Opus Group’s HY results saw the company increasing its profit after tax by 7 per cent.

Revenue is down for the company, sitting at $39m from the prior corresponding period (pcp) result of $42m, dropping 6 per cent. EBITDA remains unchanged at $5.2m, while profit before and after tax grew by 5 and 7 per cent respectively to $4.5m and $3.2m.

Opus says the profit before tax result reflects the enhancement of productivity after the divestment decision made in the prior year. Opus sold its outdoor division to oOh! in July 2016, and its Singapore division in March 2016

The company says $2.3m, or 6 per cent of total revenue, worth of synergies have been gained as a result of partnering with Lion Rock Group Limited, strengthening sourcing networks, bargaining power as well as cost efficiency management. Lion Rock owns 74.67 per cent of Opus.

The HY report brings an EPS result of 3.37c, and a fully franked dividend of 1 cent per share.

Richard Celarc, chairman, Opus says, “Our half-year results with increased profit levels compared to prior year are a pleasing reflection of the progress we have made with a focused approach to manage our core operations in Australia is yielding positive outcomes for growth and operational efficiency.

“Our debt-free balance sheet and strong cash flow position enables the business to consider acquisition opportunities of select assets as we continue to meet ongoing challenges in our market space. Looking to the second half of 2017, we expect to be a group that continue to excel in faster delivery of high quality products to service our customers and deliver results to our shareholders.”

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