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  1. #11
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    Dont get me wrong guys i think its a good company with nothing to show for it if it goes bad. You are buying what?. Start one up yourselves with limited capital. macdunk

  2. #12
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    i disagree... this one will be successful...

    anyone can buy a van and get a gang of 10 dudes to start their own... but its all based around the relationship customers have with the leader/organiser... and these guys are trusted...

    plus all the one man bands dont have the ability to deliver the people 98 times out of 100... the small outfits have no ability to bring in people from other cities within hours if necessary etc..

    they do well when the eceonomy is cranking (no spare people and low enemployment)... and when the economy is slowing (businesses hesitant to commit to permanent contracts etc as not confident of prospects)...

  3. #13
    Senior Member Halebop's Avatar
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    I'd prefer to make judgement after I've read the prospectus than before. Albeit the timing does seem interesting with the economy indicating signs of coming off the boil.

    While a company may have defensive or counter cyclical qualities, lean times hit everyone, even if only to shave some growth off a company lower down the S curve. A bit hard to make a call on Allied's defensive qualities without access to historical data.

    The issue of hard assets is a non event. If hard assets measured the value of a business then media companies and Microsoft would be worth very little and Carter Holt Harvey would be worth a lot more than it is. A company earning high returns on few assets is a flag for investment rather than against.

  4. #14
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    quote:from the Herald

    Allied working up an appetite for float


    10.06.05


    By Georgina Bond


    One of the country's biggest employers, Allied Work Force, will raise $11.4 million when it lists on the stock exchange next week.

    Offering $1.50 a share, the labour hire company will list with a market capitalisation of $39.2 million.

    The offer opens on Monday and the company expects its shares will be listed on July 6.

    Allied Work Force started 17 years ago when its managing director and main shareholder, Simon Hull, set up a casual workforce business from a rented office in Penrose, Auckland.

    It now has 21 branches, employing 90 staff, and from a pool of 8000 daily places workers across a range of industries including construction, factories, transport and food processing. Based on the number of IRD returns it filed each year, Hull believed it was one of the largest employers in the country.

    In the year to March 31, it is projecting a net profit after tax of $3.1 million on revenue of $74.2 million.

    Hull said the business had grown rapidly through demand for more flexible labour arrangements.

    And with the unemployment rate below 4 per cent, his crews were in heavy demand.

    This year, it expected to supply 4.4 million hours of work to its 6000 client businesses.

    Early this year, the company boosted its manpower by buying Wellington-based Quin Workforce, following up its acquisition of Far North Labour Hire last year.

    Chairman Ross Keenan said the company believed its growth was far from over and part of the reason for the listing was to position it for more acquisitions.

    Also on the board is Hull, Allied's chief executive, Greg Webster, and independent director Ted van Arkel.

    Keenan said Hull would retain a 66.8 per cent stake in the company after the IPO and would continue to lead the business through its next phase of development.

    "At this stage. he is only selling down to the extent required to meet the spread requirements of the NZX and to provide some liquidity in the market."

    The company expected to pay dividends of 70 per cent to 80 per cent of net profit after tax, subject to prudent future investment requirements.

    ABN Amro Craigs is the lead broker.

    Time and a half

    * Allied Work Force started 17 years ago from a rented office in Penrose, Auckland.
    * It now has 21 branches nationally, employing 90 staff, with a pool of 8000 workers.
    * It has 6000 clients.
    * The crews work in a range of industries including construction, factories, transport and food processing
    om mani peme hum

  5. #15
    Reincarnated Panthera Snow Leopard's Avatar
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    quote:and from Stuff

    Allied share float to drive expansion
    10 June 2005
    By ADRIAN BATHGATE

    Labour hire firm Allied Workforce is looking to a sharemarket float to drive further expansion and make it the only provider of a national casual labour force.


    It will be the first big float of 2005 when it puts one-third of its shares on the market early next month to raise $11.4 million.

    None of the 7.6 million shares in the float are being offered publicly. Seven million will be available to organising broker ABN Amro Craigs' clients, with the other 600,000 going to Allied Workforce management and staff.

    They are new shares on issue, with Allied Workforce founder and managing director Simon Hull retaining his existing holding of 18.5 million shares, giving him 70 per cent control of the company.

    Mr Hull said the float was primarily to finance further expansion, both through extending its branch network and by snapping up small regional-based companies.

    These include recently acquired Wellington company Quin Workforce, which generated $10 million in revenue for the year ended March 31.

    "It's a fantastic company, and these are the sorts of opportunities that we're looking for."

    Mr Hull said Allied Workforce would not look to diversify into other fields, or expand overseas. "We'll just stick to our knitting."

    The company has enjoyed strong growth over the past few years, with revenue rising from $38 million in the March 2003 year to a projected total of $74.2 million in the March 2006 year.

    Mr Hull is confident the company will have a strong dividend payout policy.

    "This is a cash business: We make real money, not paper money. The board has said if there's nothing within the company to invest it in, we'll pay it out and that's what we intend to do."

    Allied Workforce has workers in a range of industries broadly classed as "blue collar". It specialises in short notice and contract work, and has 8000 workers on the books. Of these, Mr Hull said, there was a core of about 2000 workers who were almost exclusively full time. Workers are employees of Allied Workforce, which contracts them out to its clients.

    Allied Workforce has also expanded to 21 branch offices, with another four planned. "Some of our clients are now using us nationwide."

    Mr Hull attributes this to more businesses employing a casual labour force, with ACC figures showing the casual workforce has grown by 56 per cent in the four years to 2004.

    Up to one-third of the workforce is now employed in casual or part-time positions.

    Because of this, Mr Hull said, it was strong enough to absorb any downturn, with the main issue being getting skilled workers.
    om mani peme hum

  6. #16
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    Another Article from Georgina Bond appearing in the Herald. She must have got some through ABN Amro.

    Hands-on boss knows what job's about



    Simon Hull is selling more than one-third of his company to raise cash for its expansion.


    26.06.05


    By Georgina Bond


    In a company specialising in providing workers who roll up their sleeves, the managing director does a lot of it himself.

    Although the labour hire firm he started 17 years ago is going public, Simon Hull still enjoys the practical aspects of the job - driving the company vans and firing up the barbecue at the end of each week, when Allied Work Force puts on sausages and beer for its workers.

    The past few weeks have seen him in new territory, however, presenting the company's prospectus to brokers' analysts around the country.

    Now the roadshow is over, he's looking forward to getting back around the sites and working with "the guys" on his management team.

    Which is in keeping with his history of hard work and good leadership.

    Hull is selling more than one-third of the company he calls "my baby", selling down to raise cash for its expansion. He will be worth $26 million when it lists on the stock exchange next month.

    The move is by no means an exit strategy for the 45-year-old, who reckons there's still a lot of horsepower left in him yet. Listing is the realisation of a pipe dream he had at 28, but it's hardly finished business.

    "We have an ambition to take this company to the point where it's first choice for employment, to industry and workers alike."

    Hull, who has three school-aged sons, grew up on a farm on Auckland's North Shore. After finishing his school days at King's College, he started an engineering degree at the University of Auckland but quit after one year to milk cows on the family farm.

    An interest in horticulture led him to develop a kiwifruit orchard in Kaukapakapa and, in the early 1980s, he took those skills to the Bay of Plenty, where he developed several orchards.

    Returning to Auckland in 1987 to "make some money", he tripped over the concept of labour hire and thought it would fly.

    Renting a small office in Penrose - now the urinal block at its head office - and a few vans, he started knocking on doors offering casual labour to the construction industry, somewhat incognito.

    Those were the days after the sharemarket crash and the only substantial labour hire business at the time, VH Farnsworth, was close to receivership.

    It wasn't a raid, but he took some of Farnsworth's construction workers and was gaining about 60 clients a month by the end of the first year.

    Spotting the potential early on, Hull took the on-hire labour concept beyond the construction industry to all areas of blue-collar work.

    With 6000 customers on its books today, construction is now only 31 per cent of Allied's business.

    The company's footprint has also grown geographically.

    After bedding in its first branch in Hamilton in 2000, it has rolled them out quickly from Kaitaia to Dunedin, boosting its manpower by 300 workers a day when it bought Wellington-based Quin Workforce for $3.63 million this year.

    Hull says it's not a sexy business but it's practical and productive, supplying people to do anything from factory work to driving trucks, food processing or painting.

    "Anywhere we see someone rolling up their sleeves, they could or should be one of our workers," he says.

    In the hours before dawn, Allied Work Force buses take Hull's crews to the various branches where staff match them to the needs of their clients.

    Times of economic uncertainty have proved good for the on-hire industry and Hull says Allied wins at both ends of the economic cycle.

    "In boom times, companies need to hire more staff and, in down times, they look to casual workers to reduce their costs."

    Allied is forecasting revenue of $74.2 million in the year to March 2006, which is almost twice its 2003 earnings of $38 million.

    Revenue growth slowed in 2003-2004 when the company inve
    \"The overweening conceit which the greater part of men have of their own abilities [and] their absurd presumption in their own good fortune.\" - <b>Adam Smith</b> - <i>The Wealth of Nations</i>

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    The information you want is not the information you need.
    The information you need is not the information you can obtain.
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  7. #17
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    Gidday

    This will all end in tears..
    Don't buy for long term
    oppourtunist vendor may have his left his run too late
    Why go for 9% with a one man band vs 6.45% ASB fast saver every month no feltex type downgrades.
    CASH & PRESERVATION IS KING
    Rgds

  8. #18
    Senior Member warthog's Avatar
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    quote:Originally posted by duncan macgregor

    Dont get me wrong guys i think its a good company with nothing to show for it if it goes bad. You are buying what?. Start one up yourselves with limited capital. macdunk
    Agreed. Low barriers to entry in their market. Personally I would wait and see.
    warthog ... muddy and smelly

  9. #19
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    quote:Originally posted by warthog

    quote:Originally posted by duncan macgregor

    Dont get me wrong guys i think its a good company with nothing to show for it if it goes bad. You are buying what?. Start one up yourselves with limited capital. macdunk
    Agreed. Low barriers to entry in their market. Personally I would wait and see.
    Low barriers to entry I agree but processes, contacts, customers and a history of reliability go a long way

    However in saying that not really my cup of tea either.

    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #20
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    quote:Originally posted by Contrarian

    Gidday

    This will all end in tears..
    Don't buy for long term
    oppourtunist vendor may have his left his run too late
    Why go for 9% with a one man band vs 6.45% ASB fast saver every month no feltex type downgrades.
    CASH & PRESERVATION IS KING
    My sentiments exactly,with storm clouds gathering this type of operation is on notice.

    (but they are in the phone book......sorry private joke)

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