Wood Group first-half profit up 44 percent

LONDON (Reuters) - Energy services company John Wood Group (WG.L) reported a 44 percent jump in core first-half profit on brisk demand for its services said it expected to beat expectations for the full year.

Earnings before interest, tax and amortisation (EBITA) rose to $207.9 million (113 million pounds) for the six months to June 30, up from $144.6 million last year, on revenue 19 percent higher at $2.5 billion.

"Overall, our markets are robust and the demand for our services remains high," Wood Group said in a statement on Monday. "We expect the strong growth to continue and believe results for the year will be ahead of expectations."

Operating profit was $196.8 million in the first half, compared with $137.4 million last year. The average forecast of three analysts was $189.47 million within a range of $182 million to $196.4 million, according to Reuters Estimates.

Cazenove said it had upgraded its 2008, 2009 and 2010 adjusted diluted earnings per share forecasts by 4 percent, 4 percent and 3 percent respectively following the strong H1 results, and repeated its "Outperform" rating on the stock.

"The strength of the share price into the results suggest a positive announcement was anticipated. Even so valuation remains very attractive in our view and we expect only positive news from Wood Group going forward," the analysts said in a note.

Shares in Wood Group, which had risen around 50 pence last week, were down 2.2 percent at 437 pence at 8:18 a.m., valuing the company at around 2.3 billion pounds.

The company proposed a 40 percent rise in the interim dividend of 2.8 cents.

(Reporting by Victoria Bryan and Mike Elliott; Editing by Quentin Bryar and Sue Thomas)