Following June's comprehensive pre-close update, it was no surprise that half-year figures from John Wood (WG.) were in line with brokers' forecasts. But the Aberdeen-based engineer's decision to bump up its half-year dividend by a quarter on the back of continued expansion in the US shale market is nonetheless notable. The benefits of a cost-cutting programme are gradually starting to accrue, with operating profits up by a third to $242m (£146m).
There was a mixed showing across the group's various business segments. Trading profits at Wood Group Engineering were down on the 2013 interim due to a more meagre margin. John Wood continues to gain remits in subsea and pipeline work, but a reduced proportion of higher-margin offshore work hit profitability.