Opus looks to Australia and Canada for growth

Thursday 14th April 2011

Opus International Consultants is looking in particular to Australia and Canada for acquisitions to supplement its growth.

Managing director David Prentice told today's annual meeting the company had a strong platform for future growth in an expanding Australian economy driven by the resource sector, which was a key focus for Opus.

"Growth will continue to be supplemented by building on carefully targeted acquisitions particularly in Australia and Canada," he said.

Last November, Opus announced it was buying Canadian engineering consultancy Dayton & Knight, which had 90 staff, in a $C15 million (NZ$19.8 million) deal.

In this country, Opus anticipated being heavily involved in the rebuilding of earthquake-damaged Christchurch, Prentice said.

But he cautioned that while the Government's injection of capital on infrastructure, particularly new roads, would be positive, it would be subject to budget pressures and the reality of the Christchurch rebuild.

Short term disruption from the Christchurch earthquake and Queensland floods was expected to dampen results for several months until rebuilding and remediation got into full swing and Opus' activity level rose.

Chairman Kerry McDonald said the level of market uncertainty and risk remained a key consideration for the Opus board and management team, but there were also many opportunities, particularly in some developing economies.

"These factors are all influencing the board's thinking about the future," McDonald said.

In the year to last December, Opus reported net profit rose 18% to $22 million, on revenue of $367 million.

Opus shares were up 1c to $2.21 in late morning trading.

NZPA

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