Chairman’s Review 2011
In the context of the weak global economy WorleyParsons’ financial result for the year was very pleasing, underpinned by a solid second half performance. This gives us renewed confidence the Company is on a growth footing.
The result also demonstrates the fact that WorleyParsons is emerging from
the challenging economic environment of the past few years a stronger, more agile company, having demonstrated a unique ability to adapt to the prevailing business environment.
During this period the importance of our enduring focus on customer relationships has again been evidenced by a strong momentum of contract awards across all key areas of our business.
WorleyParsons’ global footprint continues to expand with a total workforce of approximately 35,100 people operating from our network of more than 143 offices in 43 countries. We are now the most global of any company operating in our sector.
Performance
The Company reported a net profit after tax of $364.2 million assisted by a $65.7 million fair value gain from the acquisition of associates. Underlying NPAT for the year was $298.5 million up 2.5% on our 2010 result. This was a pleasing result especially following our overall 2010 result which was disappointing when compared to the strong year-on-year growth we achieved on behalf of shareholders since the Company was listed in 2002.
