Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


AWF says core annual earnings to decline, Madison grows

AWF says core annual earnings to decline, Madison acquisition shows growth

March 31 (BusinessDesk) - AWF Group, the contract labour firm, warns blue-collar annual earnings will come in below last year’s record, despite a strong contribution from its new white-collar recruitment acquisition, Madison Group.

The Auckland-based company anticipates lower earnings from its core business in the 12 months ending March 31 than a year earlier, without being specific, as its core blue-collar business struggles to match labour supply with demand, it said in a statement. AWF made a net profit of $6.9 million in 2013, including the sale of its Panacea Healthcare unit. Excluding the gain on the sale, it reported underlying earnings of $5.4 million on sales of $130.5 million.

“As signalled in November, the productivity of the core AWF business has continued to fall short of last year’s record performance, and will lead to that part of the group delivering an overall result lower than last year,” Huddleston said. “This will be somewhat offset by the excellent Madison contribution.”

AWF shareholders approved the $36 million Madison acquisition in November, which is forecast to lift underlying earnings to $8 million and sales to $200 million in 2015.

Huddleston said Madison has delivered against forecasts in the five months since joining the AWF group, and the company will update targets for the 2014/15 financial year when it reports the annual result on May 28.

The shares were unchanged at $2.80, and have slipped 3.5 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news