Strong 1H10 performance by Opus

Opus International Consultants’ (NZX: OIC) reported 1H10 profit of $10.4m today, more than double its 1H09 earnings of $5.1m, due to a strong NZ operations performance.

 “This is a very positive outcome for the first half of this year, and was achieved despite the tight economic conditions in many of our markets which has constrained revenue growth,” said chairman, Kerry McDonald.

“In New Zealand we have performed strongly and in Australia business has shown good improvement. We are still experiencing difficult market conditions in the UK, but our business there continues to improve and the loss we experienced last year in this market has been turned around to a profit for the first half of this year. This is an excellent achievement. In Canada revenue and profit are down on expectations.”

“For the first half-year ended 30.06.10, we have achieved earnings before interest and tax (EBIT) of $15.5m, compared to $7.4m for the same period last year. Our Australian business reported an EBIT of $1.4m, Canada $0.2m, New Zealand $13.6m and in the UK $0.2m.”

McDonald said OIC is strongly focussed on business improvement and market conditions. “This has included increased collaboration and work sharing amongst locations, which has often expanded capacity and capability. The company has maintained a strong base of long term contracts in addition to acquiring new work. As we move into the second half of the year we will continue to closely monitor the economic climate and focus on opportunities.”

An interim dividend payment of 3.4cps will be paid on 30.09.10.

Share this article