Worley defies bookies to post $25 million profit

Despite global uncertainties and a drop in its core sector Worley has defied the bookies and posted a full-year profit ahead of the targets set out in its prospectus.
Worley defies bookies to post $25 million profit Worley defies bookies to post $25 million profit Worley defies bookies to post $25 million profit Worley defies bookies to post $25 million profit Worley defies bookies to post $25 million profit

The after tax profit of $25.86 million, up 42% on the previous year, also pushed Worley shares up 15c to an all-time high of $2.77, completing a an overall growth of 17.4% since the company launched at $1.75 last November.

However, the conflict in Iraq hit Worley's oil, gas and refining revenues, which make up around 75% of the company's work, leaving them short of prospectus revenue targets.

Despite the impact of the war and the surging Australian dollar Worley, which generates 42% of its earnings offshore, maintained an 8.3% rise in revenues to $474 million.

Worley's chief executive John Grill added the company would make a more concerted move to diversify out of oil and gas, by snaring more metal processing and infrastructure work, most particularly in the areas of designing power stations, pipelines, ports and rail lines.

The company also announced it had paid $3.3 million for a half-share in a Canadian company involved in designing heavy oil and bitumen facilities, and a $1.5 million half-share in a Victorian firm involved in aluminium.

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