19 Nov 2013

Madison takeover approved by Allied Workforce Group shareholders

7:11 am on 19 November 2013

Shareholders in the Allied Workforce Group have approved the company buying the Madison Group, a white collar recruitment business, for $36 million.

AWF said the approval means the purchase will create a group generating sales of about $200 million.

Madison is forecast to lift AWF underlying after tax earnings from more than $5 million in the 12 months to the end of March 2013, to approximately $8 million in 2015.