The FCA fined John Wood Group £12,993,700 on March 3 for publishing inaccurate financial results across three reporting periods. It’s the biggest UK financial-misstatement penalty of 2026 so far.
The regulator’s wording is the part to read twice. Wood Group’s accounting judgements, the FCA said, were “inappropriately influenced by its desire to maintain previously stated financial results” after certain projects underperformed. Translation, without saying it: management wanted the numbers to stay where they’d been. Inadequate systems, controls and procedures let that happen.
The damage spread across full-year 2022, full-year 2023, and half-year 2024. By April 2025 the share price had fallen 78%. A month later, trading was suspended. The FCA opened its investigation in June 2025 and closed it in nine months — fast by enforcement standards, where two-year timelines are routine.
Wood Group accepted the findings, which qualified it for a 30% settlement discount. Without that discount, the fine would have been £18,562,500.
For audit committees at every other FTSE issuer sitting on shaky FY2024 or H1 2025 numbers, the message is the speed, not just the size. A nine-month investigation is the new tempo. The “desire to maintain previously stated results” is the new headline phrase regulators are willing to put in a final notice.
The next set of half-year results lands in August.