LONDON, March 4 (Reuters) - Britain's Financial Conduct Authority on Wednesday fined John Wood Group PLC nearly 13 million pounds ($17.39 million) on Wednesday for publishing inaccurate information in
Britain fines Wood Group $17 million for inaccurate results
Financial Conduct Authority Penalty and Company Impact
(Corrects to say first half of 2024, not 2025, in paragraph 1)
Details of the Fine
LONDON, March 4 (Reuters) - Britain's Financial Conduct Authority fined Wood Group nearly 13 million pounds ($17.39 million) on Wednesday for publishing inaccurate information in its financial results for 2022, 2023 and the first half of 2024.
Regulatory Findings
The financial watchdog said following the poor performance of certain projects, the company's accounting judgments were inappropriately influenced by a desire to maintain previously stated financial results and that it did not have adequate systems or controls to prevent this.
Consequences for Wood Group
Share Price Impact and Suspension
Wood Group's issues came to light from November 2024, triggering a 85% plunge in its share price by April 2025 and leading to a share suspension the following month. The company agreed to a $292 million takeover by Dubai-based Sidara later in the year.
Sidara Takeover Conditions
Sidara had tabled a lowered bid for Wood Group in August 2025, following the regulatory investigation and had made the deal's completion conditional on the British company publishing its delayed 2024 results and ensuring that certain debt facilities were not terminated.
Deal Completion Timeline
Wood Group met the regulatory conditions for the deal earlier this week and expects to close the transaction on March 10.
($1 = 0.7477 pounds)
(Reporting by Sam Tabahriti in London and Yamini Kalia in Bengaluru; Editing by Kate Holton and Mrigank Dhaniwala)
