New Zealand's economy is recovering but remains patchy, and that means the outlook for Opus International's business remains challenging, its consultants say.
The listed engineering firm held its annual meeting in Wellington on Tuesday, where it outlined its aims to expand in to new locations in Africa, the Pacific Islands, the Middle East and the United States.
Shareholders also took the opportunity to quiz the company on its growth rate being stagnant.
Opus managing director David Prentice said the company had had some challenges relating the growth to its bottom line.
"I guess I can understand where they're coming from if you purely look at net profit after tax, which went down slightly on prior year," he said.
However, top-line growth and EBIT growth had increased 13 and 14 percent respectively last year, while revenue growth had increased about 30 percent in the past three or four years.
The value of its shares had increased from about $1.70 a year ago to $1.90, which he believed was reasonable growth. There had been a slight drop off recently but that had tended to follow the market, he said.
New Zealand conditions were difficult but rising business confidence and other indicators were pointing to a more buoyant economy.
Opus was aiming to diversify and was looking at dairy, irrigation and energy in New Zealand, rail in Britain and environmental, mechanical and electrical engineering in Australia, Mr Prentice said.
The company was also looking at expanding to new locations in Africa, the Pacific Islands, the Middle East and the United States.
