John Wood Group PLC

For 2024, revenue was $5.5 billion, down 1% year over year, and adjusted EBIT was $81 million, down 52% versus 2023. For H1 2025, revenue was $2.4 billion, down 13% year over year, and adjusted EBIT was $63 million, down 38% excluding independent review charges. 2024 free cash outflow was $153 million, net debt excluding leases was $683 million at 31 December 2024 versus $694 million a year earlier, and the H1 2025 order book was about $6.5 billion versus $5.8 billion at 31 December 2024. Wood gave no financial guidance, saying it withdrew its profit forecast and is not providing guidance given continued uncertainty; the Sidara process now points to a shareholder vote on 17 November 2025, a $250 million initial capital injection if approved, and expected completion in H1 2026.

There was no separate CEO speech; Iain Torrens said he will take over as Group CEO after the Sidara shareholder vote. His tone was defensive but constructive: he repeatedly framed the period as one of major transition, emphasized that the business has underlying strength, and said the published accounts and restatements provide a clear starting point for the group moving forward. He also stressed a focus on improving execution, strengthening governance, and restoring stability.

As CFO, Torrens spent most of his remarks on the accounting reset and the financial cleanup. He said 2024 adjusted EBIT of $81 million included $55 million of independent review charges and that 2024 free cash outflow was $153 million, while net debt excluding leases was $683 million at year-end. He highlighted that H1 2025 revenue was $2.4 billion and adjusted EBIT was $63 million, and said access to uncommitted facilities had been restricted, tightening liquidity and pressuring working capital. He also said the Sidara deal would bring a $250 million capital injection, access to $200 million of bonding lines, and extension of debt facilities to 2028 if approved.

Analyst questions centered on the readmission process, remaining Sidara conditions, why guidance was withdrawn, and the status of legacy contracts and the Aegis matter. Torrens said Wood has already applied for readmission and expects to hear from the FCA early next week, and that the Sidara exceptional conditions have been met, with only normal regulatory approvals left. On guidance, he said the business is too hard to forecast because of client timing uncertainty and Wood’s own issues. On Aegis, he said one path is trial on a 3- to 5-year horizon, but a commercial settlement with the U.S. government remains possible.