Wood Group’s ‘desire to maintain previously stated financial results’ influenced inaccurate reporting, says regulator
John Wood Group has been fined nearly £13m for repeatedly publishing inaccurate financial results.
The FTSE-listed oil and has engineering company, which is soon to be bought by a Dubai-based rival, has previously admitted that “cultural failings” led to information being kept from auditors.
On Wednesday, the Financial Conduct Authority handed Wood Group a £12.9m fine for inaccurate reporting between January 2023 and November 2024. The watchdog began an investigation into the firm in June last year.
The FCA said: “Following the poor performance of certain projects, Wood Group’s accounting judgments were inappropriately influenced by its desire to maintain previously stated financial results.”
