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Wood Group firms up dividend

By Daily Mail Reporter
Updated: 05:10 EDT, 22 February 2011

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Energy services firm Wood Group reported a small decline in profits, but said it was confident of future growth after selling a division to General Electric for £1.8bn.

The firm reported pre-tax earnings of £157m, down from £163m the previous year, but hiked its dividend by 10% to 11p.

And chief executive Allister Langlands said the company (down 2.5p to 643.5p) was well-placed to grow after buying Scottish-based rival PSN and subsequently offloading its well-support division to US giant GE.

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