The Financial Conduct Authority (FCA) has fined John Wood Group PLC (Wood Group) GBP 12,993,700 for publishing inaccurate information in its financial results and failing to maintain adequate systems, controls and procedures to prevent misleading market disclosures. The FCA found that, following poor performance on certain projects, accounting judgements were inappropriately influenced by a desire to maintain previously stated financial results. The misconduct led to inaccurate information being published in Wood Group’s full-year 2022 and 2023 results and its half-year 2024 results, and the FCA imposed the penalty for breaches of Listing Rule 1.3.3R and Listing Principle 1. The issues came to light from November 2024 onwards, Wood Group’s share price fell 78% by April 2025, and its shares were suspended in May 2025; restated full-year 2022 and 2023 results were published on 30 October 2025 with material adjustments. The FCA opened its investigation in June 2025 and concluded it within nine months. Wood Group accepted the findings and received a 30% reduction in the financial penalty; without this discount, the FCA would have imposed a penalty of GBP 18,562,500.
Financial Conduct Authority 2026-03-04
Financial Conduct Authority fines John Wood Group PLC GBP 13.0m for misleading financial results disclosures
The Financial Conduct Authority (FCA) fined John Wood Group PLC GBP 12,993,700 for publishing inaccurate financial results and failing to maintain adequate systems to prevent misleading disclosures. The misconduct, which affected results from 2022 to 2024, led to a 78% share price drop and suspension in 2025. Wood Group accepted the findings, receiving a 30% penalty reduction.