John Wood Group has been fined £13m by the Financial Conduct Authority (FCA) for publishing inaccurate information in its financial results.

The regulator stated that following a poor performance for some of its projects, Wood Group’s accounting judgments were “inappropriately influenced” by its desire to maintain previously stated financial results.

Wood Group did not have “adequate systems, controls or procedures” to prevent this from happening, the FCA said.

This resulted in the engineering company publishing inaccurate information in its full-year 2022 and 2023 financial results, and its half-year 2024 results.

The FCA said that these issues came to light from November 2024 onwards, and that Wood Group’s share price had fallen by 78% by April 2025, before its shares were suspended in May last year.

Executive director of enforcement and market oversight, Steve Smart, commented: “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.”

The FCA opened its investigation into Wood Group in June last year and concluded it within nine months. Wood Group accepted the findings and qualified for a 30% reduction in its financial penalty.

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