Worley Annual General Meeting insights

Worley Limited (ASX: WOR), a global leader in engineering and project services, shared significant achievements at its 2024 Annual General Meeting. The company reported record revenue and earnings, with over 50% of revenue derived from sustainability-related projects. Key addresses were delivered by the Chair, CEO, and People and Remuneration Committee Chair.

Worley's strategic achievements and future plans

Worley Limited has successfully positioned itself as a leader in providing sustainable solutions across the energy, chemicals, and resources sectors. The 2024 Annual General Meeting highlighted the company's record-breaking financial performance, driven by its strategic focus on sustainability, resulting in over half of its revenue stemming from sustainability-related projects. Worley's commitment to governance, digital innovation, and employee welfare remains strong, with strategic investments in digital solutions and AI poised to further enhance operations. Looking ahead to FY2025, Worley projects moderate growth, underpinned by sustained investment in sustainability and an adaptive remuneration framework to attract global talent. The company is set to continue its impactful role in the global energy transition.

Executive insights from Worley AGM

Worley has made significant progress over the past year, focusing on delivering sustainable solutions to complex challenges faced by their customers. The company is well-positioned to capitalize on macroeconomic trends reshaping the energy, chemicals, and resources sectors, despite some project scope reductions and delays. The company is transitioning towards lower-carbon energy sources while maintaining its commitment to current energy, chemicals, and resource needs. A key milestone was reached with more than half of revenue now coming from sustainability-related work. Governance and operational controls have been strengthened, and cybersecurity measures are in place. Board changes include welcoming new directors Alison Kitchen AM and Kim Gillis AM.' 'Worley achieved strong financial results in FY2024, with the highest revenue and earnings in its history, driven by the strength of globally integrated teams. The company has a clear strategy and is leveraging opportunities in a prolonged cyclical upturn. Focus remains on health, safety, and well-being of employees; a well-being hub was launched. Revenue from sustainability-related work has grown significantly, making up 52% of total revenue. Strategic investments in digital solutions and AI are expected to enhance productivity. The outlook for FY2025 suggests moderate growth, with continued support for sustainability-related projects despite some economic challenges.' 'The remuneration framework aligns with Worley's strategy and holds leaders accountable. Despite market volatility, strong growth in revenue and earnings was noted. Short-Term Incentive (STI) and Long-Term Incentive (LTI) outcomes reflect strong executive performance. Changes to the CEO's remuneration package were made to align with global standards. Future remuneration strategies will focus on attracting and retaining talent, with adjustments to TSR comparator groups and EPS targets.