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BRIEF-Worleyparsons Ltd updates on outlook

Published 24/02/2016, 09:34 am
© Reuters.  BRIEF-Worleyparsons Ltd updates on outlook
WOR
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Feb 24 (Reuters) - WorleyParsons Ltd WOR.AX :

* Media release - half year 2016 results WOR.AX

* Says trading conditions over the remainder of financial year 2016 are expected to remain challenging

* Says focus during 2016 is on four immediate priorities of reducing costs

* Says actions to deliver $120 million in annualized ongoing overhead savings are substantially complete

* Will continue to reduce overheads over the next 18 months, targeting a further $180 million in annual overhead savings

* Says Worleyparsons expects aggregated revenue for financial year 2016 to be relatively flat half on half

* Says underlying earnings are expected to be biased towards the second half

* Says gearing and the net debt to EBITDA ratios are expected to improve

* "Funds will reduce debt and improve the company's net debt to EBITDA ratio to between 1.5 to 2.0 times, and the gearing ratio to less than 30%"

* Source text for Eikon ID:nASXL7sNP

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