Latest news with #WoodGroup
Scotsman
12 hours ago
- Business
- Scotsman
Wood Group: Scottish engineering giant faces probe by watchdog over accounting 'cultural failures'
The Financial Conduct Authority probe will look into the period between January 2023 and November 2024 at Aberdeen-based Wood Group. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Engineering giant Wood Group is being investigated by the UK's financial watchdog following an independent review which unearthed 'cultural failings' with its accounting practices. The Financial Conduct Authority's (FCA) probe will look into the period between January 2023 and November 2024. Advertisement Hide Ad Advertisement Hide Ad The troubled Scottish group, which provides oilfield and engineering services, warned in April that it was having to restate its accounts from previous years. The troubled Scottish Wood Group, which provides oilfield and engineering services, warned in April that it was having to restate its accounts from previous years. It also delayed the publication of results for the 2024 financial year, which were due at the end of April, meaning its shares have been suspended from trading on the London Stock Exchange since. This followed an independent review carried out by accountants Deloitte finding 'material weaknesses and failures in the group's financial culture' within its projects business unit and the engagement with its group finance team. This included 'inappropriate management pressure' to maintain previously reported positions and 'over-optimism and/or lack of evidence in respect of accounting judgments'. Advertisement Hide Ad Advertisement Hide Ad 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors,' the results found. The firm stressed there has since been significant change within the group and steps taken to address the failings discovered. Meanwhile, Aberdeen-based Wood Group has been the subject of a takeover approach by Dubai-based buyer Sidara. The latest offer, received in April, valued the company at around £242 million. Advertisement Hide Ad Advertisement Hide Ad A year ago, Sidara made a £1.56 billion takeover approach before talks collapsed – and Wood Group's share price has plummeted since. The Aberdeen-headquartered energy and engineering services heavyweight employing thousands of Scottish workers appeared in April to be close to agreeing the £242m takeover deal. Founded more than four decades ago from fishing industry roots, the company's fortunes have tracked the growth of the North Sea sector and with it a push into related energy and specialist engineering markets, both domestically, and increasingly, overseas.
BBC News
17 hours ago
- Business
- BBC News
Financial watchdog launches probe into WoodGroup
Engineering giant Wood Group is being investigated by the UK's financial watchdog following an independent review which found "cultural failings" with its accounting Financial Conduct Authority (FCA) probe will look into the period between January 2023 and November 2024.A Wood Group spokesperson said the company would cooperate fully with the Aberdeen-based group, which provides oilfield and engineering services, warned in April that it had to restate its accounts from previous years. It also delayed the publication of results for the 2024 financial year, which were due at the end of meant its shares have since been suspended from trading on the London Stock Exchange. 'Inappropriate pressure' Earlier this year, an independent review by Deloitte found "material weaknesses and failures in the group's financial culture" within its projects business unit and the engagement with its group finance included "inappropriate management pressure" to maintain previously reported positions and "over-optimism and/or lack of evidence in respect of accounting judgements".The report said: "The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors."Wood Group stressed there has been significant change within the business since the period in question and steps taken to address the failings firm has also been the subject of a takeover approach by Dubai-based buyer latest offer, received in April, valued the company at around £242m.A year ago, Sidara made a £1.56bn takeover approach before talks collapsed. Wood Group's share price subsequently plummeted.
Yahoo
18 hours ago
- Business
- Yahoo
UK's Wood Group discloses investigation by financial regulator
(Reuters) -Wood Group said on Friday Britain's financial watchdog had begun an investigation into the oilfield services provider, following the company's announcement last year of an independent accounting review related to some contracts and charges. Wood Group said the Financial Conduct Authority (FCA) was looking into its operations between January 1, 2023, and November 7, 2024, without giving further details of the review or investigation. The company, also a takeover target for Dubai-based Sidara, said it would "cooperate fully" with the FCA. The agency in a separate statement confirmed its investigation, but did not elaborate. Wood Group in November had agreed with its auditor to conduct an independent review focused on the company's reported positions on certain contracts with customers, as well as some exceptional charges in its interim results. In late April, the company missed a deadline to file annual results for 2024, citing the pending audit conclusion and the timing of the culmination of the review. Wood Group's shares have been suspended from trading since May 1. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
STV News
18 hours ago
- Business
- STV News
Financial watchdog launches investigation into troubled Wood Group
Aberdeen-based engineering firm Wood Group is being investigated by the UK's financial watchdog. The Financial Conduct Authority (FCA) is to investigate the company covering the period from the January 1, 2023 until November 7, 2024. It comes after Wood announced in March that an independent review had found 'material weaknesses and failures in the Group's financial culture'. Wood said it was having to adjust its accounts from the past three financial years after the review. The statement in March also said: 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors.' Wood also said it was unlikely to file its accounts for 2024 on time, which means shares in the firm have been suspended from trading on the London Stock Exchange since May. On Friday, Wood said the FCA had launched an investigation, and it would cooperate fully with the regulator. It comes as Wood continues to hold talks with a Dubai-based firm over a possible takeover. Sidara tabled an offer in April which valued the Aberdeen firm at around £242m. Sidara abandoned a deal last August, blaming global market turmoil and geopolitical risks, valuing Wood Group at around £1.56bn. A deadline for a deal to be concluded between the two companies is June 30, 2025. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
The Independent
19 hours ago
- Business
- The Independent
UK's financial watchdog launches probe into troubled Wood Group
Engineering giant Wood Group is being investigated by the UK's financial watchdog following an independent review which unearthed 'cultural failings' with its accounting practices. The Financial Conduct Authority's (FCA) probe will look into the period between January 2023 and November 2024. The troubled Scottish group, which provides oilfield and engineering services, warned in April that it was having to restate its accounts from previous years. It also delayed the publication of results for the 2024 financial year, which were due at the end of April, meaning its shares have been suspended from trading on the London Stock Exchange since. This followed an independent review carried out by Deloitte finding 'material weaknesses and failures in the group's financial culture' within its projects business unit and the engagement with its group finance team. This included 'inappropriate management pressure' to maintain previously reported positions and 'over-optimism and/ or lack of evidence in respect of accounting judgements'. 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors,' the results found. The firm stressed there has since been significant change within the group and steps taken to address the failings discovered. Meanwhile, Aberdeen-based Wood Group has been the subject of a takeover approach by Dubai-based buyer Sidara. The latest offer, received in April, valued the company at around £242 million. A year ago, Sidara made a £1.56 billion takeover approach before talks collapsed – and Wood Group's share price has plummeted since.
