Worley Ltd reported a 35.6% drop in statutory net profit for the fiscal year ended June 30, citing $120 million in restructuring costs and $58 million in losses tied to the Middle East conflict.
The Sydney-based engineering group posted statutory net profit after tax of $306 million, down from $475 million a year earlier. Underlying earnings before interest and tax fell 10.8% to $734 million, while underlying net profit after tax declined 16.8% to $395 million. Total revenue remained flat at $12.02 billion, though bookings rose 23% to $15.5 billion and the backlog expanded 9% to $13.8 billion.
Chief Executive Chris Ashton attributed the decline to weaker European chemicals demand, regional disruptions, and a higher share of lower-margin construction work. The company incurred $120 million in pre-tax restructuring costs, largely due to the cancellation of two chemicals projects in Western Europe. The ExxonMobil Baytown Blue Hydrogen project was paused and removed from the backlog, reducing the half-year figure by $2.9 billion.
Regional performance diverged, with growth in the Americas driven by the Venture Global CP2 LNG project in Louisiana offsetting weakness in EMEA and Asia Pacific. New contracts were secured with American Electric Power, Chevron, and Orbia Fluor & Energy Materials. The underlying EBITA margin contracted to 6.1% from 6.8%.
Worley declared a final dividend of 25 cents per share, payable on September 30. The company expects mid to high single-digit growth in revenue and underlying EBITA for fiscal 2027, with double-digit earnings growth targeted by fiscal 2030.
