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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
John Wood Group
John Wood Group (WG) investor relations material
John Wood Group has been delisted
John Wood Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary31 Oct, 2025
Executive summary
Published full year 2024 annual report and H1 2025 interim results, marking a milestone after a challenging period and enabling progress on the Sidara acquisition.
Revenue declined 13% year-over-year to $2.4 billion, reflecting lower pass-through activity, project delays, and client hesitancy amid financial uncertainty.
Decisive actions taken to reinforce governance, including leadership changes, external accounting experts, and enhanced controls.
Free cash outflow increased to $404 million, driven by lower EBIT, higher exceptional costs, and a significant unwind of working capital.
Net debt (excluding leases) rose to $1.1 billion, up $390 million from December 2024, due to lack of receivables financing and cash outflows.
Financial highlights
2024 revenue was $5.5 billion, down 1% year-over-year; adjusted EBIT fell 52% to $81 million, including $55 million of non-recurring review charges.
Statutory loss of $2.8 billion in 2024, driven by a $2.2 billion goodwill and intangible asset impairment and $267 million from revised revenue recognition on a legacy project.
Statutory operating loss narrowed to $5 million from $828 million in the prior year, with loss for the period at $72 million.
Free cash outflow of $153 million in 2024; net debt at year-end was $683 million, broadly flat year-over-year after $170 million in disposals.
H1 2025 revenue declined 13% year-over-year to $2.4 billion; adjusted EBIT down 38% to $63 million (excluding review charges).
Outlook and guidance
No financial guidance provided due to ongoing uncertainty and complexity in both internal and client environments.
Order book at June 30, 2025, was $6.5 billion, up from $5.8 billion at December 31, 2024.
Sidara acquisition expected to complete in H1 2026, with a shareholder vote scheduled for November 17, 2025.
The Sidara acquisition, if approved, will inject $450 million in capital and extend debt maturities, enhancing liquidity and stability.
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Latest events from John Wood Group
- Full-year guidance confirmed as margin growth and sustainable pipeline expansion offset project weakness.WG
Trading Update - Adjusted EBITDA up 8.5% to $219m, margin at 7.7%, order book up 3.6%, outlook reconfirmed.WGH1 2024
- EBITDA and margins improved in HY24, with strong outlook and cost savings on track.WGTrading Update
- Severe losses, major impairments, and control failures led to restatements and a qualified audit.WGH2 2024
- 2025 outlook revised to $(150)–$(200)m negative free cash flow, with disposals planned.WGTrading Update
John Wood Group
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Frequently asked questions
John Wood Group PLC is a UK-based global engineering and consulting company providing services to the energy and built environment sectors. The company offers expertise in engineering design, project management, and consulting across industries such as oil and gas, renewable energy, power, and infrastructure. The company is headquartered in Aberdeen, Scotland, and its shares are listed on the London Stock Exchange (LSE).