John Wood Group, the troubled Aberdeen-based engineering and consulting giant, published unaudited half year results for the six months ended June 30, 2025, showing an order book of $6.5 billion — up 6% year on year and up 12% from December 2024.
The Aberdeen firm reported first-half revenue of $2.4 billion, down 12% on a like-for-like basis, and said adjusted EBIT of $63 million was down 25% on a like-for-like basis.
Wood said loss for the period was $72 million after finance and tax charges.
Dubai-based Sidara finally announced on August 29 a proposed deal to take over John Wood Group in a proposed acquisition that is subject to a large number of conditions it said are “highly unusual” under the UK’s Takeover Code.
“The shareholder vote will take place in the week of 17 November 2025 and, subject to the shareholder vote and satisfaction or waiver of the other outstanding conditions, the acquisition is expected to complete in the first half of 2026,” said Wood.
In August, the boards of Sidara and Wood agreed a recommended cash acquisition of Wood for 30p a share — around £216 million. 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 major problems.
If approved by shareholders, the new deal would include Sidara providing a $450 million capital injection to Wood.
Wood reported first-half “free cash outflow” of $403 million and said net debt (excluding leases) was $1.1 billion at June 30, 2025, an increase of $390 million from its December 31, 2024, position of $683 million.
Wood reported a first-half operating loss of $5 million and exceptional items of $53 million including $41 million of advisor fees and $7 million of restructuring costs.
“The proposed acquisition of Wood by Sidara will (if approved by shareholders) position the business for greater financial stability, substantially enhance our liquidity and support long-term growth,” said Wood.
“Having carefully considered the viability of all options, the board believe that the Sidara offer represents the best option available to our shareholders, lenders and wider stakeholders
“The acquisition provides certain cash value for Wood shareholders at 30 pence per share, compared to alternative options that the Wood directors believe would likely generate materially less, and potentially zero, value for shareholders.
“Being part of the Sidara Group will open new opportunities for Wood employees, who will benefit from greater financial stability, a new base of clients and an enhanced global footprint.”
Wood added: “Now that we have published the 2024 accounts, and this HY25 statement, we will now apply to the FCA to seek re-admission of Wood’s shares to listing and trading.”
Outgoing CEO Ken Gilmartin said: “While trading in the first half reflected the challenges facing the group, we continued to secure work across our markets.
“Against a difficult backdrop, our people have remained focused on delivering excellence for our clients.
“These efforts supported growth in our order book to $6.5 billion, reflecting continued confidence in our ability to deliver complex consulting, engineering, and operations solutions at scale.”
Iain Torrens, interim CFO and incoming CEO, said: “As we near the close of this challenging chapter in Wood’s history and look to enter this next period, we are focused on strengthening the company while still delivering high-quality work for our clients.
“Importantly, we are progressing the Sidara acquisition of Wood, which will provide greater stability for Wood, open new opportunities for our employees and support long-term growth.”