AWF Group signals half year EBITDA up more than 40%

AWF Group (NZX:AWF) is forecasting its earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half year to September 30, 2011 will be more than 40% up on the same time the previous year.

This increase includes contributions from Panacea Healthcare and AWF Mourant, acquired last year, for the first time.

Managing Director Simon Hull also told the AWF Group annual general meeting that the company expects revenue to be well in excess of $100 million for the full year to March 31, 2012. The group reported sales of $95.8 million for the year to March 31 2011, up 36% from $70.3m the previous year.

AWF is one of New Zealand’s largest employers and provides skilled temporary staff across a breadth of industry, including the healthcare sector.

Mr Hull says the momentum of the group seen in the last financial year has continued. Both the performance of acquisitions made in late 2010 has been up to expectations and the core business of the group is continuing to perform well.

About Allied Work Force:
AWF was founded in 1988 by Simon Hull and grew from a need in Auckland for temporary and casual on-hire labour. The first branch was set up in Penrose and the head office remains there. The group is now one of New Zealand’s largest employers and is listed on the NZX. It is the biggest supplier of temporary staff in New Zealand with 28 branches from Kaitaia to Invercargill. In recent years it has diversified from predominantly supplying construction and general labourers to also providing workers for other sectors including distribution, manufacturing, processing, transport and infrastructure, mining and healthcare.

ENDS

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