Wood Group, a British company, reports a drop in its first-half profits amid audit delays

Wood Group, the British company, announced a decline in profits for the first six months of the year, citing an uncertain situation resulting from a review by an independent body, the delay in publishing the 2024 audited financial statements, and the weakening of its financial position.

In November of last year, the oilfield services company and engineering firm launched an independent review into the accounting for certain unusual charges in its interim financial results. The company attributed the delay to the conclusion of the review, which led to the suspension of its shares.

Wood Group accepted a conditional takeover bid of 216 million pounds from Dubai-based Sidara, ending a yearlong pursuit that saw multiple approaches and rejections. The deal was contingent on Wood Group publishing delayed results and maintaining certain debt agreements.

The company stated that "the publication of our 2024 auditored accounts and the half-year results of 2025 represent an important step toward delivering the Sidara Offer which, if shareholders approve, will result in a significant capital injection to the group."

Wood Group's operating profit for the six-month period ended June 30 was $63 millions, compared to $81 million one year earlier.

The company's revenues for the six-month period fell 13.3%, to $2.42 Billion.

(source: Reuters)