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  1. #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>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  2. #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

  3. #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

  4. #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.

    “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

    –Benjamin Graham”

  5. #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)

  6. #21
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    Ditto - have walked passed this one...
    Death will be reality, Life is just an illusion.

  7. #22
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    Despite doing her best to talk up the SP before the IPO poor Georgina didn't make much of a profit did she?


    Labour firm makes NZX debut

    07.07.05


    By Georgina Bond and NZPA


    Labour hire company Allied Work Force made its sharemarket debut yesterday - the main board's first listing for the year.

    Shares in the company traded at $1.52 in the opening minutes but ended the day back at its initial public offer price of $1.50.

    Celebrating at the company's Penrose headquarters as the market opened, managing director Simon Hull said the listing was the start of a new phase for the company which had raised cash to help it expand.

    The firm has a market capitalisation of just under $40 million.

    Its initial public offer of 7.6 million shares closed fully subscribed on Friday.

    Hull, who started the company 17 years ago, has retained a 68 per cent stake, selling down to raise cash for its expansion.

    The remaining shares went to company directors, select NZX participants and staff, so yesterday was the first chance for retail investors to get their hands on the stock.

    Allied Work Force has 90 full-time staff and a "crew" of around 8000 skilled and semi-skilled workers which it employs to hire to businesses in all areas of blue-collar work, including construction, distribution, manufacturing, processing and infrastructure.

    It has 21 regional branches, and is planning four more.

    The company previously forecast a March 2006 year net profit of $3.1 million, on revenue of $74.2 million.
    \"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>

    The information you have is not the information you want.
    The information you want is not the information you need.
    The information you need is not the information you can obtain.
    The informaton you can obtain costs more than you want to pay.

  8. #23
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    SP still down on listing but today’s announcement shows a bit of creativity towards solving a labour shortage problem and diversifying into land and property.

  9. #24
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    Allied Workforce buys Blenheim holiday park
    06 April 2006

    Blue collar labour hire firm Allied Workforce (AWF) said today it has bought a Blenheim-based holiday park to house seasonal workers in the region.


    AWF spinoff Contract Labour Services (CLS) bought the Spring Creek Holiday park, 6km from Blenheim, for $1.8 million.

    AWF chief executive Simon Hull said Marlborough – with its dozens of vineyards – was a key growth area for the company, but that had been hampered by a lack of suitable accommodation.

    The Spring Creek purchase meant CLS could provide accommodation for several hundred workers at the peak of the pruning season.

    The park could accommodate up to 280 visitors and was a popular stopover for tourists en route to the Cook Straight ferry.

    "We intend establishing the Spring Creek Holiday Park as the first point of contact for all travellers and tourists who either simply need reasonably priced accommodation or who are looking for help and assistance in finding casual and seasonal work in the area," Mr Hull said.

    The purchase would be settled next month.

    Shares in AWF last traded yesterday at $1.33.

    [V][V] Thats where im staying while i'm working in blenheim.



  10. #25
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    SOUNDS pretty COOL at first idea but wait for the PROFITS.. [8D]

  11. #26
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    Happy Camper remembers sharing the camping ground at Tokomaru Bay with a gang of Northland forestry workers back in 2005. They were well set up for this sort of caper.

    Happy Camper

  12. #27
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    quote:Originally posted by Happy Camper

    Happy Camper remembers sharing the camping ground at Tokomaru Bay with a gang of Northland forestry workers back in 2005. They were well set up for this sort of caper.

    Happy Camper
    AS your been there and seen were or is there money to be MADE..[8D]

  13. #28
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    I won't be passing through Blenheim again until October of this year, so will be sure to check it out then. I may even park up there for the night. Having just recently finished a wee trip in the van I can assure you, camping grounds seem to be getting their fair share of business at the moment. It has just about got to the point where you need to book ahead!

    By my reckoning full-year result for AWF is due to be announced soon. Even with hints of a softening labour market, I am picking that it will be respectable. It had better be, or my recent investment in AWF will not be looking so flash.

    Cheers

  14. #29
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    By crikey, todays announcement certainly gave the shareprice a fair old beating today.

    I got out at $1.75 around 20th of July. Around one month later and it is looking like re-entry opportunities under $1.50 will be showing their face tomorrow.

    The rational half of me thinks I will stay on the sidelines with this one for a while yet. The irrational half is tempted to "re-pitch my AWF tent" before I go camping with the family late September/early October.

    Cheers

  15. #30
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    quote:Originally posted by Happy Camper

    By crikey, todays announcement certainly gave the shareprice a fair old beating today.

    I got out at $1.75 around 20th of July. Around one month later and it is looking like re-entry opportunities under $1.50 will be showing their face tomorrow.

    The rational half of me thinks I will stay on the sidelines with this one for a while yet. The irrational half is tempted to "re-pitch my AWF tent" before I go camping with the family late September/early October.

    Cheers
    THESE things happen but you know the stock which is Good so stick with it and BUY after the drop the mob is wrong all the TIME.. [8D]

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