John Wood Group to Restate Earnings After Review Found ‘Weaknesses’
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John Wood Group Plc said it will adjust its income statement and balance sheet after an independent review uncovered “material weaknesses” in the business. The shares slumped the most in six weeks.
The adjustments will mainly affect the reported performance of the company’s projects unit, Wood said Monday in a statement. The firm no longer expects to publish full-year accounts by April 30.