Press Release – Allied Workforce Group

AWF Group Limited says continuing strong growth for the six months to September 30,
2011 has helped deliver an increase in earnings before interest, tax, depreciation
and amortization (EBITDA) of almost 31% to $3.56m compared with $2.72m for the same …October 31 2011

AWF Group Continues Strong
Performance

AWF Group Limited says continuing strong
growth for the six months to September 30, 2011 has helped
deliver an increase in earnings before interest, tax,
depreciation and amortization (EBITDA) of almost 31% to
$3.56m compared with $2.72m for the same period last
year.

AWF Chairman Ross Keenan says the group has lost a
little ground on the earlier guidance provided to the market
largely due to a slowing of major customer activity through
the build up to Rugby World Cup 2011. While this was
unexpected, it is not considered significant when it comes
to AWF achieving its overall annual targets.

Managing
Director Simon Hull notes sales growth for the half year of
35% (to $54.8m) shows the group is on track to exceed $100
million, this financial year, for the first time.

The end
of the half year coincides with the end of the first full
year of trading for both Panacea Healthcare Limited and AWF
Mourant Limited as part of AWF Group. Mr Hull says Panacea
has performed well and up to pre-acquisition expectations.
The Mourant business, centred on Waihi’s gold mining
operations and the Hauraki region, has had an exceptional
year. In October AWF acquired the remaining 25%
shareholding held by the original owners.

Mr Hull
commented while the economy remains a little uncertain there
are strong opportunities for the placement of good temporary
staff in AWF’s core sectors of healthcare, manufacturing,
food processing, transport and logistics, construction,
infrastructure development and general labouring. He is
confident the momentum AWF has achieved will continue.

The
group’s directors note the half year net profit after tax
(NPAT) of $1.73m compared with $1.74m for the same period
last year, includes amortisation of more than $600,000
related to the intangible assets of Panacea Healthcare and
AWF Mourant. Accounting treatment around such non cash
items will continue, making comparisons difficult at this
level especially as further acquisitions eventuate.

An
interim dividend of 5.0 cents (fully imputed), an increase
of 31.6% compared to 3.8 cents last year has been declared
by the directors. This dividend will be payable on the
November 25, 2011 to shareholders registered on November 18,
2011.

ENDS

Content Sourced from scoop.co.nz
Original url