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Infrastructure consultancy, Opus International Consultants (Opus) has announced a major restructure of its New Zealand business.
Opus International Consultants Ltd (Opus) has reported a restructure of its Executive Leadership Team effective immediately.
Opus subsidiary, Structural Surveys Direct will operate under the Opus Structural Surveys brand from November 1, 2014. The company, based in Doncaster in the UK, provide inspection and surveys to homeowners, as well as asset and data management services to its corporate clients.
Gurjit Sangha, P.Eng., has been appointed to the role of President, Opus DaytonKnight. He commences the role on October 16, 2014 and succeeds the retiring John Boyle, P.Eng.
Hugh Morrison has been appointed as Opus’ new Director of International Growth. He will commence the role on 13 October 2014 replacing the incumbent Alec Webster who retires at the end of 2014.
Mr Morrison was recently Group CEO and Director of Arrow International Group Ltd. He brings to the role extensive experience in the infrastructure sector in senior management and directorship roles.
Opus International Consultants (Opus) has reported a positive result for the first six months of 2014. In the half-year ended 30 June 2014, revenue was $265.4m, a 25% increase over the same period last year and earnings before interest and tax (EBIT) was $14.3m, an increase of 8%. Net profit after tax (NPAT) increased by 6% to $9.9m.
“Overall, top line growth was pleasing with growth in New Zealand, UK and Canada,” said Opus Chairman, Kerry McDonald. “However, New Zealand and Australia were not immune to challenging market conditions and incurred a number of one-off costs.
“In North America, mainly Canada, EBIT increased to $3.0m and revenue to $57.4m, an almost four-fold increase on the first half of 2013, largely due to the recent acquisition of Opus Stewart Weir. Profitability in this period was impacted by the unusually harsh winter conditions but has now recovered strongly,” said Dr David Prentice, Chief Executive. “Consequently, the result includes a fair value gain on financial liabilities of $2.6m in the re-measurement of deferred consideration for the purchase of Opus Stewart Weir.”
The UK business continued its growth trajectory with an increase in revenue of 41% and EBIT of 45%. The results reflected an improved economy, a long-term contract with the Hertfordshire County Council and strong performance from Network Rail related contracts.
New Zealand performed well despite variable market conditions. Revenue increased by $6.9m to $147.9m and EBIT totalled $11.2m. “We retain a strong position in Christchurch and have secured significant new contracts such as the five year Wellington Region Network Outcome Contract for the NZ Transport Agency,” said Dr Prentice.
The Australian performance reflected a general slowdown in the infrastructure and resource sectors, with revenue of $33m, a decrease of 18% and an EBIT loss of $193k. “Growth from Opus Rail and Western Australia as well as flood recovery work in Queensland has been offset by continued weakness in the NSW commercial and building sectors,” said Dr Prentice. “The acquisition of Bowdens, a Sydney based company specialising in survey, civil engineering and water design services was completed in February and has contributed positively to business performance.”
Dr Prentice said that Opus is continuing to focus on opportunities for growth and increased productivity and profitability. “We are committed to meeting the challenges presented in an increasingly competitive market and are pursuing a number of improvement projects as well as strategic opportunities in the Middle East and North Africa, with offices now in both Dubai and Abu Dhabi. In addition, we have increased our profile in Fiji and Samoa and see these two markets as having potential for growth.”
“While there are undoubtedly still challenges ahead, the Group is progressing well with its ongoing business improvement initiatives,” said Mr McDonald.
Opus has confirmed an interim dividend of 4 cents per share, which is fully imputed.
For further information please contact:
Dr David Prentice
Chief Executive and Managing Director
Tel: 04 471 7022
The Annual Meeting of Opus International Consultants shareholders was held today in Wellington.
At today’s Annual Meeting Opus International Consultants’ Chairman, Kerry McDonald, reported strong results for 2013.
Opus’ revenue rose 13% to $459.7m and EBIT by 14% to $34.3m. While NPAT was down 2.6% on 2012, Opus’ delivered a Return on Equity of 17.7% compared with the NZX 50 market capitalisation weighted average of 11.2%. The decrease in NPAT mainly reflects higher interest and tax costs.
Opus is to acquire the business of the New South Wales based survey, civil engineering and water design firm, Bowdens Group Australia Pty Ltd, currently located in Parramatta, Sydney.
Opus International Consultants (Opus) had a strong year with improved top line performance and increased profitability from its offshore markets.