18 Feb 2010

Opus lifts profit

7:29 am on 18 February 2010

Opus International Consultancy has lifted its full year profit as it cut jobs to cope with the effects of the global economic downturn last year.

Profit at the infrastructure consultancy company increased 6%, to $18.6 million in the year to December, compared with the previous year.

The global economic downturn led to revenue falling 1% to $368 million.

In response, managing director, Kevin Thompson says Opus shed about 300 jobs, mainly in Britain, reduced working hours and cut capital expenditure, which helped boost earnings.

Opus remains reliant on its New Zealand operations, mainly in roading, for the bulk of returns. Australian and Canadian operations reported positive earnings.

These offset a loss of $6.6 million loss in Britain, where private sector infrastructure spending all but dried up.