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Professional services company, WorleyParsons Limited (ASX: WOR) today announced statutory net profit after tax (NPAT) of $62.2 million for the year ended 30 June 2018, an 85.7% improvement on previous year’s profit. However, underlying net profit after tax was $171.4 million, up 39.1% on the prior corresponding period. The difference between statutory profit after tax and underlying profit after tax accounts to changes in US tax legislation of $81.7 million as disclosed in reconciliation statement.

Underlying EBIT was up 15.9% to $298.8 million from $257.8 million. Basic earnings per share grew 73.9% to 23.3 cents in fiscal 2018. Statutory revenue and other income fell by 7.4% to $4.8 billion in FY18 but after adjusting revenue attributable to associates, aggregated revenue jumped 8.5% to $4.7 billion from $4.3 billion in prior year. The improvement reflects growth in market conditions and additional revenue from the acquisition of UK Integrated Solutions.

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Over the past one-year, the company has observed a major change in its power market, as it has seen early signs of recovery across onshore, offshore, oil sands, and across regions such as the Middle East, Central Asia, Africa, and Latin America. Infrastructure sector, Minerals, Metals & Chemicals sector remained sluggish during the year while hydrocarbons advanced showing aggregated revenue increase of 15.5% to $3,588.0 million.

During FY18 cash flow from operations was $259.7 million up over $180 million on FY2017. Net debt was down over $100 million to $662.5 million and gearing was 23.0%, down from 26.1% at 31 December 2017.

The Board of Directors proposed final dividend of 15c per share, fully unfranked, bringing total dividend payment to 25c. Final Dividend is scheduled to be paid on 24 September 2018 with record date of 29 August 2018.

The group is expected to deliver improved earnings in FY2019 with their special focus on growth of resources and energy market.

WorleyParsons share price moved up by 4.35% to $18.97, before market close on August 22, 2018 (2:40 PM AEST), after company’s results announcement for FY18.

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