Engineering consultancy Worley, (ASX:WOR) is navigating its way through the COVID-19 crisis through a range of structural and staff changes as the pandemic affects global consultancy revenues but said: “Safety and wellbeing of our people remains our priority.”
The company recently shed 3000 jobs between January 31 and March 31st predominantly on the project side. Most of this reduction was in field-based work specifically lower margin construction related activities.
Chris Ashton, Chief Executive Officer, said, “We are responding with agility to the rapidly changing environment. We are ensuring the safety and wellbeing of our people, we have increased our liquidity position and we continue to review and adjust the business operationally. I am proud of our people as they demonstrate resilience and harness their ingenuity and expertise supporting customers, colleagues and communities.”
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The current economic circumstances have led to a rapidly changing environment for Worley’s business. To date, the impact of these changes has been limited. As a result of the acquisitions of AFW UK in 2017 and Jacobs ECR in 2019, Worley is a more diversified business in the energy, chemicals and resources sectors with reduced exposure to both oil and gas and general capital expenditure. The economic outlook and our customers’ responses are difficult to predict yet as described below, Worley is preparing for a range of scenarios.
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