John Wood Group PLC

FY 2024 revenue was $5.5 billion, down 1% versus 2023, and adjusted EBIT was $81 million, down 52% year over year. H1 2025 revenue was $2.4 billion, down 13% year over year, and adjusted EBIT was $63 million, down 38% year over year excluding independent review charges. FY 2024 free cash flow was an outflow of $153 million, and net debt excluding leases was $683 million at 31 December 2024 versus $694 million a year earlier. On a statutory basis, the company reported a loss of $2.8 billion, including a $2.2 billion impairment of goodwill and intangibles, $267 million tied to revised revenue recognition on a legacy AFW project, and $158 million of other exceptional items. Management gave no financial guidance, saying it had removed the profit forecast because of uncertainty and complexity in forecasting the rest of the year.

The lead executive framed the period as one of significant challenge and transition, with the priority now on restoring stability, strengthening the operating model, and delivering sustainable value. He said the publication of the accounts and progress on Sidara were important milestones, and emphasized confidence in the underlying strength of the business, client relationships, and the workforce. Tone-wise, he was cautious but constructive, repeatedly stressing the need to move forward after a difficult period.

The CFO highlighted that the reporting process required extensive work, restatements, and enhanced controls, including finance leadership changes and external accounting support. He pointed to the main financial pressure points: FY 2024 adjusted EBIT of $81 million, H1 2025 adjusted EBIT of $63 million, a $153 million free cash outflow in 2024, and net debt excluding leases of $683 million. He also said the Sidara transaction would trigger a $250 million initial capital injection, extend debt facilities to 2028, and provide access to $200 million of bonding lines, which he described as important for the commercial side of the business.

Analysts focused on the readmission process, the remaining Sidara conditions, the lack of guidance, and the status of legacy contract issues. Management said the application for trading readmission had been made and the FCA response was expected early the following week, and confirmed that the Sidara exceptional conditions tied to the 31 October 2025 accounts and a clean balance sheet opinion were met. On legacy contracts, management said the physical work is complete and the company is now working through a tail of contractual disputes; on the Aegis matter, it said one path is trial in a 3- to 5-year timeframe, though a commercial settlement with the U.S. government remains possible.