John Wood Sees $100 Mln Charges On Aegis Poland; To Delay Results

John Wood Group PLC (WDGJF), that provides consulting, project management, and engineering solutions worldwide, on Monday said it expects an exceptional charge of $100 million in relation to Aegis Poland project.

The publication of the fiscal 21 results previously scheduled for 8 March also has been delayed due to an external review on the historical carrying value of the Aegis Poland project contract.

The additional cost reflects management's latest estimate of the expected loss at completion of the legacy Amec Foster Wheeler project, Aegis Poland. The charge, which mainly relates to the assessment of future customer recoveries, would involve an additional cash outflow of $20 million, with the balance being non-cash. The project is expected to be operationally complete in second half of 2022.

The engineering giant expects the underlying results for fiscal 21 to be unchanged.

Shares of John wood Group closed Monday's trading at 225.40 pounds, down 8.70 pounds or 3.72 percent from previous close.

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