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AWF forecasts record group revenue for year to March

Wednesday 16th February 2011

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Allied Work Force Group (AWF) is forecasting a record group revenue and profit for the year to March 2011.

AWF expected group revenue to exceed the previous year's result of $70.3 million by more than 30%.

While, earnings before interest, tax, depreciation and amortisation were likely to be around $6 million compared to $3.4 million in 2010, the company said.

The acquisitions of Panacea Healthcare and Mourant Direct, a provider of labour to the mining industry in Waihi, had both performed well.

Chief executive Mike Huddleston said AWF continued strongly throughout the second half of the financial year.

"The employment environment has proved conducive to providing temporary staff to all sectors of industry," Huddleston said.

"Even without the new revenue streams the result for AWF's previous core business - providing quality temporary staff to the blue collar sector in manufacturing, food processing, construction, civil works, and labouring - is expected to surpass any previous result for the group," he said.

AWF is one New Zealand's largest employers and debuted on the stock market in 2005.



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