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After encountering difficult market conditions during financial 2010, Sydney-based WorleyParsons this week reported its first fall in annual earnings since listing in 2002. The company said net profit dropped 25.5% year-on-year to $291.1-million. Foreshadowing earnings improvement across the four divisions this financial year, CEO John Grill, stressed the growing importance of the developing world to the company. “The strategy is to get close to our clients and to do as much of the work as we can close to our clients.” This thinking was behind the company’s $109-million acquisition of CNEC Engenharia in January and the move to increase its stake in its Chinese culture, announced yesterday. WorleyParsons will pay$US18.5-million to lift its interest in MaisonWorlyParsons to around 80%.

The company is also interested in increasing the company's exposure to the infrastructure sector and long-term sustaining capital contracts. Mr Grill said it is pleasing that the company has increased headcount through the second half of the year. “Our personnel numbers are now in excess of 30,000 and we are well placed to grow through 2011. Workshare has been a key foundation for growth over the last 5 years. The reduced workload that was experienced in the last 18 months has decreased the amount of workshare performed; however improving market conditions are predicted to see higher levels in 2011. “The company announced a partly-franked 40¢ final dividend, down from 55¢ last year but still representing a payout ration of 63.6% of net profit.

Excerpt from: The Australian Financial Review (www.afr.com) and WorleyParsons (www.worleyparsons.com), 26 August 2010