Opus expands Australian unit with A$1.7m acquisition

Opus International Consultants 12-month price history (NZX.com)

Opus International Consultants [NZX: OIC], the engineering firm with one of four mandates to lead design the Christchurch rebuild, has expanded its Australian business buying Bowdens Group Australia for A$1.7 million.

The Wellington-based company will add the survey, civil engineering and water services design firm to its Australian unit, opening a new office in Parramatta, it said in a statement. Bowden managing director Greg Gearin will lead the new Parramatta office, which will add 16 staff to Opus's 420 strong workforce in Australia, and report to Australian managing director Melvyn Maylin.

The company will pay A$1.4 million in cash, A$200,000 in shares and a further A$100,000 if certain performance targets are met.

"The purchase of the business gives us a broader range of complementary services in survey and water engineering," managing director David Prentice said. "It also allows us to enter additional market sectors through Bowden's existing contracts with key clients."

Opus's Australian unit accounted for about 16 percent of its $462.9 million annual revenue in 2013. The company's underlying earnings gained 14 percent to $34.3 million in the year after expanding its Canadian business with the acquisition of engineering consultancy Stewart Weir.

The shares were unchanged at $2.10 today, and have increased 1 percent this year.

(BusinessDesk)

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7878 0.0019 0.24%
AUD 0.9095 -0.0021 -0.23%
EUR 0.6362 0.0096 1.53%
GBP 0.5037 0.0027 0.54%
HKD 6.1132 0.0168 0.28%
JPY 92.7810 -0.1610 -0.17%

Commods

Commodity Price Change Time
Gold Index 1193.4 10.750 2014-11-20T00:
Oil Brent 78.7 -0.130 2014-11-20T00:
Oil Nymex 75.8 1.270 2014-11-20T00:
Silver Index 16.1 -0.150 2014-11-20T00:

Indices

Symbol Open High Last %
NZX 50 5526.9 5526.9 5522.1 -0.56%
NASDAQ 4751.0 4751.6 4701.9 0.25%
DAX 9521.2 9736.1 9484.0 2.62%
DJI 17721.0 17894.8 17719.0 0.47%
FTSE 6678.9 6773.1 6678.9 1.08%
HKSE 23353.7 23508.0 23349.6 0.37%
NI225 17285.7 17381.6 17300.9 0.33%