The Financial Conduct Authority (FCA) has issued a £12,993,700 fine to the AIM listed engineering business after it filed misleading and inaccurate year end accounts for full year 2022 and 2023, as well as half year results for FY24.

The fine was reduced by 30% as the Wood Group accepted the findings of the FCA investigation, otherwise it would have been £18,562,500.

This is a significant fine illustrating the scale of the breach, and is also a quick turnaround for the financial regulator, which only took nine months from the start of the investigation last June to a final decision.