Wood Group shares plummet 31% as Deloitte uncovers 'material weaknesses' in financial review

Shares in Wood Group have tumbled by 31% this morning following revelations from a Deloitte review that uncovered "material weaknesses and failures" within the company.

The firm has acknowledged the need to "significantly" bolster its financial culture, governance, and controls after the review's findings, as reported by City AM.

In a trading update, the London-listed engineering behemoth also disclosed intentions to expand its extensive cost-reduction strategy and now anticipates negative free cash flow in 2025.

Wood Group had previously initiated a Deloitte-led inquiry in November due to substantial project write-offs, which resulted in a dramatic share price drop of over 50% in a single day.

Despite this, on Friday, the company stated it does not foresee the inquiry’s outcomes havi