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Engineering group John Wood said it had initiated a strategic review of the part of its consulting business facing the built environment end market.
The built environment business provided consulting and engineering solutions that address environmental risks, increase climate resilience, help to build more sustainable infrastructure and improve mobility.
'The scope of the review will consider a range of options to best unlock value from this part of the business for shareholders that Wood believes is not currently being recognised in its market capitalisation,' the company said.
The news was providing alongside update on performance, with the company conceded that the rate of recovery in its projects business had been slower than anticipated largely due to the deferral of activity and awards into 2022.
Still, the company expected to deliver improved revenue and earnings in the second half of 2021 relative to H1 2021.
Full year revenue was expected to be approximately $6.4 billion. Adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, margin was expected to be 8.5% to 8.7%.
The company's next update would be a full year 2021 trading update on 13 January 2022.