SIR Ian Wood, the chairman of Aberdeen-based energy service company Wood Group, gave shareholders an upbeat view of the company’s prospects yesterday at its annual meeting in the Granite City.
He outlined how the group had made a strong start to the current year and now expected revenue and profits to be ahead of earlier expectations. After the meeting chief executive Allister Langlands said an increase in bank facilities of £100million to £475million kept options open and gave additional flexibility in the current banking climate.
He said: “We continue to look at acquisition opportunities and may make three to four smaller acquisitions of £20-£25million each.
“A key part of our strategy is to internationalise and we are looking in Canada, Norway, the Middle East, north Africa and south-east Asia, although the North Sea remains an important backbone of our business.
“We are looking mainly in the engineering and production facilities area to expand our geographical footprint.”
Sir Ian said the transition to chairman after giving up the role of CEO was working well for him, and he now spent about four days a week at the group, and some time on the Wood family charitable trust. He added: “I also have three grandchildren now. I didn’t have any two years ago, but I remain fully committed to the industry.
“I believe I am still contributing effectively to the business and I think the board think that as well.”