Wood Group hit with £13m fine as engineering titan set to exit City

cityam03-04 19:27

Wood Group has been fined by the FCA. Scottish engineering titan John Wood Group has been slapped with a hefty fine after it produced inaccurate information in its financial results.The London-listed ...

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Scottish engineering titan John Wood Group has been slapped with a hefty fine after it produced inaccurate information in its financial results.The London-listed ...</p>\n\n<a href=\"https://www.cityam.com/wood-group-hit-with-13m-fine-as-engineering-titan-set-to-exit-city/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wood Group hit with £13m fine as engineering titan set to exit City</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWood Group hit with £13m fine as engineering titan set to exit City\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-04 19:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/wood-group-hit-with-13m-fine-as-engineering-titan-set-to-exit-city/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wood Group has been fined by the FCA. Scottish engineering titan John Wood Group has been slapped with a hefty fine after it produced inaccurate information in its financial results.The London-listed ...</p>\n\n<a href=\"https://www.cityam.com/wood-group-hit-with-13m-fine-as-engineering-titan-set-to-exit-city/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FCA","symbol_name":"First Trust China AlphaDEX Fund","start_time":0,"source_url":"https://www.cityam.com/wood-group-hit-with-13m-fine-as-engineering-titan-set-to-exit-city/","article_id":"2616553446","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/03/wood-group-1024x640-57eda09818c48-57eda09838c4e.jpeg?w=286&h=161&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/wood-group-hit-with-13m-fine-as-engineering-titan-set-to-exit-city/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2616553446","pubTimestamp":1772623661,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Wood Group has been fined by the FCA. Scottish engineering titan John Wood Group has been slapped with a hefty fine after it produced inaccurate information in its financial results.The London-listed firm will cough up 13m following an investigation from the Financial Conduct Authority  concluding its “accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results”.The investigation – which opened in June 2025 – found Wood Group did not have adequate systems, controls or procedures leading to the publication of inaccurate information in its full-year 202 and 2023 financial results and half-year 2024 results.This included the likes of failing to release a project-related contingency of $4.4m in 2022, failure to write off $18m in unsupportable debit balances in 2023, and publishing its 2024 half-year results without an auditor review and containing an inaccurate portrayal of a $140m exceptional charge.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"FCA":"First Trust China AlphaDEX Fund","BK4211":"区域性银行","CHCO":"City Holding Company"},"translate_title":"工程巨头伍德集团将退出曼城，被罚款1300万英镑","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1,"CHCO":1.5},"content_text":"Wood Group has been fined by the FCA. Scottish engineering titan John Wood Group has been slapped with a hefty fine after it produced inaccurate information in its financial results.The London-listed firm will cough up £13m following an investigation from the Financial Conduct Authority (FCA) concluding its “accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results”.The investigation – which opened in June 2025 – found Wood Group did not have adequate systems, controls or procedures leading to the publication of inaccurate information in its full-year 202 and 2023 financial results and half-year 2024 results.This included the likes of failing to release a project-related contingency of $4.4m in 2022, failure to write off $18m in unsupportable debit balances in 2023, and publishing its 2024 half-year results without an auditor review and containing an inaccurate portrayal of a $140m exceptional charge.\n\nSteve Smart, executive director of enforcement and market oversight, said: “Investors rely on accurate information to make decisions. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n“Wood Group failed to provide this and fell well short of the high standards we expect of listed companies.”Wood Group to depart London Stock ExchangeWood Group has been able to swerve a hit of near £18.6m after qualifying for a 30 per cent discount by agreeing to resolve the case at an early stage.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2616553446","isCrawlerRequest":true}