AWF Madison full-year earnings fall 3.7% on one-off restructuring costs

Wed, 25 May 2016

By Pattrick Smellie May 26 (BusinessDesk) - Costs associated with unwinding a joint venture in the Christchurch contract labour market contributed materially to AWF Madison reporting a "disappointing" $5.2 million profit for the year ended March 31, compared with $5.4 million a year earlier. A "rapid growth" in debtors across the group, particularly in Christchurch, saw provisions for bad and doubtful debt roughly double to about $600,000, chief executive Simon Bennett told BusinessDesk after the company issued its initial earnings announ...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Primary Sector

Bell Potter boosts Santana target price 53.5%

Aussie brokers increasingly like the look of a low-cost, high yield Otago gold play.

Pattrick Smellie 12:00pm

The Quiz Free

QuiznessDesk: Friday, April 19

Test your smarts against our Quizmaster.

The Quizmaster 9:15am

Media

WBD shifts risk with news deal

Warner Bros Discovery has engineered a low-risk news strategy as it cuts costs in NZ.

Daniel Dunkley 5:00am

Sponsored

Boosting rural growth with innovation

Productivity and sustainability go hand in hand for the rural sector

ASB Scam Update

Sponsored

Auckland's new "Midtown" taking shape

5-star hybrid workspaces, combined with the City Rail Link, are creating a revitalised inner-city zone designed to motivate workers back to the office.

Alberts