Wood Group Plunges Again as Deloitte Review Finds Failures

Wood Group drops as much as 33%, most since November, after the UK energy engineer said a review by Deloitte identified material weaknesses and failures.

• Wood forecasts negative free cash flow of as much as $200 million this year due to both weaker trading and the independent review
• Expects a significant goodwill and intangibles impairment charge in addition to the $815 million impairment recognized at half-year results

Read: Nov. 7, Wood Shares Plunge After Writeoffs Prompt Independent Review

FURTHER COMMENTARY

• Company is taking additional cost reduction measures; on track to deliver annualized savings of around $60 million in FY25
• Program ...