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Worley HY Profit Surges; Announces Board Changes

Australian professional services company Worley Limited (WYGPF.PK, WYGPY.PK, WOR.AX) announced that its statutory net profit after tax rose 77 percent to A$154 million for the six months ended 31 December 2019, from A$87 million in the same period last year. On an underlying basis, net profit after tax was A$216 million, up 110 percent on the prior corresponding period.

Aggregated revenue climbed 134 percent to A$5.998 billion, on improved market conditions and the inclusion of the business acquired from Jacobs (ECR) for the full six months to December 2019.

Chief Executive Officer Chris Ashton said "Through this period of transition of our business, our focus has been and continues to be on delivering the benefits of the ECR acquisition. ... We have increased our cost synergy target to A$175 million per annum, delivered over 30 months from completion. In line with the ECR investment case we are seeing more consistent earnings through increased exposure to operational expenditure and the chemical sector".

The Board resolved to pay an interim dividend of 25 cents per share, unfranked. The dividend will be paid on 25 March 2020 with a record date of 28 February 2020.

As a result of the ECR acquisition,the company have enhanced the diversity and resilience of our earnings. The company noted that it continue to deliver the benefits of the acquisition of ECR including the realization of cost, margin and revenue synergies.

Seperately, the company announced various board changes. As previously announced, Chris Ashton has been appointed as Chief Executive Officer and Managing Director of Worley. Worley also announced the appointment of Andrew Liveris as Deputy Chairman and Martin Parkinson as Independent Non-Executive Director to Board. These appointments are effective from today.

Further, the company stated that Andrew Wood will remain with Worley to advise the Board and the CEO until his retirement at the end of this financial year. Christopher Haynes will remain as Lead Independent Director, which was effective following the Annual General Meeting last year. John Grill has confirmed his commitment to remain Chairman until at least October 2022, the company added.

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