The Financial Conduct Authority (FCA) restored the Aberdeen-based engineering company’s listing after it published its delayed 2024 annual report and 2025 half-year results last week. The stock rose to 25 pence, reflecting a pending 30 pence per share takeover offer from Dubai-based consultancy Sidara.

The company’s suspension was linked to an independent review, which uncovered “failures” in its financial culture, including “inappropriate management pressure” and information being withheld from auditors. The FCA has been investigating since June.

The newly published 2024 accounts revealed an annual pre-tax loss from continuing operations of $2.7 billion (c. £2bn), a vast increase from $152 million (c. £116m) the previous year, driven by a $2.2bn charge for goodwill impairment. The first half of 2025 saw a further $67.1m (c. £51.3m) pre-tax loss and negative cash flow of $404m (c. £309m). Analysts at Peel Hunt described the half-year results as “terrible,” despite a rise in orders.

Auditors KPMG issued a qualified opinion on the 2024 accounts, citing time pressure from directors and being “unable to obtain sufficient appropriate audit evidence”.

Shareholders are now scheduled to vote on Sidara’s £216m acquisition offer in the week beginning 17 November. The Wood Group board has unanimously recommended the deal, which includes a $450m capital injection. Directors previously warned that alternatives would “likely generate materially less, and potentially zero, value for shareholders”.

The offer is more than 80% lower than previous bids from Sidara that the board rejected last year. The company’s leadership is also in transition – chair Roy Franklin has signalled his intent to leave, and CEO Ken Gilmartin plans to step down after the shareholder vote.