John Wood delivers the goods

The oil and gas engineering sector received a welcome boost after John Wood (GW.) released a strong set of full-year figures - these helped send its shares shooting up 9 per cent in intraday trading. Sector peers Petrofac and Saipem were hit by profit warnings and consensus downgrades last month - perhaps contributing to John Wood's lacklustre share price performance in February. But these results demonstrated that the group has continued to grow earnings and margins - despite the economic downturn and increasing competition.

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