UK FCA Fines John Wood Group £13M for Misleading Statements

The UK’s Financial Conduct Authority fines John Wood Group nearly £13 million for publishing inaccurate information in its financial results, according to a statement.

• Refers to full-year 2022 and 2023 financial results and the half-year 2024 results
  • “Following the poor performance of certain projects, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results,” FCA says
• John Wood Group accepted the FCA’s findings and so qualified for a 30% reduction in its financial penalty
• NOTE: Wood to Restate Earnings After Review Found ‘Weaknesses’ (1)

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