Opus revenue up, post-tax profit down

JAMES WEIR
Last updated 16:09 22/02/2013

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Wellington-based Opus international Consultants says it had a "very good year", with a lift in revenues, though after tax profit fell 4.6 per cent to $23.4 million.

The infrastructure engineering and design services company announced a fully imputed final dividend of 3.9 cents and a special dividend of 1c a share.

Operating revenues rose 3.6 per cent to $407.5m for the year to the end of December, according to figures out today.

But "challenging conditions" in some markets were reflected by a 2.4 per cent fall in earnings before interest and tax to $30.1m.

While after tax profit was down 4.6 per cent, after removing the effect of the previous year's research and development tax credit, profit was up 1 per cent.

The company has operations in New Zealand, Australia, Britain and Canada.

The New Zealand business makes up the lion's share of operations, and performed strongly with earnings before interest and tax, EBIT, of $30m, up almost 8 per cent.

The company's strong presence in Christchurch was a "contributing factor" and Opus expected more growth as new projects came to the market because of the city's rebuilding work.

In Australia, Opus made a loss of about $900,000 reflecting a number of one-off costs and a sharp fall in the "non-resource" market, after an EBIT profit of $3.1m in the previous year.

The Australian business was in the red even though revenue rose 21 per cent to $78.5m

The British offshoot made a EBIT loss of $600,000, but that was about half the loss seen in the previous year.

The Canadian business saw a better EBIT, at $1.3m up 28 per cent from the previous year.

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