WOR - results, page-2

just went through their presentation...here are things i like

1) Utilisation rate has been trending up each month since May 15 ( page 7)
2) They have been able to make up $300m of the $500m in drop of hydrocarbon ( oil) contracts with new non oil sector related contracts...(Page 8)! Also Oil contracts repersent 60% of the new Half 2 contracts they one......vs the 85% they historically have been...(Page 8)
3) they remained cashflow positive despite incurring signficent restructuring costs ( page 19)
4) "Comfortably within debt covenants" ( page 20)
5) "No plans for equity raising" ( page 20)
6) they are holding $410m of physical cash which is up 7% from LY (page 21)
7)They have cut overheads by $120m and are targetting another $180m of overhead custs ( page 24)

This is what they say on Outlook......( page 28)

"While WorleyParsons anticipates trading conditions to remain challenging in the short term, making forecasting difficult, WorleyParsons expects FY2016:
● Aggregated revenue to be flat half on half
● Overhead reductions to support second half underlying earnings
● Underlying earnings biased to second half
● Balance sheet metrics to improve half on half"

i reckon fair enough. I am buying more today