Wood Group Red Ink Revealed Before Nov. 17 Buyout Deal Vote

U.Okay,-based power engineer-contractor Wooden Group on Oct. 31 launched monetary outcomes for 2024 and first half of 2025 that had been delayed since final spring by an impartial audit of its accounting and governance however had been required to finish its proposed $285-million buy by UAE engineering agency Sidara. 

Wooden Group reported adjusted working revenue of $63 million within the first half of 2025, down 38% from $81 million in 2024’s identical interval, not together with $53 million for distinctive objects, with income of $2.4 billion falling 13% from $2.8 billion one 12 months earlier. 

Full-year 2024 outcomes had been considerably under steering given in February. Adjusted earnings fell 52% from the 2024 identical interval, with an anticipated $489-million loss in finishing a U.S. protection undertaking in Poland contributing to its $2.6-billion working loss. Wooden Group internet debt rose to $1.1 billion, up from $683 million on the finish of final 12 months. 

However the agency’s new interim CFO Iain Torrens, who is about to turn out to be CEO after Sidara shareholders vote on the deal Nov. 17, stated Wooden Group’s order ebook rose 6% to $6.47 billion year-on-year as of June 30, with undertaking awards in the course of the 12 months from international power purchasers together with BP, Shell, Whole Energies, Woodside’s Triton undertaking, OMV Petrom and Antofagasta.

The agency “stays nicely positioned to learn from vital long-term progress drivers” in international power and materials markets, he stated. The acquisition. set to finalize by mid 2026, will embrace a $250-milion financing infusion from Sidara and entry to bonding of about $200 million. 

Wooden Group additionally seeks to revive its itemizing on the London Inventory Trade,