Wood Group hit with £13m fine as engineering titan set to exit City
Scottish engineering titan John Wood Group has been slapped with a hefty fine after it produced inaccurate information in its financial results.
The London-listed firm will cough up £13m following an investigation from the Financial Conduct Authority (FCA) concluding its “accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results”.
The investigation – which opened in June 2025 – found Wood Group did not have adequate systems, controls or procedures leading to the publication of inaccurate information in its full-year 202 and 2023 financial results and half-year 2024 results.
This included the likes of failing to release a project-related contingency of $4.4m in 2022, failure to write off $18m in unsupportable debit balances in 2023, and publishing its 2024 half-year results without an auditor review and containing an inaccurate portrayal of a $140m exceptional charge.
Steve Smart, executive director of enforcement and market oversight, said: “Investors rely on accurate information to make decisions.
“Wood Group failed to provide this and fell well short of the high standards we expect of listed companies.”
Wood Group to depart London Stock Exchange
Wood Group has been able to swerve a hit of near £18.6m after qualifying for a 30 per cent discount by agreeing to resolve the case at an early stage.
News of Wood Group’s inaccuracies in financial reporting broke in November 2024, with the firm’s stock sinking over 70 per cent since then to around 28p.
At its peak share peak in 2013, the firm netted a price tag of £5bn, employing more than 50,000 in oilfields across the globe. Its current market value sits around the £200m mark.
On Tuesday, the group’s shares surged over 10 per cent after declaring its £216m takeover by Dubai-based Sidara was set to complete next week.
Wood Group said last July it was likely to recommend the deal with Sidara, formerly known as Dar Al-Handasah, to shareholders – with the delisting marking another blow to the London Stock Exchange.
The acquisition was agreed in August 2025 and received the greenlight from Wood shareholders at a general meeting in November.
Wood Group will exit the London Stock Exchange through a delisting of its shares following the formal completion of its acquisition by Sidara.