(Reuters) -Britain's Wood Group posted a fall in profit for the first half of the year on Thursday, citing uncertainty stemming from an independent review, delays in publishing its 2024 audited
Wood Group Reports Decline in First-Half Profits Amid Audit Issues
Wood Group's Financial Performance Overview
(Reuters) -Britain's Wood Group posted a fall in profit for the first half of the year on Thursday, citing uncertainty stemming from an independent review, delays in publishing its 2024 audited accounts and a weakening financial position.
The oilfield services and engineering company launched an independent review in November last year into the accounting of certain exceptional charges in its interim results. It attributed the delay in publication its 2024 accounts to the timing of the review's conclusion, which ultimately led to a suspension of its shares.
Wood Group had agreed to a 216-million-pound conditional takeover offer from Dubai-based Sidara in August, concluding a year-long pursuit marked by multiple approaches and rejections. The deal was conditional on Wood Group publishing its delayed results and keeping certain debt agreements in place.
Impact of Audit Delays
"The publication of our 2024 audited accounts and half-year 2025 results represent an important step towards delivery of the Sidara offer which, if approved by shareholders, will lead to a significant injection of capital to the group," the company said in a statement.
Sidara Takeover Offer
Wood Group's adjusted operating profit was $63 million for the six months ended June 30, compared with $81 million a year ago.
Profit and Revenue Analysis
The company's revenue for the six-month period also dropped 13.3% to $2.42 billion.
($1 = 0.7451 pounds)
(Reporting by Ankita Bora and DhanushVignesh Babu in Bengaluru; Editing by Shilpi Majumdar)
