年出售)的缺失,该业务在2022年贡献了5700万美元的调整后税后利润
- Adjusted operating cash flow of $39 million was significantly improved on last year, 营运资金有所改善,拨备使用率较低,足以抵消出售建筑环境咨询公司的影响
- Free cash flow of $(219) million reflects phasing of exceptional cash outflows ($99 million vs. c.预计23财年为1.4亿美元),以及我们业务的典型营运资金季节性
- Net debt (excl. leases) at 30 June 2023 was $654 million, significantly down on last year following the reset of our business, 但考虑到自由现金流出和出售建筑环境咨询公司所需缴纳的6200万美元税款,这一数字高于2022年12月(3.93亿美元)
Statutory results
- Operating profit of $23 million was down 26%, 主要反映了3100万美元的特殊项目,其中包括约500万美元的阿波罗相关成本,以及电力和工业EPC业务中2000万美元的应收账款减记,该业务于2022年关闭
- Loss for the period 2,700万美元反映已终止业务的利润水平下降(建筑环境咨询), the exceptional items and the tax charge in the period
- BasicEPSof (4.3)c reflects the loss in the period
- Revenueis expected to continue to grow in the second half, albeit at a lower rate than the first half, which included the benefits of higher pass-through activity and a weak 2022 comparator. Overall, revenue for FY23 is now expected to be around $6 billion
- Our adjusted EBITDA margin is expected to be flat in the nearer term at around 7%, 这在一定程度上反映了对该业务的投资,以及低利润率的收入传导活动水平
- As such, adjusted EBITDA 预计23财年的增长将超出我们之前的预期,并在我们的中位数至高个位数增长的中期目标之内
- Free cash flow is expected to be positive in the second half, 我们对年底净债务的预期没有变化,遗留负债现金流出也没有变化, which mostly end in 2024
CFO succession
We announced today that David Kemp, Chief Financial Officer (CFO), has advised the Board of his intention to retire as CFO. 任命他的继任者的过程正在进行中,大卫将继续担任他的角色,直到成功的候选人到位.
Presentation
今天上午8点(英国时间),投资者和分析师将与Ken Gilmartin(首席执行官)和David Kemp(首席财务官)举行虚拟会议。.
Watch live webcast here
To join the conference call, and ask any questions, please register here:
The webcast and transcript will be available after the event at tm.raku2prize.com/investors.
For further information: | |
Simon McGough, President, Investor Relations | +44 (0)7850 978 741 |
Vikas Gujadhur, Senior Manager, Investor Relations | +44 (0)7855 987 399 |
Alex Le May, Ariadna Peretz, FTI Consulting | +44 (0)20 3727 1340 |
Martin McIntyre是负责代表Wood安排发布这一公告的人, Group General Counsel and Company Secretary.
Notes
Adjustments between statutory and underlying information
本集团采用不同的另类表现量度(apm),让使用者更了解本集团的表现. 董事们认为,apm提供了每年一致的业务绩效衡量标准,管理层使用apm来衡量经营绩效、预测和决策. The Group believes they are used by investors in analysing business performance. 国际财务报告准则并未定义这些资产保值率,在确定计算这些资产保值率所需的调整时,需要进行一定程度的判断. As the APMs used are not defined under IFRS, they may not be comparable to similar measures used by other companies. They are not a substitute for measures defined under IFRS.
Note 1: HY22 results are restated to include the results of Built Environment Consulting Saudi Arabia, which was previously classified as held for sale. For HY22, this business contributed $10 million of revenue and $1 million of adjusted EBITDA. For FY22, this business contributed $27 million of revenue and $3 million of adjusted EBITDA.
Note 2:百分比增长率是根据实际情况计算的,而不是在本报表中显示的四舍五入数字. 以固定汇率计算的增长率是将HY23与HY22进行比较,以HY23货币汇率重述.
Note 3: 建筑环境咨询(于2022年9月出售)被视为已终止的业务,其结果如下
included within the “Total group” measures. Continuing results exclude its results.
Note 4: Revenue includes an exceptional item in HY22 of $(8.与电力和工业EPC业务关闭相关的合同损失相关的100万美元. 收入(不计特殊项目)是贯穿本报告的APM,因为本集团认为它提供了更有用的业绩衡量标准.
Note 5: 调整后的EBITDA与营业利润的对账表载于财务报表附注2.
Note 6: Adjusted EBITDA margin is adjusted EBITDA shown as a percentage of revenue. This measure is used by management to measure the performance of business, and is one of our medium term targets.
Note 7: Adjusted EBIT shows the Group’s adjusted EBITDA after depreciation and amortisation. 这一措施不包括收购无形资产的摊销,因此与我们调整后每股收益的措施一致. 调整后息税前利润与经营损益的对账表见《10bet十博网址》第12页.
Note 8: Adjusted EBIT margin is adjusted EBIT shown as a percentage of revenue. This measure is used by management to measure the performance of business.
Note 9: 经调整的摊薄每股收益与基本每股收益的对账表载于财务报表附注7.
Note 10: Adjusted operating cash flow refers to adjusted cash generated from operations excluding leases, as shown on page 19 of the Financial Review.
Note 11: Free cash flow is defined as all cash flows before acquisitions, disposals and dividends. It includes all mandatory payments the Group makes such as interest and tax, and all exceptional cash flows. It excludes the impacts of IFRS 16 (Leases) accounting and FX. A reconciliation of free cash flow to our statutory cash flow statement is shown on page 19.
Note 12: 净债务/调整后EBITDA比率(契约基础)是在2019年采用IFRS 16之前的现有基础上计算的,并基于扣除租赁的净债务. It includes a series of covenant adjustments to both net debt and EBITDA. The calculation is shown in the Financial Review on page 23.
Note 13: 订单簿包括由签署的合同或书面采购订单支持的收入,这些订单是在单一合同授予或框架协议下获得的. 根据采购订单支持的预期活动,在订单簿中确认多年协议下的工作, customer plans or management estimates. Where contracts have optional extension periods, only the confirmed term is included. 订单披露符合国际财务报告准则对收入的定义,不包括Wood在合资企业订单中的比例份额. Order book is presented as an indicator of the visibility of future revenue.
Note 14: Headcount is a measure of total employees working for Wood, including Wood employees and contractors. This measure excludes employees in our joint ventures.
Note 15: Estimated share of revenue as defined by Wood. This figure is referred to across this document. 可持续解决方案包括以下活动:可再生能源、氢、碳捕获 & storage, electrification and electricity transmission & distribution, LNG, waste to energy, sustainable fuels & feedstocks and recycling, processing of energy transition minerals, life sciences, and decarbonisation in oil & gas, refining & chemicals, minerals processing and other industrial processes. In the case of mixed scopes including a decarbonisation element, these are only included in decarbonisation if 75% or more of the scope relates to that element, in which case the total revenue is recorded in decarbonisation.