WorleyParsons: Interim result 2013

Another good result for the engineer needs to be treated with caution.

WorleyParsons, reported another impressive interim result. Revenue for the half year rose 14% to $3.9bn although net profit rose just 2% to $155m. From earnings per share of 63 cents, up 2% from last year, a 41.5 cent dividend was declared (fully franked, ex date 25 Feb). An engineer of large costly projects, Worley can recognise revenue as projects mature even if it doesn’t collect cash so an eye on cashflow is vital. Recent poor cashflow numbers have been reversed, with net operating cashflow rising 95% to $125m.

H1 2013

H1 2012

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