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AWF buys South Island nursing home help service

Monday 19th March 2012

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AWF Group, formerly known as Allied Work Force, will pay an undisclosed sum to buy South Island-based healthcare provider Nursing Home Help Service.

The contract labour company’s Panacea Healthcare subsidiary will acquire the business, known as Nursing NZ, in April, with the deal expected to add $5 million of revenue for the 2012/13 financial year and be earnings accretive.

AWF’s healthcare labour supply made a loss of $109,000 on revenue of some $7 million in the six months ended Sept. 30, according to its interim report.

“With the South Island added to our already extensive coverage in the North, we move much closer to our goal of full national coverage of our services in these most important healthcare areas,” managing director Simon Hull said in a statement.

AWF has been on a buying spree in the past two years, adding recruitment agency Tradeforce NZ, Panacea Healthcare, and Waihi-based mining specialist AWF Mourant to its stable.

Earlier this month, AWF won one of two stevedoring contracts at Ports of Auckland, though that’s since been put on hold while port management and the Maritime Union hold last-ditch talks to try to reach an agreement.

AWF’s shares last traded at $2.20 apiece on March 14, and have climbed 15 percent this year.

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


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