Allied share listing hoists founder on to Rich List

Allied Workforce's founder, Simon Hull, has done very nicely out of the blue-collar labour hire firm's listing this month.

The July 6 debut saw Hull, a former dairy farmer, squeak on to the National Business Review's annual Rich List at the 11th hour with an estimated personal fortune of $25 million.

Hull founded Allied Workforce in 1988, shortly after the 1987 sharemarket crash - at a time when companies needed labour but were shy of taking on full-time staff.

He is managing director and retains a 68 per cent stake which, at the current price of $1.48, is worth a little over $26 million.

The initial public offering (IPO) of 7.6 million shares at $1.50 each closed fully subscribed. But the share performance has since been lacklustre - trading in a $1.48-$1.52 range.

The company is closely held, with most shares in the IPO going to company directors, select NZX participants and AWF staff.

AWF is New Zealand's largest specialist blue-collar labour hire company. The company has a "crew" of around 8000 skilled and semi-skilled workers, and 90 full-time staff.

It has previously forecast a March 2006 year net profit after tax (before goodwill amortisation) of $3.1 million, on revenue of $74.2 million.

- NZPA