Airwork lifts annual forecast profit on strong helicopter unit trading

Chris Hart, Chief Executive Officer
Airwork Holdings 12-month price history (

Airwork Holdings [NZX: AWK], the aviation services specialist which listed last December, says annual profit will beat its offer document forecast by $1 million as its helicopter division operates ahead of expectations.

The Auckland-based company expects net profit of $9.4 million in the year ending June 30, up from the forecast $8.4 million in its initial public offer document, it said in a statement. The upgrade comes after Airwork affirmed the IPO forecast last month when reporting its first-half result.

The "helicopter division continues to perform strongly with trading and overhaul activity further improving ahead of expectations," it said.

The company's helicopter unit boosted first-half sales 23 percent to $31.4 million in the six months ended Dec. 31, even as flying hours dropped due to an ongoing dispute with a customer in the South Island.

Airwork said it had reached a satisfactory insurance settlement over an incident at Honiara Airport in the Solomon Islands in January, and has also signed a term sheet with lender Commonwealth Bank of Australia to refinance debt maturing in 2014 for another four years.

The shares rose 0.7 percent to $2.80 yesterday, and have gained 7.7 percent from their $2.60 offer price in December. First NZ Capital, which follows the stock, rates it a hold with a price target of $3.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot


Sym Price Change
USD 0.6553 0.0048 0.74%
AUD 0.9041 -0.0011 -0.12%
EUR 0.6162 0.0043 0.70%
GBP 0.4347 0.0046 1.07%
HKD 5.0788 0.0367 0.73%
JPY 80.3180 0.3630 0.45%


Commodity Price Change Time
Gold Index 1068.9 -8.760 2015-11-23T00:
Oil Brent 44.0 0.180 2015-11-23T00:
Oil Nymex 41.8 -0.130 2015-11-23T00:
Silver Index 14.0 -0.070 2015-11-23T00:


Symbol Open High Last %
NZX 50 6105.5 6105.5 6101.3 0.00%
NASDAQ 5070.7 5110.8 5102.5 0.01%
DAX 11064.8 11065.0 11092.3 -1.43%
DJI 17770.9 17862.6 17792.7 0.11%
FTSE 6305.5 6305.5 6305.5 -0.45%
HKSE 22593.1 22629.8 22665.9 -0.35%
NI225 19876.0 19954.0 19879.8 0.23%