14 Apr 2011

Opus warns Christchurch quake hit profits

1:21 pm on 14 April 2011

Opus International Consultants has told shareholders its earnings will be affected by the disruption caused by the Christchurch earthquake as well as floods in Queensland.

The company delivered the news at its annual meeting in Wellington.

It said it expected earnings to be dampened for several months, until rebuilding and remediation work gets into full swing.

New Zealand accounts for 75% of Opus's revenue at present, although the firm has been targeting the Australian market, especially in the resources sector, and will consider buying firms across the Tasman and in Canada.

The company expects that strategy to offset a slowly recovering British market, and a disappointing result from Canada.