British engineering firm John Wood Group Plc has been fined £12,993,700 for publishing inaccurate information in its financial results.
Wood Group accepted the findings and qualified for a 30% reduction in its financial penalty, which would have been over £18.5m.
The FCA imposed the financial penalty on Wood Group for accounting breaches under Listing Rule 1.3.3R (misleading information must not be published) and Listing Principle 1 (procedures, systems and controls).
According to the FCA, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results following the poor performance of certain products.
The regulator found that it did not have adequate systems, controls or procedures in place to prevent this from happening.
Wood Group published inaccurate information in its full-year 2022 and 2023 financial results, as well as its half-year 2024 results, before the issues came to light from November 2024.
Steve Smart, executive director of enforcement and market oversight, said: “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.”
Shares in Wood Group were suspended in May 2025 following a 78% fall in the price between November 2024 and April 2025, following the discovery of the accounting issues.
The FCA opened its investigation into Wood Group in June 2025 and concluded it within nine months.