Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- The U.K. Financial Conduct Authority (FCA) has launched an investigation into Wood Group, the company confirmed on Friday.
The probe covers the period from Jan. 1, 2023, to Nov. 7, 2024, and follows an independent review commissioned by Wood Group late last year.
“The company will cooperate fully with the FCA in relation to this investigation,” Wood said in a brief regulatory statement.
The review was first announced on November 7, 2024, after the engineering and consulting group reported exceptional contract write-offs related to its exit from lump sum turnkey and large-scale EPC projects.
At the time, Wood said the review would focus on “reported positions on contracts in Projects, accounting, governance and controls,” and would assess whether any restatement of prior year results might be necessary.
The FCA confirmed the launch of its investigation in a statement: “We confirm that the FCA has opened an investigation into Wood Group.”
Wood did not provide further details on the scope or potential implications of the FCA’s action.
Wood has yet to publish any findings from the review. In late April, it missed a deadline to file annual results for 2024. The company pointed to the pending audit conclusion and the timing of the completion of the review.