Engineering leader Worley announced a return to profitability in the first half, with revenue growth in key sectors driving positive results.
Robust Financial Performance
Worley posted a net profit of 106 million Australian dollars (US$69.4 million) for the six months ending December, marking a significant turnaround from the A$99 million loss recorded a year prior. The company’s underlying profit rose to A$188 million, up from A$154 million in the previous year. Revenue also saw a notable increase, reaching A$6.08 billion.
Dividend Payout and Growth Prospects
Directors declared an interim dividend of 25 Australian cents per share, maintaining consistency with the previous year. Worley reaffirmed its expectations for revenue growth in the fiscal year 2024, along with higher procurement volumes. The company aims for an underlying EBITA margin within the range of 7.5-8.0%.
Sustainability Initiatives
Chief Executive Chris Ashton highlighted Worley’s commitment to sustainability, noting that over half of the company’s revenue now comes from sustainability-related projects. The goal is to achieve 75% of revenue from such initiatives by FY 2026.
Strong Backlog and Future Outlook
Worley reported a work backlog of A$14.8 billion as of December, reflecting an 11% increase over the past year on a proforma basis. The company’s first-half EBITA margin of 7.5% positions it well to meet annual guidance and continue on a growth trajectory.
