Overview
- The FCA said Wood published inaccurate figures in full-year 2022 and 2023 and half-year 2024 due to inadequate systems and controls.
- Findings included keeping a $4.4 million project contingency in 2022, failing to write off $18 million in unsupportable debit balances in 2023, and misportraying a $140 million exceptional charge in unaudited 2024 half-year results.
- Wood received a 30% early-settlement discount, cutting the penalty to £13 million from roughly £18.6 million.
- The investigation opened in June 2025 and concluded within nine months, which the regulator highlighted as a faster enforcement timeline.
- Separately, Wood expects Sidara’s £216 million takeover to complete on March 10, triggering a London delisting after meeting required conditions this week.