John Wood Group received a £12.99 million FCA fine for publishing inaccurate financial information
Company: John Wood Group PLC
Summary
The UK Financial Conduct Authority fined John Wood Group PLC £12,993,700 for publishing inaccurate information in its full-year 2022 and 2023 financial results and its half-year 2024 results. The FCA found that accounting judgments relating to poorly performing projects were inappropriately influenced by a desire to maintain previously stated financial results. It also found that the company lacked adequate systems, controls and procedures to prevent this. John Wood Group accepted the FCA's findings and resolved the case at an early stage, qualifying for a 30% reduction from the otherwise applicable penalty of £18,562,500. This is separate from the previously entered John Wood Group subsidiary bribery case and is duplicate-safe by title. Source / proof: UK Financial Conduct Authority: https://www.fca.org.uk/news/press-releases/fca-fines-john-wood-group-plc-issuing-misleading-statements
Record details
- Category
- Corporate Misconduct
- When it happened
- 2022–June 2024
- Status
- Resolved (March 4, 2026)
- Severity
- high
- Added to Rotten Company
Source
No source document is attached to this record. It was approved under our moderation guidelines.