Wood Group fined £13m by watchdog over inaccurate accounts

Energy and engineering services firm Wood Group has been fined £13 million by the UK finance watchdog for publishing inaccurate information in its accounts.

The Financial Conduct Authority (FCA) said the Aberdeen-based company published the inaccurate information in its full-year results for 2022 and 2023, as well as in half-year figures for 2024.

It said the company “failed to take reasonable care to ensure that its announcements about those results were not false or misleading”.

Shares in the company were suspended last year after the company was forced to postpone a number of financial updates as it sought to restate its figures.

The firm launched an independent review carried out by Deloitte last year, finding “material weaknesses and failures in the group’s financial culture” within its projects business unit and the engagement with its group finance team.

In June, the FCA launched its own investigation into potential reporting issues at the business.

It said Wood Group saw a 30% reduction on its potential fine after agreeing with the regulator’s findings.

Wood Group was sold to Dubai-based firm Sidara late last year for £216 million, having reduced previous offers for the business.

Steve Smart, executive director of enforcement and market oversight at the Financial Conduct Authority, said: “Investors rely on accurate information to make decisions.

“Wood Group failed to provide this and fell well short of the high standards we expect of listed companies.”