Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
FCA fines Wood Group £13m for misleading financial reports
(Sharecast News) - The UK financial regulator has fined Wood Group £13m for publishing misleading statements in its financial results, claiming the energy and industrial engineering firm overstated three years of profits. The Financial Conduct Authority announced on Wednesday that Wood Group's accounting processes were "inappropriately influenced by its desire to maintain previously stated financial results" despite a string of poor project outcomes.
The regulator said it found Wood Group to have inadequate systems, controls and procedures to prevent this from happening.
"This resulted in Wood Group publishing inaccurate information in its full-year 2022 and 2023 financial results and the half-year 2024 results. The company failed to take reasonable care to ensure that its announcements about those results were not false or misleading," the FCA said.
Last March, Wood Group admitted to "cultural failings" after a independent review by Deloitte found cases of "inappropriate management pressure" to maintain previously stated results.
The company, which is currently nearing completion for a takeover by Dubai's Sidara, has seen its share price plummet over the past 18 months, with the stock suspended between May and November 2025 due to a failure to file accounts on time.
"Investors rely on accurate information to make decisions. Wood Group failed to provide this and fell well short of the high standards we expect of listed companies," said Steve Smart, the FCA's executive director of enforcement and market oversight.
The amount of the fine, £12.99m, was 30% lower than it could have been since Wood Group accepted the findings of the FCA's investigation.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
