Scotland business

John Wood Group shares fall sharply after profits warning

Shares in Aberdeen-based oil and gas firm John Wood Group fell sharply after it warned that profits from its engineering division would be down significantly next year.

The company blamed weakness in Canada, and said profits from the division - which carries out offshore oil rig designs - would be down about 15%.

However, it said the weaker performance should be offset by strong results from its services division.

Pre-tax profits had risen 43% in 2012.

In March, the company announced it had made $363m (£239m) with revenues up 20% to $6.8bn (£4.5bn).

Wood Group employs about 43,000 people in more than 50 countries.

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