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Worley Profits Return Green

Worley Ltd ended up the day up over 6% at $14.95 a share today after the energy engineering services company released its full-year earnings today.

The highlights of their full year results include:

  • Revenue and total income rose 2% to $9.7 billion

  • Earnings before interest, tax, and amortisation (EBITA) rose a massive 41% to $449 million

  • Basic earnings per share (EPS) surged 109% to 32.8 cents

  • Declared 25 cent, unfranked final dividend, bringing its full year payout to 50 cents

The company also improved the quality of its earnings, with 35% of its total revenue – $3.2 billion worth – coming from sustainability activities. Following on from this, major news for the financial year was that Worley would withdraw its services from Russia. The company announced its plan to remove its services from the nation after Russian forces invaded Ukraine.

Worley CEO Chris Ashton stated:

“These results are indicative of continued market expansion in both our traditional and sustainability related work. We have delivered an improved result against a backdrop of geopolitical and economic challenges. This is a direct result of the changes we’ve made to our business. We’ve set up a scalable business, and we’re delivering ongoing benefits from our cost‑saving programs.”

In the next financial year, Worley is investing $100 million in growth strategies over the next three years to boost its sustainability solutions, digital enablement, and other technology solutions. The company is also focusing sustainability-related services which now accounts for 50% of its sales pipeline, placing the company in a massive leadership position for the energy transition.

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