Wood Group: independent review, restatement, FCA fine and a takeover at 30p
Wood Group: independent review, restatement, FCA fine and a takeover at 30p: a public-record watch file compiled by Falling Shares Intelligence from filings and exchange disclosures, as of 2026-11-08. An independent review of Wood's accounts, reported in March 2025, found material weaknesses and failures in its financial culture, mainly in its Projects business unit; the company said it would restate prior years.
An independent review found failures in financial culture, shares were suspended, the FCA fined the company about £13 million and the FRC opened new investigations in July 2026.
Falling Shares Intelligence, Edited by Wung Thomas, Editor-in-Chief. As of .
Summary
- An independent review of Wood's accounts, reported in March 2025, found material weaknesses and failures in its financial culture, mainly in its Projects business unit; the company said it would restate prior years.
- Wood's share price fell 78% by April 2025 and trading was suspended in May 2025, according to the FCA.
- On 4 March 2026 the FCA fined Wood £12,993,700 for breaches of Listing Rule 1.3.3R and Listing Principle 1 over its 2022 and 2023 full-year and 2024 half-year results, after a 30% settlement discount.
- Sidara's takeover at 30 pence per share, valuing Wood at roughly £207 million, was approved by shareholders in November 2025 and was expected to complete on 10 March 2026, with delisting. On 30 July 2026 the FRC announced investigations into the preparation of Projects unit financial information and into KPMG's audit of the 2023 accounts.
Key figures
| FCA penalty | £12,993,700 (After 30% discount; £18,562,500 before) |
|---|---|
| Share price fall to April 2025 | 78% (Per FCA press release) |
| Reported overstatement of profits 2022-23 | Nearly $122 million (As reported by Scottish Legal News from the FCA findings; not verified in the final notice) |
| Takeover price | 30p per share (Valuing Wood at roughly £207 million) |
| FRC investigations | 2 (plus two accountants) (Announced 30 Jul 2026) |
The review and restatement
Independent review finds weaknesses in financial culture
Wood said an independent review (reported as carried out by Deloitte) found material weaknesses and failures in the group's financial culture, mainly in the Projects business unit and its link to group finance, including inappropriate management pressure and override to maintain previously reported positions. The company said it would restate prior years and that the issues did not relate to cash flow. (Mar 2025)
Shares fall 78% and are suspended
The FCA states the share price fell 78% by April 2025 and trading in the shares was suspended in May 2025 after the delay to the 2024 accounts. (To Apr 2025; suspended May 2025)
Restated 2022 and 2023 results published
On 30 October 2025 Wood restated its 2022 and 2023 full-year results with material adjustments. (30 Oct 2025)
The FCA investigation and fine
FCA opens investigation
The FCA confirmed it had opened an investigation into Wood Group after the company's market announcement. The statement does not describe the scope. (27 Jun 2025)
FCA fines Wood £12,993,700
The FCA found breaches of Listing Rule 1.3.3R and Listing Principle 1 concerning the full-year 2022 and 2023 results and the half-year 2024 results. It found accounting judgements were skewed by a wish to preserve previously stated results after weak project performance, and that Wood lacked adequate controls to prevent this. The penalty was £12,993,700; without the 30% early-settlement discount it would have been £18,562,500. (3-4 Mar 2026)
Audit and professional-body scrutiny
FRC investigates Projects unit reporting and the 2023 audit
The FRC announced investigations into how Wood prepared financial information for its Projects Business Unit in 2022, 2023 and 2024 and how it communicated with auditors about it, and into KPMG's statutory audit of the 2023 consolidated financial statements. The announcement also covers two accountants. KPMG UK said it will cooperate fully. (30 Jul 2026)
Takeover and delisting
Sidara bid cut after FCA probe
Dubai-based Sidara first offered about £242 million, then cut its proposal by about 14% to 30 pence per share citing concerns about the FCA probe. Shareholders voted in November 2025 to accept 30p per share, valuing the company at roughly £207 million. (2025)
Completion and delisting expected 10 March 2026
Wood said it expected the transaction to complete on 10 March 2026, at which point its shares would delist. (Mar 2026)
Evidence that cuts the other way
Company self-reported and cooperated
Wood commissioned the independent review itself, disclosed its findings to the market, accepted the FCA's findings early and so earned a 30% penalty discount. The FCA concluded its investigation within nine months of opening it. Wood said the problems related to historical Projects unit performance and not to cash flow. (2025-2026)
Standard
This file compiles regulator notices, company disclosures and published reporting about John Wood Group PLC. The FCA's findings were accepted by the company in a settlement. The Financial Reporting Council's investigations are at an early stage and have reached no findings. No individual is named. This is news coverage for information only, not investment advice.
Right of reply
John Wood Group PLC, and anyone connected with the matter, can send corrections or comments to info@fallingshares.com (or directly to the Editor-in-Chief, Wung Thomas, at wungthomas@fallingshares.com). Material responses will be published alongside the relevant entry.