Shares in Aberdeen-based consulting and engineering giant Wood jumped yesterday by nearly 12% to just over 173p after it said underlying results for 2021 remained in line with earlier guidance.
In February, the company said that a delay to publication of the results was necessary to finalise its reported results and to conclude the year-end audit process with auditor KPMG,
The delay was required to allow an external investigation and review to be undertaken, principally in relation to the historical carrying value of the Aegis Poland project contract.
Wood said yesterday: "The underlying results for FY21 remain in line with the guidance provided on January 13 and there is no change to the historical carrying value of the Aegis Poland contract or to the previously-communicated year-end exceptional charge of c$100million (£76million) announced in our release of February 21."
The annual results will now be announced on April 20.
The Times reports that analysts at Jefferies noted the two important catalysts ahead for the group were not just its results but also the sale of its built environment division, which could raise more than $2billion (£1.5billion) and help revive its dividend.
Mark Wilson, an equities analyst at the broker, said his team had upgraded its "underperform" recommendation on Wood to "hold".