The discovery of accounting problems was first flagged last November and John Wood Group plc called in forensic accountants from Deloitte to conduct an independent review into the accounts, finance team and use of accounting standards.

The review uncovered an intrinsic problem in the finance team with the external auditors KPMG being provided with ‘unreliable’ financial information over a period of years, particularly related to the projects unit of the group.

Now the accounts need to be restated with the balance sheet and profit and loss figures being revised for financial years 2022 and 2023, and HY24, as well as profit figures.