While Wood has not finalised its financial results for 2024 yet, it said it expects profit growth to have slowed, projecting earnings of 450 million dollars (£358 million) to 460 million dollars (£366 million).
As a result, it is extending a cost-cutting programme which already stripped out 60 million dollars (£48 million) from its outgoings in 2024, to save another 85 million dollars (£68 million) this year.
Just weeks later, Wood Group also revealed it slumped to a 961.7 million US dollars (£745.3 million) loss after booking write-downs on large-scale projects.
Shares plunged 33% on Friday after revealing that its cash flow in 2024 was negative by as much as 200 million dollars (£159 million).
In the Friday update, the company said that following the review, it will try to “strengthen significantly the group’s financial culture, governance and controls in light of material identified weaknesses and failures”.
