The company reported an adjusted EBITDA of £423 million, up 9% year-on-year (11% at constant currency), buoyed by solid growth across all business units. However, it posted a statutory loss of £105m, an improvement from the £352m loss in the prior year.

Despite an operating profit of £38m, finance costs and tax offset gains. Exceptional items of £77m included a £45m charge related to a receivables write-down and an arbitration claim in the now-closed power and industrials EPC business, along with £29m in asbestos liability charges.

Expressing optimism Wood Group’s CEO, Ken Gilmartin, said: “We made significant progress in this first year of our three-year growth strategy. We delivered strong revenue and adjusted EBITDA growth, and we significantly improved operating cash flow.

“We continue to see clear business momentum, with a higher order book, double-digit growth in our pipeline and positive pricing trends in both pipeline and order book. It is encouraging that the fastest growing parts of Wood are the higher-margin consulting business, and our sustainable solutions across all areas.”

The company’s order book rose 4% to £6.3 billion, and 7% on a like-for-like basis. Mr Gilmartin added: “To build on this early success and further enhance our strategic delivery, we have launched a simplification programme to drive efficiency and support further margin expansion.

“We are therefore upgrading our outlook, with 2024 guidance now towards the top end of our medium-term targets and 2025 expected to exceed those targets. Ultimately, our priority remains sustainable cash generation and we expect to deliver significant free cash flow from 2025.”

“To build on this early success and further enhance our strategic delivery, we have launched a simplification programme to drive efficiency and support further margin expansion.”

The group also confirmed that Arvind Balan will join Wood Group as chief financial officer on 15 April, replacing the retiring David Kemp.