WOR +0.63%: The decarbonisation story was reinforced today with WOR delivering a solid set of FY23 results and importantly, reinforced their growing push into sustainability related work. Aggregated revenue $10,9b was up 21% on the year driving underlying EBITA of $635m, up 16% and ahead of expectations. They said sustainability-related work was $4.5 billion, 41% of aggregated revenue and up 41% from $3.2 billion last year. The declared a 25cps final dividend unfranked although income is not the play here. Guidance was opaque but positive, saying they expect revenue to grow and underlying margins to improve further (EBITA to 7.5-8%).
- Another incremental positive step for WOR as take advantage of being a first mover in decarbonization.
MM remains long & bullish on WOR
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