Engineering company says evaluation was prompted by ‘dialogue’ with its auditor
John Wood Group shares fell 60 per cent on Thursday as the UK energy engineering company announced an independent review of one of its core divisions following multimillion dollar write-offs this year.Shares in the London-listed group, a subject of two failed takeover bids in the past 18 months, fell after it said had agreed to a review of its projects division “in response to dialogue with its auditor”.
” Wood, which employs about 35,000 on engineering and consulting projects across the world, has been struggling to turn its fortunes around after a £2.2bn takeover of Amec Foster Wheeler in 2017 saddled it with high debts and legal liabilities. Earlier this year, the company was repeatedly pursued by Sidara, known as Dar Al-Handasah, in a bid that valued it at about £1.6bn. Dubai-based Sidara walked away in August, citing “geopolitical risks and financial uncertainty”.
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