Overview

• John Wood Group will restate financial results for 2022-2024 following Deloitte's identification of material weaknesses in its financial culture and accounting practices.
• Shares dropped 28% after the announcement, reaching an all-time low, as investor confidence continues to erode.
• The company is unlikely to meet the April 30, 2025, deadline to publish audited accounts, potentially leading to a suspension of trading.
• Leadership changes include the resignation of CFO Arvind Balan, replaced on an interim basis by Iain Torrens, as part of broader governance reforms.
• Takeover discussions with Dubai-based Sidara are ongoing, with a deadline for a firm offer extended to April 17, 2025.