1 Nov 2011

Casual labour provider talks up prospects

9:30 am on 1 November 2011

Shares in the listed casual labour provider AWF Group have jumped 6% after the company reiterated it remains on track to break the $100 million mark for the first time.

The listed firm made $1.73 million ollars in the six months to September, a fall of 1% on the same period a year ago, due to one-off costs from recent acquisitions.

Revenue rose a third to $55 million , bolstered by strong performances from recent acquisitions Panacea Healthcare and Waihi-focused Mourant.

The company was hit hard by the recession, and in response has widened its presence in the temping market in order to reduce its exposure to the depressed construction sector.

Chief executive Mike Huddleston says demand for temporary staff remains strong because with the patchy recovery firms are reluctant to take on workers permanently.

AWF's stock rose 12c to $2.05 on Monday.