Feb 20 (Reuters) - WorleyParsons Ltd WOR.AX :
* Board has resolved not to declare an interim dividend
* Still targeting a reduction of $300m in working capital in medium term
* Market conditions remain challenging
* Benefit of cost reductions achieved by company in first half, are expected to be reflected in second half earnings.
* "Customers' sentiment is improving and they inform company that their activity levels are not expected to deteriorate further"
* Increased overhead reduction target to a total of $450 million in annualized savings by end of financial year 2017 on an exit run rate basis
* "Staff numbers are stabilizing and we are achieving our staff utilization target" Source text for Eikon: Further company coverage: WOR.AX