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

 


AWF expects 1H sales growth near 61%, flags fatter earnings

AWF expects 1H sales growth near 61%, flags fatter earnings, debt reduction

By Paul McBeth

Sept. 5 (BusinessDesk) - AWF Group, the contract labour firm, anticipates first-half sales will grow almost 61 percent with the addition of white-collar recruitment firm Madison Group, and signalled bigger earnings as a result.

The Auckland-based company expects sales of almost $100 million in the six months ending Sept. 30, up from $62 million a year earlier, with net profit and underlying earnings likely to increase significantly, it said in a statement. The Madison acquisition is "performing extremely well" and AWF said it expects to pay the full purchase price of $36 million, with a $6 million earn-out to be paid near the end of November.

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

The company said it's considering a debt reduction programme, and expects to give shareholders an update by the end of the year, which is "likely to include the opportunity for shareholder participation," it said. AWF had borrowings of about $30.7 million as at March 31, according to its annual report.

The shares rose 2.1 percent to $2.48 yesterday, and have dropped 14 percent this year, lagging the 6.6 percent increase on the NZX All Index over the same period.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news