Worley Ltd
F:WF9
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Worley Ltd
Worley Ltd is a professional services company that helps customers plan, design, and manage complex industrial projects. It works mainly in energy, chemicals, resources, and related infrastructure, where clients need technical expertise to build, upgrade, or keep large plants and facilities running safely and efficiently. Its work includes engineering, project delivery, maintenance support, and consulting. The company makes money by charging fees for its services rather than by selling physical products. Its main customers are oil and gas companies, chemical producers, mining groups, utilities, and industrial operators. Worley is often involved early in a project, helping customers design the job, and it can also stay involved during construction, operations, and maintenance. What sets Worley apart is its role as a specialist technical partner for heavy industry. It sits between the customer and the builders, equipment suppliers, and contractors, translating a project idea into a workable industrial design and then helping execute it. That makes it a service business tied to long-lived assets and ongoing plant upkeep, not a manufacturer or commodity producer.
Worley Ltd is a professional services company that helps customers plan, design, and manage complex industrial projects. It works mainly in energy, chemicals, resources, and related infrastructure, where clients need technical expertise to build, upgrade, or keep large plants and facilities running safely and efficiently. Its work includes engineering, project delivery, maintenance support, and consulting.
The company makes money by charging fees for its services rather than by selling physical products. Its main customers are oil and gas companies, chemical producers, mining groups, utilities, and industrial operators. Worley is often involved early in a project, helping customers design the job, and it can also stay involved during construction, operations, and maintenance.
What sets Worley apart is its role as a specialist technical partner for heavy industry. It sits between the customer and the builders, equipment suppliers, and contractors, translating a project idea into a workable industrial design and then helping execute it. That makes it a service business tied to long-lived assets and ongoing plant upkeep, not a manufacturer or commodity producer.
Revenue Growth: Revenue grew 5.4% over the prior period, reaching $6.3 billion for the half, driven by major projects moving into execution.
Bookings Surge: Bookings rose 63% to $9.8 billion in the half, highlighting strong new project wins and increased customer confidence.
Restructuring & Savings: $82 million in transformation and restructuring costs were incurred, with a cost-out program targeting over $100 million in annualized savings from FY '27.
Margin Outlook: Underlying EBITA was steady at $377 million, and management reaffirmed margin guidance (excluding procurement) at 9% to 9.5%.
Solid Cash Conversion: Cash conversion reached 95.5%, supporting continued investment and shareholder returns, including ongoing buybacks and a $0.25 per share interim dividend.
Outlook Reconfirmed: Worley reiterated its moderate growth outlook for FY '26, forecasting higher revenue and EBITA than FY '25.
Increasing Sole-Source Work: Sole-source project wins increased to 48%, indicating deeper customer relationships and trust.
No Trend in Cancellations: Project cancellations remain isolated, with no material trend in cancellations or deferrals.
