What's happened
Wood Group's shares fell by up to 49% following the announcement of an independent review by Deloitte, triggered by significant project write-downs. The engineering firm reported a substantial loss and ongoing challenges in its business operations, compounding investor concerns after failed takeover attempts.
Why it matters
What the papers say
According to The Scotsman, Wood Group's shares fell as much as 49% after announcing an independent review by Deloitte, focusing on contracts and governance. The Independent echoed this sentiment, noting the company's significant losses and previous failed takeover attempts. Bloomberg highlighted that this decline is the largest since the company began trading in 2002, emphasizing the severity of the situation. The Guardian pointed out that the review could lead to necessary restatements, further complicating the company's financial landscape.
How we got here
Wood Group has faced a series of setbacks, including a £1.56 billion takeover bid that fell through and a £745.3 million loss due to project write-downs. The company is now undergoing a review to assess its financial and operational integrity.
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