The company said aggregated revenue was $514.8 million, an increase of 8.5% from the prior year, also a record result for the group. EBIT of $40.4 million was up 25.7% from the prior year result of $32.1million. The net margin for the group was 6.0%, an increase from the 5.5% achieved in 2003.
Worley said included in the full year result was an after tax profit of $1.1 million relating to development fees associated with the Esperance Energy Project.
Worley’s board declared a fully franked final dividend of 6.5 cents per share – last year’s was 5 cents - payable on 30 September for shareholders on the register as at 21 September. The full year dividend is 12 cents per share and represents a payout ratio of 58%, according to the company.
The chief executive officer of Worley, John Grill, said the company had delivered another excellent performance in 2004 reflected by significant growth in both revenue and profit and an improved safety performance.
“This was a watershed year for Worley in which the company continued to expand its business with the award of a number of major international projects, ongoing geographic expansion and strong operational performance across the business.
“We remain on track to deliver on our 5 year strategic plan target of greater than 50% revenue from long-term contracts and have been encouraged by our recent successes in securing and delivering alliances in the minerals, metals & chemicals sector,” he said.
