Full Year 2024 Worley Ltd Earnings Call Transcript
Key Points
- Worley Ltd (WYGPF) delivered strong and consistent growth in revenue, earnings, and margins despite macroeconomic headwinds.
- The company achieved a record high in revenue and earnings, with an 18% increase in aggregated revenues and a 24% rise in underlying EBITDA.
- Worley Ltd (WYGPF) maintained a disciplined approach to capital management, achieving a normalized cash conversion ratio of 99%.
- The company has shown resilience in its business model, successfully navigating geopolitical tensions and high inflation.
- Worley Ltd (WYGPF) continues to make progress on its ESG commitments, including establishing a Human Rights and Diversity and Equity and Inclusion Committee and receiving an A rating for its Modern Slavery Statement.
- The company expects moderated growth in FY25 due to ongoing macroeconomic headwinds.
- There were project delays and cancellations, including a $1.2 billion reduction in backlog due to scope decreases and cancellations.
- The CP2 LNG project faced delays, impacting the expected earnings contribution for FY25.
- The company faces challenges in attracting and retaining highly skilled personnel to meet demand.
- Geopolitical tensions and high inflation continue to pose risks to the business, affecting project economics and capital allocation decisions.
Good day. And thank you for standing by. Welcome to the Worley fiscal year 2024 results call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Chris Ashton, Chief Executive Officer. Please go ahead.
Good morning, everyone, and welcome, and thank you for joining our full year results today. I'm delighted to be able to present these with Tiernan O'Rourke, many of you who will -- you will know Tiernan, our CFO. So on the call today, I plan to provide an overview of the business performance and the strategic progress we've made over the last year, and then Tin will add further detail on the full year results before I conclude with the outlook, and then after that, we'll open for any questions.
So just turning to slide 2 and acknowledgment of country. I'd like to acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land on
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