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The John Wood Group, owner of Gateshead's Pyeroy, boosted by financial results
THE owner of a North-East industrial coatings firm has revealed strong financial results.
The John Wood Group, which took over Gateshead-based Pyeroy, has reported increased revenues and pre-tax profits.
The engineering services provider says total revenues for the year ended December 31 were three per cent higher at about £4bn.
It also revealed pre-tax profits had risen 14 per cent to £247m.
The company operates three divisions, Wood Group Engineering, Wood Group PSN and Wood Group GTS, which provide engineering and construction management for oil, gas and renewable energy projects.
Last year, bosses agreed a deal to work with Siemens to support the power generation, oil and gas and industrial sectors.
The agreement combines Wood Group's GTS maintenance and power solutions division and Siemens' turbo care unit that provides aftermarket gas turbine, steam turbine and generator design, repair and manufacturing services.
Bob Keiller, Wood Group chief executive, said: “We have enjoyed another year of good growth and we intend to broaden and deepen our services in the oil and gas sectors.
“We have reviewed all parts of the group, which has led to the joint venture with Siemens, and looking to 2014, we expect overall growth.”
Pyeroy was founded 40 years ago to maintain ships in the region's famous shipyards, and previously painted the hull and side sections on the Sea Rose, the largest vessel painted in the company's history.