Wood Group said it expected to book a one-off cash credit for the 2017 calendar year, owing to the impact of changes in US tax rules on the value of its deferred liabilities. The cash impact of the reduction in the headline US federal rate to 21% was likely to be offset to some extent by greater restriction on the level of interest deduction allowed in the US. However, The US rate reduction was expected to have a favourable impact on Wood’s effective tax rate going forward, the company said. Wood Group also said its net debt at December 31 was around $1.65bn, lower than a previous conservative estimate of $1.8bn.
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