Engineering company Worleyparsons Limited's (ASX: WOR) shares are flying high this week, up 0.3% to $16.39 at the time of writing, a 52-week high for the stock and a rise of 46.7% from $11.17 at this time last year.
Worleyparsons announced in April it had acquired German business M+W Group, with 20 staff and two offices as part of its plans to establish a strong presence in the European chemicals sector.
Worleyparsons reported improving results for its first half back in February with statutory net profit of $1.4 million for the six months to December 31 2017, up from a loss of $2.4 million for the previous corresponding period.
The financial results of its UK Integrated Solutions acquisition are expected to produce a higher-than-normal weighting of earnings in the second half, with Worleyparsons banking on strengthening financial positions for resources and energy companies to flow through as an increase in the company's activity levels.
Other energy sector stocks at the top of their game include Beach Energy Ltd (ASX: BPT) which also hit a 52-week high this week, with Woodside Petroleum Limited's (ASX: WPL) share price also on an upswing up 0.5% to $32.59 at the time of writing.
