WorleyParsons provided a trading update and revised earnings guidance for the year to 30 June 2014.
At the Company’s Annual General Meeting WorleyParsons reiterated guidance for FY2014 of increased earnings compared to FY2013 net profit after tax of $322 million. After considering current trading results and having experienced a delay in upturn in markets the company is issuing revised guidance. On current indications the company now expects to report underlying NPAT for FY2014 in the range of $260 million to $300 million with first half underlying NPAT in the range of $90 million to $110 million.
The revised outlook primarily reflects:
The reduced professional services revenue is driven by:
Commenting, Chief Executive Officer, Andrew Wood , said: “Notwithstanding the impacts weaker than expected market conditions are having on our performance, the cost reduction program we are implementing together with the momentum from recent contract awards should position us for medium term growth. The diversity of our business in terms of its geography, industry sector and service offering remains a fundamental strength.”
[mappress] LNG World News Staff, November 20, 2013