The listed company reported earnings before interest and tax (ebit) of $31 million for the year ended December, in line with the 2010 result. Reported profit increased by $2.5 million, or 11%, to $24.5 million. Operating revenue was up 7% to $393 million.
Managing director David Prentice told the Otago Daily Times that 2011 was a challenging but successful year for Opus, despite difficult conditions in some economies.
The company's acquisition programme was put on hold in 2008 and 2009 but had been reignited.
"We upped the ante in 2010 and are targeting growth in Australia and Canada."
Asked about the company's contribution to the recovery in Christchurch, Dr Prentice said Opus was one of the largest consultancy firms in the city and had increased its staff by about 70 to 230. Some engineers had been brought over from the Opus United Kingdom operations to help in the recovery and repair of bridges and roads, a big part of the business.
Opus had readjusted its business to provide the resources needed for such a large project, he said.
The firm had a long history in the city, coming out of the former Ministry of Works, and had relationships with some clients that stretched back generations.
However, there was a need to temper the enthusiasm of some engineers in such a situation as Christchurch found itself, Dr Prentice said. A wider perspective on the needs of the community needed to be accounted for.
The global recession, particularly as it affected the UK operations, continued to hamper the company but Dr Prentice had used the opportunity to either bring engineers over to work in both Christchurch or Dunedin or send work over to the UK-based engineers.
During the year, the company continued to strengthen its position in New Zealand and Australia. Revenue in those markets grew 6% and 8% respectively, to produce ebit of $27.8 million in New Zealand and $3.2 million in Australia.
The United Kingdom market continued to be challenging as the more serious effects of the global recession and government austerity measures continued to make trading conditions difficult. Those tougher conditions resulted in a loss of $1.2 million in that market, he said.
Profitability had improved in Canada, following the successful integration there of Opus DaytonKnight.
Opus was looking for growth in its four developed markets but was now also seeking business opportunities in Asia and the Middle East which both offered significant opportunities.
A joint venture was being investigated in the Middle East but it was still in the early stages, Dr Prentice said.
"These things take time. You can't go to a new market and expect growth without establishing a platform and a customer base. But in the next 12 months or so, I expect we will be doing that."
