Worley's (ASX:WOR) profit jumps while revenue dips

Company News

by Lauren Evans

Worley (ASX:WOR) posted its half year results for the six months ending December 31.

The engineering company's net profit after tax jumped 90 per cent to $114 million, while revenue fell 4 per cent to $4.7 billion due to timing of project activity. Its EBITA rose 21 per cent to $251 million, driven by margin improvement.

Worley attributed these results to an improving business mix and rate, and retention benefits from its costs savings program. It also said there continues to be clear evidence from customers that the momentum post Covid-19 continues to build.

“We continue to see positive indicators with all of our core markets experiencing investment growth, with increases in both our backlog and factored sales pipeline,” said chief executive officer Chris Ashton.

“We are not seeing material Covid-19 related impacts on supply chains, site access or project deferrals and cancellations. We continue to attract and retain talent while building capability in support of our strategic transformation journey.”

Worley is set to pay an interim dividend of 25 cents per share in March.

Shares in Worley (ASX:WOR) are trading 5 per cent higher at $12.39. 

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