Troubled Aberdeen-based engineering and consulting giant John Wood Group said on Wednesday its shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1, 2025, until its FY24 results are published.

The firm said in a stock exchange statement: “On 31 March 2025, John Wood Group PLC  announced that, given the timing of the conclusion of the independent review commissioned by Wood and the extensive work needed to conclude the audit for the year ended 31 December 2024 (FY24), it was expected that the Company would not publish its FY24 accounts by 30 April 2025.

“Wood today confirms that there will be a delay in publishing its FY24 accounts beyond the required deadline of 30 April 2025.

“As a result, in accordance with the requirements of the Disclosure Guidance and Transparency Rules and UK Listing Rules published by the Financial Conduct Authority, and at the Company’s request, Wood’s shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on 1 May 2025 until its FY24 results are published.

“The Company intends to request a restoration of the listing and trading of its shares upon the publication of the FY24 accounts ….

“As announced on 31 March 2025, Wood obtained temporary retrospective waivers (valid to 30 April 2025) under its committed debt facilities.

“These waivers have now been extended until 30 June 2025 and have been extended also to apply to the Company’s failure to publish its FY24 accounts by 30 April 2025.”

Wood has received a “holistic non-binding” conditional takeover proposal from Dubai-based Sidara worth about £242 million or 35p per share in cash. Last year, Wood rejected a cash takeover proposal from Sidara worth about £1.4 billion or £2.05 per share, before the Aberdeen firm became engulfed in problems.

Wood shares rose as much as 9% on Wednesday — but its stock is down more than 80% for the past year amid an independent review by Deloitte following “exceptional contract write-offs” and a “difficult” trading update for the year ended December 31, 2024.

Wood, one of Scotland’s biggest listed firms, employs more than 35,000 people in 60 countries.