FTSE 100 engineering company Wood Group (WG.L) has reported a 49 per cent year-on-year rise in its pre-tax profits during the first half.

For the six months to 30 June 2011, it revealed pre-tax profits before exceptional items had risen 49 per cent to $102.4 million (£62 million) compared with $68.8 million (£41.6 million) in 2010.

Total revenue increased 17 per cent to $2.8 billion, from $2.4 billion in the first half of 2010.

Chairman Ian Wood and chief executive Allister Longlands said 2011 performance was likely to be in line with expectations in a joint statement.

'The longer term fundamentals for oil & gas development & production, and gas fired power generation remain strong,' the pair added. 'Reflecting continuing confidence in our longer term outlook, we have declared a 15 per cent increase in the interim dividend.'

The engineering group announced its interim dividend would increase by 15 per cent to 3.9 cents and had completed arrangements to return £1.1 billion in cash to shareholders.

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