Wood Group Receives Payment for Pre-Revolution Work

Wood Group, the international energy services company, has reported that it has received a payment of $5.8m from its Libyan customer in respect of work done prior to the revolution that resulted in the overthrow of the Ghadaffi regime.

The company had previously made a provision of $13.0m in relation to overdue receivables as a result of the political disruption in the country.

The payment was received in July, and the provision has been reduced by this amount and a credit booked to exceptional items in the income statement. A tax charge of $1.4m has been recognised on this gain.

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