Net profits dropped after Worley took a $240 million loss on the sale of a turnaround and maintenance business in North America
Group underlying earnings, which exclude the loss on the North American sale, rose 16 per cent to $635 million
The company has forecast fiscal 2024 profit margins will rise to between 7.5 and 8 per cent, excluding procurement costs
Worley boss Chris Ashton has singled out artificial intelligence as a top priority, setting up a new working group to investigate how it can incorporate the emerging technology into its global engineering business.
“The rapid introduction of AI into the world is impacting everyone,” Mr Ashton told The Australian Financial Review after reporting a 78 per cent drop in annual net profit to $37 million. “What I’m trying to do is look at what the opportunity set is for Worley if we are to embrace it.”
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
