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Opus reports steady half year result

Opus reports steady half year result

Opus International Consultants Limited (Opus) has reported a steady result for the first six months of 2012.

In the half-year ended 30 June 2012, Opus achieved earnings before interest and tax (EBIT) of $14.4 million, an increase of 7% over the same period last year. The net profit after tax was $10.8 million, down 5% on 2011 which had benefitted from a $1.4 million tax credit. Revenue was $203.5 million which is an increase of 3.5% over the same period last year.

“This is a good result for Opus, given continuing weakness and uncertainty in the global economy,” said Opus Chairman, Kerry McDonald. “Our overall performance and operating cashflow continue to support a healthy net cash position and our base of long term contracts has helped to underpin our performance and spread risk in these challenging times. The strong focus on continuous improvement in all aspects of the business has also been important.”

“In New Zealand, we performed well. The market has strengthened in some areas and the Christchurch earthquake rebuild is gaining momentum,” said Dr Prentice, Chief Executive and Managing Director. “The Canadian business has also shown good progress on the back of a solid performance from Opus DaytonKnight. Market conditions were generally difficult in the UK. In Australia, where markets and performance were down on expectations, our result was impacted by a significant doubtful debt of AUD $0.6 million.”

In spite of the challenging economic conditions there were also some real positives.

“The global demand for better ‘whole of life’ asset management is growing and Opus has positioned for this. In the UK, we have successfully targeted opportunities in the rail sector, and expect growth in this area. In addition, Opus, with joint venture partner Arup, recently secured a major new Client Support Term Contract for road network management services for Hertfordshire County Council,” said Dr Prentice. “This is a seven-year contract with the option of a five-year extension. It will increase the Opus team in the UK by over 130 people in the coming months.”

“We are still focussed on opportunities for growth, including targeting opportunities in the Middle East, North Africa and Asia, in partnership with Opus International (M) Bhd. The partnership offers a strong combination of engineering, architecture and project/construction management skills and capability throughout the region – and we are having some early successes, which is very promising,” said Dr Prentice.

“There are undoubtedly still challenges ahead,” said Mr McDonald, “but the resilient half year performance and recent successes underlines the company’s capability to respond to challenging market conditions.”

On the basis of the good operating performance and net cash position, Opus announced an interim dividend of 4.0 cents per share, which is fully imputed.


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