2017.02.2106:17:00UTC+00John Wood yearly profit drops, but dividend raised

Aberdeen-based John Wood Group PLC said on Tuesday its full-year net profit dropped, but raised its dividend.

The oil services company said its net profit fell to $27.8 million on year ended December from $79 million the previous year on a drop in revenue to $4.12 billion from $5 billion.

Wood increased its dividend to 22.5 cents a share from 20.5 cents, making for a 10% higher full-year dividend of 33.3 cents a share.

Vigilant on the short-term outlook, the company said it remains confident of its resilience in tough trading conditions in the oil sector.