Opus cuts 50 jobs in NZ

Opus International Consultants is cutting its workforce in this country by 50, describing the move as a response to specific areas of market weakness.

While noting the impact of economic contraction in Britain and some issues in Australia, the international consultant yesterday said the New Zealand and Canadian markets were performing well in the public infrastructure sectors it mainly operated in.

It was trading positively in this country and Canada, but there was a risk that the creation of the Auckland Super City could slow down infrastructure activity during the transition period, Opus said.

Out of its 2500 global workforce, 1800 are employed in New Zealand.

Opus said sharp contraction in the British economy meant it would have a softer, but still positive, first half for the six months to the end of June.

The Australian market had softened in the privately funded development sector in which Opus had a significant involvement, the company said.

That had an adverse impact on Opus' trading for the first quarter of 2009. The workforce was cut by 16 in March, and last month some working hours were reduced.

The measures would enable the company to trade strongly for the rest of 2009, and it expected to trade for the full year in line with market expectations, Opus said.

Opus shares closed down 2c at $1.35 yesterday, up from a year low of $1.04 in January and down from the year high of $1.90 last August.

- NZPA