The program was launched in November 2014 following the appointment of chief executive Ross Taylor and was designed to improve the financial performance of the company.

UGL will incur restructuring costs of $A36.7 million as a result of the workforce changes, with annual cost savings of $33 million projected from the beginning of the next financial year.

The company said it expected to generate financial year revenue of $3.1 billion and underlying earnings before interest and tax of $75 million.

The statutory result for the second half of 2015 will be impacted by $74 million of one-off charges and provisions to complete the reset of the business.

UGL has secured $2.1 billion in new contract wins and renewals in the year to date, and its committed order book currently stands at $5.1 billion.

The company said strong tender activities were taking place across transport infrastructure, rail opportunities and LNG maintenance, leaving it well positioned in the near term.

Speaking on the changes, Taylor said the company was in a strong position moving forward.

“A significant amount of work has been undertaken to reposition UGL for its future and I am confident from FY16 we will deliver improved profitability,” he said.

“UGL is very well positioned in the current growth markets of transport infrastructure and LNG maintenance with future growth underpinned by our strong order book of $5.1 billion.”

UGL recently completed the construction and commissioning of a 220 kilovolt transmission line and 6 megawatt diesel power station in conjunction with Alinta at the Roy Hill iron ore project in Western Australia.

The contract with Roy Hill was worth $136 million.