Wood Group shares rose yesterday as trading resumed in London for the first time in more than five months after the company finally published its delayed accounts.
The stock jumped as much as 38% in early trading to 25 pence before settling at 22 pence, reflecting a 30 pence-a-share takeover offer from UAE-based Sidara.
The results were delayed after an independent review in March uncovered “failures” in the group’s financial culture, including information withheld from auditors.
The newly published 2024 accounts show an annual pre-tax loss from continuing operations of $2.7billion, compared with $152million the previous year
The company, once worth £5.3billion, has seen its market value collapse following years of debt and cash burn since acquiring Amec Foster Wheeler in 2017.
Shareholders will vote later this month on Sidara’s £216million takeover, which directors have backed, warning that alternatives could deliver “materially less, and potentially zero, value for shareholders.”