New Zealand – AWF Madison full revenue up 19%

Filed under: News |

By memberservices@staffingindustry.com (Danny Romero)

AWF Madison Group Ltd (AWF:NZC), the New Zealand-based temporary staffing provider, reported revenue today of NZD 256.4 million (USD 180.5 million) for the full year ending in 31 March 2017, an increase of 19.4% compared to the same period last year.

(NZD millions)
FY 2017
FY 2016
Change
FY 2017 (USD millions)
Revenue
256.4
214.6
19.4%
180.5
Net Profit
5.9
3.5
13.4%
4.1

The Board of AWF Madison Group Limited stated that it is pleased to advise a lift in net profit of 13% following completion of a year of consolidation of new leadership; continued investment in new technology; and dealing with residual legacy matters referred to in last year’s reports.

“The residual full write off of AWF legacy technology being replaced, has been taken in the current year,” the board said in a statement. “Phase 1 of the transition to an integrated CRM and payroll function has been completed, a project that drew heavily on operational resource. AWF now has a strong platform giving greater functionality for sourcing, recruitment and compliance. The opportunity now is to remove duplication and gain efficiency.”

Last year, the group acquired Absolute IT for NZD 15.3 million (USD 11.0 million). “Absolute IT has been successfully integrated and was earnings accretive notwithstanding transaction costs,” the board stated. “It is performing very well and is expected to provide a good lift in earnings.”

Group CEO Simon Bennett said that he was satisfied with the company’s positioning and its plan for growth in the year ahead to capitalise on significant opportunities from specific client demand across key markets.

In February, AWF Madison announced that its CFO Nick Williams would resign, effective 16 June 2017. Jannine Mountford was then appointed as CFO-designate, pending Nick Williams’ departure from the business, however AWF today announced that Mountford has resigned and will not be commencing the CFO role. Williams has agreed to delay the date of his departure, in order to facilitate the transition to a replacement CFO in due course.

In trading today, AWF Madison Group closed at NZD 2.92 (USD 2.06), down 0.34% on the day and 4.26% below its 52-week high of NZD 3.05 (USD 2.15), set on 24 April 2017. Based on its current share price, the company has a market value of NZD 95.25 million (USD 67.0 million).

Source:: New Zealand – AWF Madison full revenue up 19%

      

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