On 9 April 2014, WorleyParsons announced that effective 1 July 2014 it would reorganize into three business lines; Services, Major Projects, and Improve along with the establishment of a new Development Group.
The reorganization allowed for a more competitive cost structure by reducing corporate overheads and embedding elements of previously centralised global support services into the appropriate business lines, allowing each business to set the most efficient and appropriate mix of support costs to meet the needs of their respective customers.
The restated 31 December 2013 Customer Sector Group (CSG) segment results and margin have been reduced by the equivalent and offsetting reduction in previous global support costs that have been embedded into the business lines. Total segment revenue, underlying EBIT, EBIT margin on aggregated revenue for the Group, total underlying profit after income tax and profit after income tax expense per the Statement of Financial Performance remain unchanged.
The reported and restated 31 December 2013 operating segment information by CSG is outlined below.
The Group will commence to report on the performance of its business lines to reflect the reorganization of the Group in addition to the CSG segments results. The restated 31 December 2013 operating segment information by business lines is outlined below.