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AWF Group Madison acquisition performing to expectations

AWF Group Madison acquisition performing to expectations


New Zealand’s largest recruitment company AWF Group reports that its recently acquired leading recruitment business Madison Group is making a strong contribution to the overall Group, whilst core AWF brands continue to experience challenges in matching availability of labour with demand.

AWF Group Chief Executive Officer Mike Huddleston said: “In the five months that Madison has been part of the AWF Group, the business has made an excellent contribution and continues to deliver against forecasts made at the time of obtaining shareholder approval for the acquisition. Importantly, by contracting jointly AWF and Madison are continuing to secure valuable new joint business.

However, 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. This will be somewhat offset by the excellent Madison contribution.”

Full year results for AWF Group for the period to 31 March 14 are expected to be announced on 28 May 2014 at which time indications of targets for 2014/15 will be updated.

Ends

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