Finance
Britain's Wood Group posts drop in first-half profit amid audit delays
Published by Global Banking & Finance Review®
Posted on October 30, 2025
2 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 30, 2025
2 min readLast updated: January 21, 2026
Wood Group's profit declined in the first half due to audit delays, impacting its Sidara takeover plan. Revenue also dropped by 13.3%.
(Reuters) -Britain's Wood Group posted a fall in profit for the first half of the year on Thursday, citing uncertainty stemming from an independent review, delays in publishing its 2024 audited accounts and a weakening financial position.
The oilfield services and engineering company launched an independent review in November last year into the accounting of certain exceptional charges in its interim results. It attributed the delay in publication its 2024 accounts to the timing of the review's conclusion, which ultimately led to a suspension of its shares.
Wood Group had agreed to a 216-million-pound conditional takeover offer from Dubai-based Sidara in August, concluding a year-long pursuit marked by multiple approaches and rejections. The deal was conditional on Wood Group publishing its delayed results and keeping certain debt agreements in place.
"The publication of our 2024 audited accounts and half-year 2025 results represent an important step towards delivery of the Sidara offer which, if approved by shareholders, will lead to a significant injection of capital to the group," the company said in a statement.
Wood Group's adjusted operating profit was $63 million for the six months ended June 30, compared with $81 million a year ago.
The company's revenue for the six-month period also dropped 13.3% to $2.42 billion.
($1 = 0.7451 pounds)
(Reporting by Ankita Bora and DhanushVignesh Babu in Bengaluru; Editing by Shilpi Majumdar)
Profit is the financial gain obtained when the revenue generated from business activities exceeds the costs associated with those activities.
An audit is an official examination and verification of financial accounts and records to ensure accuracy and compliance with regulations.
Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled, ensuring accountability and fairness.
Revenue is the total income generated from the sale of goods or services before any expenses are deducted.
A takeover offer is a proposal made by an individual or company to purchase a controlling interest in another company, typically at a premium.
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