KEY POINTS:
A strong performance from Opus International Consultants' local division offset a weaker showing from its international operations, allowing the infrastructure company to top prospectus forecasts in its first annual result as a listed company.
The former Ministry of Works, now majority owned by Malaysian company Opus International Group Plc, yesterday reported a full-year net profit of $14.2 million, up 6.5 per cent on a year ago.
Opus partially floated in October, raising $48 million in a public issue of just over 21 per cent of its shares. Opus International Group retained a majority stake.
During the year to December, revenue rose 17.4 per cent to $296 million, exceeding the prospectus forecast by $15.4 million or 5.5 per cent.
Chairman Basil Logan said international revenue grew by 33 per cent over the period "which was good, but a bit lower than we had in the forecasts".
However, New Zealand revenue rose more strongly than anticipated, growing 11 per cent to $232 million.
Logan said Opus had continued to cement its position as a substantial infrastructure manager and design consultancy in this country, Australia, Canada, Britain and the United States, and was successful in winning significant contracts in each market.
Growth through acquisition had continued, particularly in Australia. Total staff numbers increased by 17 per cent to 2236 and its offices and laboratories increased from 67 to 82. Opus shares rose 9c to $1.64 yesterday, closing a cent below their issue price.
Logan said that despite the shares having traded as high as $2.30 since the float, the company was pleased to be trading around the issue price given the market volatility over recent months.
A fully imputed final dividend of 4.5 cents per share will be paid.