11 Apr 2012

Opus looking to developing markets

6:47 pm on 11 April 2012

Opus International is to focus on diversifying into developing countries and is undertaking an internal review as it faces further uncertainty in its main markets.

The engineering consultancy company made $24.5 million in 2011, nearly 12% more than the previous year.

No profit guidance for the year ahead was given at its annual meeting on Wednesday morning.

But Opus says most of its business is with local and central governments in developed countries where growth rates have slowed and government debt is a major issue.

Chief executive David Prentice told Evening Business on Checkpoint that uncertainty in its traditional markets had forced the company to review its operations and look at other markets.

He says the company has recently run a couple of successful projects in Malaysia and one in Saudi Arabia.

Mr Prentice says though both jobs were relatively small, they had help build up Opus International's profile and expertise in those locations.

He says Opus would also look at diversifying its business in New Zealand from its emphasis on local and central government.

Mr Prentice is not ruling out job cuts as part of the internal review.