My assessment is that WOR has done exactly what management said...

My assessment is that WOR has done exactly what management said it was going to do, that is deliver improved H2 earnings after re-structuring the business following the initial impacts of COVID and the dive on oil prices that followed. Yes the results don’t compare well with the prior year, but they already told us that before H1 and despite the huge drop in revenue they have managed to steady the ship and improve half on half. They have also signalled that future revenues look likely to improve given the shift in their markets and when they do, margins look set to improve. Given the costs they have taken out of the business in the last year, any improvement in revenue will impact margins quickly.
What I will want to see is early signs that revenue from these new markets is indeed finding its way to WOR and that WOR can also be successful in its traditional markets which is where the revenue dried up last year.
The result did not surprise me and I think management have been quite transparent in mapping where their future lies. I am good to hold. DYOR.