Wood Group's H1 '25 results reflect ongoing challenges and transition, with a notable revenue decline and significant adjustments impacting profitability, while the company aims to stabilize through strategic financial governance.
- Revenue for 2024 was $5.5 billion, down 1% YoY, driven by declines in consulting and projects, despite growth in operations.
- Adjusted EBIT fell to $81 million, a 52% decrease from the previous year, influenced significantly by $55 million in non-recurring independent review charges.
- H1 '25 revenue decreased by 13% to $2.4 billion, with adjusted EBIT at $63 million, hampered by project delays and liquidity constraints.
- A $2.8 billion reported loss includes a substantial goodwill impairment of $2.2 billion, reflecting revised risk assessments and stricter IFRS revenue recognition requirements.
- The company is focusing on enhancing governance and financial discipline to restore confidence and prepare for the upcoming Sidara acquisition.
Community Discussion