We made substantial progress during the year on our near-term priorities including improving our level of customer satisfaction, reducing internal costs, streamlining our service delivery and strengthening our balance sheet.

Our cost reduction program lowered overheads by $170 million when compared to the prior year. By the end of June we have achieved annualized cost reductions of $200 million, exceeding our target of $120 million. These savings reduced the impact of lower revenues on our underlying EBIT margin.

Annual_Report 2016

WorleyParsons Limited published this content on 24 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2016 02:39:01 UTC.

Original documenthttp://www.worleyparsons.com/InvestorRelations/reports/Pages/AnnualReport2016.aspx

Public permalinkhttp://www.publicnow.com/view/25BD75222680ACF185D7B2EDAA6964D87A61519D