Chairman’s Review
Today we operate in some of the world’s most demanding physical environments, bringing unique solutions to our clients. Throughout our more than 39 year history we have adapted to numerous economic cycles and rapidly changing global markets.
The past year has been challenging as the impacts of the global financial crisis continue to be felt in a number of key areas in which we operate.
Given this backdrop and the obvious negative impact this has had on WorleyParsons’ financial performance, the Board believes the result delivered is a testament to the Company’s resilience, its well developed diversification strategy and an indicator of the opportunities for future growth.
Even in this prevailing operating environment, a number of the regions in which we operate — particularly the Middle East and Australia — performed ahead of our expectations. By comparison, our businesses in North American downstream hydrocarbons and power markets performed poorly.
While the overall financial result was disappointing in the context of strong year–on–year growth since listing in 2002, the Company remains highly profitable with strong
financial capacity.
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