Worley reports steady half-year results
Key points
- Aggregated revenue up 5.4% to $6,312m
- Underlying EBITA up 0.3% to $377m
- Strong cash conversion at 95.5%
Full summary
Worley has reported solid financial results for the first half of fiscal year 2026, with aggregated revenue increasing 5.4% to $6,312m and underlying EBITA rising 0.3% to $377m. The revenue growth was driven by increased activity in major projects, particularly in the construction & fabrication and procurement segments. Despite the challenging market environment, Worley maintained a steady underlying EBITA margin of 8.8% (excluding procurement). The company has undertaken targeted cost-out initiatives to strengthen its earnings quality and resilience, with a goal of achieving over $100m in annualized savings from fiscal year 2027 onwards. Worley's financial position remains strong, with a normalized cash conversion ratio of 95.5% and a leverage ratio of 1.5x, providing the capacity to invest in growth and return capital to shareholders. The company's order backlog grew by 63% during the period, reaching $16.7b, with a good mix of work across the Energy, Chemicals and Resources sectors. Worley continues to make progress on its ESG agenda, including maintaining a strong safety performance, inclusion in the Dow Jones Sustainability Index, and leading ratings from MSCI and CDP.
Guidance
Worley is targeting over $100m in annualized cost savings from fiscal year 2027 onwards.
Summary generated by a large language model. Please interpret with care.