Allied Workforce posts profit

Listed blue collar labour hire firm Allied Workforce today posted a net profit of $1.32 million for the six months to September 30.

The unaudited result was based on turnover of $34 million, compared with a pro-forma sales figure of $29 million the previous year. It excludes goodwill amortisation of $218,000.

No comparison of net profit is available as Allied Workforce consolidated various businesses ahead of its sharemarket listing in July.

The result is in line with prospectus forecasts, and reflects the seasonal nature of the business -- with the lion's share of turnover generated in the second half.

"Demand for our services has increased as uncertainty caused by the election has diminished, and this together with an expected increase in availability of skilled crew and contribution from recently opened branches, means that we are well placed to achieve our full year earnings projections," company chairman Ross Keenan said.

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

Shares in Allied Workforce, which will pay a dividend of 3.57c per share on November 30, last traded on Friday at $1.45.

- NZPA