![\"Wood](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2025\/04\/Wood-Group-workers-new.png\")
Wood Group, the\u00a0energy\u00a0and engineering services company, has been fined almost \u00a313 million for publishing inaccurate information in its financial results.<\/p>\n
The Financial Conduct Authority found that the\u00a0Aberdeen-headquartered firm did not have adequate systems, controls or procedures in place.<\/p>\n
That led to inaccurate information in its full-year 2022 and 2023 financial results and half-year 2024 results.<\/p>\n
It avoided a higher \u00a318.6m penalty after qualifying for a 30% discount by agreeing to resolve the case at an early stage.<\/p>\n
The\u00a0watchdog\u00a0stated that Wood Group \u201cfailed to take reasonable care to ensure that its announcements about those results were not false or misleading\u201d.<\/p>\n
Steve Smart, executive director of enforcement and market oversight at the Financial Conduct Authority, said: \u201cInvestors rely on accurate information to make decisions.<\/p>\n
\u201cWood Group failed to provide this and fell well short of the high standards we expect of listed companies.\u201d<\/p>\n
The revelations led to a suspension of the company\u2019s shares last year, as Wood Group was compelled to delay several financial updates while it worked to restate its figures.<\/p>\n
An independent review, conducted by Deloitte last year, subsequently uncovered \u201cmaterial weaknesses and failures in the group\u2019s financial culture\u201d within its projects business unit and its engagement with the group finance team.<\/p>\n
Wood Group enjoyed a peak valuation of about \u00a35 billion but late last year was acquired for \u00a3216 million by Dubai-based firm Sidara. Its shares are due to be de-listed on 10 March. <\/p>\n
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