WorleyParsons Restructures to Improve Financial Performance

Australia-based WorleyParsons Limited has set aside $32.8 million (AUD 35 million) to restructure its business following an in-depth review of its operations, with overhead reductions and improved project delivery expected to result in improved margins from the next financial year, the company announced Wednesday.

Following the review, announced in February by CEO Andrew Wood to better positioned WorleyParsons for future earnings growth through better customer focus and delivery, the firm will be organized into 3 business lines - Services, Major Projects, and Improve. The company will also reduce corporate overheads to establish a more competitive cost structure for business lines.

“With the reorganization we are announcing today we are aligning the business to market conditions. It will simplify the corporate structure, reduce overhead costs and enable our staff to deliver greater customer satisfaction. The reorganization is expected to improve major project performance, deliver sustainable growth in earnings and enhance returns to shareholders," Wood said in the press release.

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