AWF Madison Group Ltd (AWF:NZC), the New Zealand-based temporary staffing provider, reported revenue yesterday of NZD 214.6 million (USD 144.4 million) for the full year ending in 31 March 2016, an increase of 9% compared to NZD 197.5 million (USD 132.9 million) in the same period last year.

The Board of AWF Madison advised that the year to 31 March, 2016 has ended at similar levels to the previous year due to ongoing restructuring costs and a number of one-off costs associated with the functional integration of the AWF Madison brand. In addition, noting the rapid growth of debtors across the group, particularly in Christchurch, the Board has considered that significant extra provisions are appropriate.

Net profit was at NZD 5.2 million (USD 3.5 million), compared to the previous year’s NZD 5.4 million (USD 3.6 million), on the back of more than NZD 1.3 million of one-off restructure-related costs. Extra provisions against the larger debtors’ book totalled NZD 0.3 million (USD 202,000).

Underlying earnings were slightly reduced at NZD 6.51 million (USD 4.38 million) (2015, NZD 6.76 million (USD 4.49 million).

“While the overall result is disappointing, the fact is that the restructuring process has taken longer, and cost more, than forecast, but has positioned the Group well as we move into the new financial year,” AWF Madison Chairman Ross Keenan said. “Having cleared the decks for a leaner business operation, the group is targeting double-digit growth in profit levels for the 2016/17 year as the benefits of efficiency gains begin to flow through.”

“We are positioned well to capitalise on skills shortages, remaining extremely relevant as a strong national provider of resource,” Keenan said.

AWF Madison traded at NZD 2.35 (USD 1.58), down 2.08% on the day and 6.00% below its 52-week high of NZD 2.50 (USD 1.68), set on 18 May 2016. Based on its current share price, the company has a market value of NZD 77.91 million (USD 52.4 million).