Australian engineering services company WorleyParsons Limited has reported a 53% YoY jump in full year profit, riding a boom in mining and energy projects, and said it expected increased earnings in the current year. It also flagged more acquisitions in the year ahead, after buying eight businesses last year for a total of AUD 247 million, building its expertise in areas like deepwater oil and gas drilling.

Net profit rose to AUD 343.9 million for the year to June 2008 from AUD 224.8 million a year earlier, in line with eight broker forecasts averaging AUD 342.6 million. Its earnings margins increased to 12% from 10%. EBITDA jumped by 66.1% YoY to AUD 587 million, while its EBITDA margin expanded to 12%, 20% up on the previous year. Worley declared a final dividend of 47.5 cents, up from 32.5 cents in the previous year.

Mr John Grill CEO of WorleyParsons said that "Our key markets and sectors continue to experience positive conditions and we are well positioned to respond to these opportunities. Subject to conditions remaining favorable we expect to achieve increase earnings in 2009."