Member Info for The.Crowman

Pontificating, opinion forming chumpsters speculating about ceilings, retracing and feck knows what else like they had a clue on the their chosen topic.

Wiser heads such as The Crowman take no heed of either group and advise others to do the same.

OOps wrong board.

Meant for CPI.....

#Doublesozzles

Pontificating, opinion forming chumpsters speculating about ceilings, retracing and feck knows what else like they had a clue on the their chosen topic.

Wiser heads such as The Crowman take no heed of either group and advise others to do the same.

@Trenners

You are so patently desparate to get back some of the shares you sold at £2.30 its embarrasing. Give it a rest with your predictions.

My guess is you have sold far more than you declare and now wonder why.

ALISTAIR OSBORNE | BUSINESS COMMENTARY

Can the FCA see Wood for the trees?

new

The Financial Conduct Authority looks spoilt for choice in its investigation into John Wood Group, the consulting engineer

Alistair Osborne

, Chief Business Commentator

Monday June 30 2025, 10.00pm BST, The Times

Maybe some companies try to get investigated by the Financial Conduct Authority. Take consulting engineer John Wood Group, the self-styled home of “Remarkable people, trusted by clients to design, build and advance the world”.

One of its remarkable feats was to issue a come-and-get-me statement on March 31, relating to an independent review by Deloitte. There, the board chaired by the £304,450-a-year Roy Franklin, admitted to, among other things: “material weaknesses and failures in the group’s financial culture within the projects business unit”; “inappropriate management pressure and override to maintain previously reported positions”; “over-optimism and/or lack of evidence in respect of accounting judgments”; and “instances of information being inappropriately withheld from, and unreliable information being provided to, Wood’s auditors” — KPMG.

Even the FCA couldn’t miss that sort of open goal. So it proved on Friday, with the news it had begun an investigation for “the period from 1 January 2023 to 7 November 2024” — the date when Wood said it had commissioned Deloitte’s review.

• Chairman of troubled John Wood Group to stand down

The regulator looks spoilt for choice, too. Its inquiry spans a period during which, apart from the accounting shenanigans and cultural issues, the board has lost two proposed cash bids at the point of due diligence: first, a £1.66 billion tilt from Apollo at 240p a share and then one from Sidara at 230p. And all before finding itself in takeover talks once again with Sidara — only now at the apparently “attractive” price of 35p a share, valuing Wood at just £242 million.

The reason for the gulf in the price? Because, in between, the board crashed the shares — before getting them suspended at 18.44p after failing to publish Wood’s 2024 accounts. To the lost bids, the board added missed financial targets, the joys of hiring a finance chief, Arvind Balan, who over-inflated his qualifications, project write-offs and the findings of the Deloitte review.

True, the latest update in February still showed a $6.2 billion order book and Wood continues to win business, notably a $2.8 billion contract from Abu Dhabi National Oil Company. But Wood’s £2.24 million-a-year chief executive Ken Gilmartin keeps missing his target for positive free cashflow (delayed until 2026). And, with net debt averaging $1.1 billion, the choice looks to be Sidara’s possible bid (whose deadline’s been extended again) or a debt-for-equity swap.

So, a question for the FCA: who will it blame for a mess that’s swiftly destroyed £1.4 billion of value? It’s the board’s job to set the company

Indeed, some of the peeps on here really do not understand much about this share lark.

They think they go up in a straight line so they can feel all nice at the end of each day. Durrrh.

@ ryanf

Nicely put. Seconded.

Cannot blame you. I would do the same.

Keep up Ryan - all in posting history.

Bought another 75k to help all the LTH's who are still underwater. Hang in there this will come good - thats a promise.

Holding now bang on 675k shares which is enough. No more for me, I have done my best its up to you to do the rest.......

Roll on 60p and maybe more?

Its shouting a first stop at 40p and a swift run up to 50-60p.

Now tell me you like the sound of that. Average down if you can - this might yet be a happy story even for LTH's?

Might yet see £1 in 2025. Sentiment in this game is easily the biggest factor - 40 years of this game has told me that.

I some what presciently sugegsted a year ago how BOO would descend into the retail abyss and to date I have been proved exactly correct.

A fire sale beckons and then admin.

Tick tock...... the wait till the latter is now on the horizon. Take what you can and leave is my best advice.

We are going for 'Main engine start'............

Remember like the good shepherd The Crowman gave all you folk the heads up at 25p this was a no brainer.

Thank me later.

No idea but the current rise is hard to link with TU. I suspect something bigger is at play.

Why do folk on here feed the chump Aimless - thats what the filter button is for imho.

Utter flute who can join Dim Jim Oxford and Keyboard Banker in the same unhappy club.

The TU was OK imo but not to the extent we are seeing.

The explanation is easily answered in the form of a bid approach inbound £5 would no doubt suffice.

Truly a double cross to put a halt on todays rise.

Helping out themselves and their mates this price target will be smashed in the coming weeks making them look even more stupid / bent.

Roll on 45p and for me a happy exit at 60p - in the mean time this is trade time.

@ Citypie = Agreed. This is hardly compo for the debacle thats gone before.

Roll on 60p - I will not be greedy £150k will do for me.

Raises sell target on THG to 60p.

Ends.

@LD1973

I see you are what 60-70% underwater with your piddly little hold yet you bleat like a jilted teenager - get a life with your clown talk. The only clown here is you fella.

See you in the morning.