Wood Group shares are drilling down.

Shares in the UK oilfield services company fell almost 10 per cent in early trading on Tuesday after the group said annual profits fell 52 per cent last year.

Wood Group stock dropped to 740 pence a share, making it the biggest loser in the FTSE All Share, after the company warned in an earlier statement that the oil and gas market would continue to present challenges in 2017.

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