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

 

AWF Madison first-half profit falls 13%

AWF Madison first-half profit falls 13% on weaker demand for construction workers

By Jonathan Underhill

Oct. 26 (BusinessDesk) - AWF Madison Group, the country's biggest contract labour firm, said first-half profit fell 13 percent after what it said were "difficult winter conditions in the construction market".

Profit fell to $3.4 million in the six months ended Sept. 30 from $3.9 million a year earlier, the Auckland-based company said in a statement. Sales rose 20 percent to $143 million.

AWF flagged a weaker first half last month, when it cited a decline in construction activity and said "the wet winter has reduced chargeable hours" for its construction and civil customers. Today it reiterated that view, saying it had "softer sales at its blue-collar recruiter AWF" as timing and weather issues saw building and maintenance activity ease off after the June quarter.

"Despite a disappointing trading performance from AWF, the strength of our cash generation and current activity levels give us confidence we will deliver a good financial performance for the full March 2018 year," said chief executive Simon Bennett.

That would be helped by the start of work on the 2018 Census contract in the second half, he said.

The jump in revenue reflected "a strong performance" from its IT recruiter, Absolute IT, while sales for its white-collar recruiter Madison fell, the company said.

The company will pay a fully-imputed interim dividend of 8 cents a share, unchanged from a year earlier, on Nov. 27 to shareholders registered on Nov. 20, it said.

The shares last traded at $2.40 and have declined 7.7 percent this year.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>