Opus International to overhaul business structure along sector lines, Prentice says

Tuesday 12th April 2016

Opus International Consultants will restructure its business along sector lines instead of country-based divisions in an effort to draw on staff expertise across borders, managing director David Prentice says.

The Wellington-based company's Australian and Canadian units struggled to contend with the collapse in oil prices last year, requiring Opus to overhaul those segments, while its New Zealand and UK businesses underpinned better than expected earnings and a bigger dividend in 2015.

Prentice told shareholders at today's annual meeting in Christchurch that while Canada is still under pressure, the Australian operations are showing signs of improvement after the company shrank the business. At the same time, New Zealand revenue is tracking "marginally below" where it was a year earlier and the UK business "remains strong," he said.

The company plans to take advantage of increased infrastructure spending by governments around the world as a means to stimulate economic activity, and will look to use its resources on a global scale, rather than a regional one, he said.

"This new sector-led growth strategy will be underpinned by further developing our strengths in asset management, innovation and environment, capabilities that collectively set us apart from our competitors, capabilities that we do very well in," Prentice said. "Our new strategy will allow us to better collaborate globally, be more efficient and innovative and ultimately, better focused on key growth sector opportunities."

The shares were unchanged at $1.33 and have gained 7.1 percent so far this year, outpacing the 5.2 percent increase in the S&P/NZX All Index.

BusinessDesk.co.nz

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