One of the biggest engineers in the North Sea more than halved in value yesterday as it launched an investigation into its accounts.
Shares in FTSE 250 giant Wood Group, which is based in Aberdeen and works on everything from oil rigs and wind farms to mines and hydrogen storage, fell 60pc in the biggest decline since it listed in London in 2002.
The slump came after the firm, which has 35,000 staff in 60 countries, said Deloitte would carry out an independent review of its operations.
Wood Group shares fell to an all-time low as the accounting probe was revealed
It said this would focus on the value of its contracts as well as accounting, governance and controls – and include ‘whether any prior year restatement may be required’. Wood also warned business in the third quarter was ‘mixed’.
The update sent shares tumbling 74.8p to an all-time low of 49.8p.
With investors still taking in the impact of the US election and UK Budget, as well as transatlantic interest rate cuts and a host of corporate updates, the FTSE 100 closed down 0.3pc, or 25.94, at 8140.74 while the FTSE 250 closed up 0.9pc, or 188.67, at 20,635.37.
Burberry shares closed up 7pc, or 57p, at 870.6p amid trading room chatter that Italian puffer jacket maker Moncler is finalising its bid for the trenchcoat maker.
Across the Pond, shares in British chip designer Arm, which is listed in New York, fell 0.9pc as its latest update disappointed investors.
The Cambridge-based firm, whose designs power nearly every smartphone, has seen its shares more than double since it listed in the US in September last year.
The rally was driven by bets it would benefit from a surge in AI computing. But Arm’s latest revenue forecast – of £707m to £746m for the third quarter – was in line with analyst estimates of £726m.
Back in London, shares in cross-border payment processor CAB Payments fell 25.2pc, or 26.9p, to 79.7p after US rival StoneX pulled out of takeover talks.
Auto Trader shares were down after it warned that sales of new cars fell 10pc in the first half of the year ‘despite an increase in discounts from manufacturers’.
The FTSE 100 firm said it continued to see ‘strong levels of demand for used cars’ but it was not enough to stop the shares falling 7.2pc or 60.4p to 783p. Half-year revenues.
rose 8pc to £302.5m while operating profit was up 14pc to £188.4m. Taylor Wimpey reported ‘steady signs of improvement’ in demand for new homes, saying it was on track to build 10,000 this year.
Shares rose 0.2pc, or 0.25p, to 139.9p.
Online ticketing platform Trainline is planning to cut jobs as it looks to save £12m a year.
The announcement came as it said profits more than doubled to £46.5m in the first half of the year. It is now forecasting revenues to grow by between 11pc and 13pc in the current financial year – up from a range of 7pc to 11pc.
Shares rose 5pc, or 20p, to 416.8p. National Grid posted a 14pc rise in first-half profit to £2.05bn, but shares fell 0.1pc, or 1.2p, to 982p.
Tate & Lyle reported a 10pc fall in half-year revenue to £775m and a 17pc fall in profit to £103m. However shares in the takeover target rose 1.9pc, or 15p, to 789p
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