A robust turnaround in fortune saw revenue at Quality Roading and Services up by $2.4 million to $15.8 million, the company’s latest accounts reveal.
“We’re very pleased with a return to operating profitability in the 2018 financial year,” says QRS board chairman Guy Gaddum.
“There’s a real energy in this company right now confirming it has resilience and that it can meet challenging conditions and excel not only for its own staff but for Wairoa too.”
Mr Gaddum credits the growth in profitability to a strong leadership team, excellent staff, operating efficiencies, and increased earnings.
“Improving company processes isn’t always an easy task but in today’s environment only the most agile companies succeed.”
Under the guidance of chief executive Nigel Pollock, the company has executed a successful past 12 months of business reaching its return on equity targets and delivering a $110,000 total dividend to its sole shareholder and owner Wairoa District Council.
Mr Gaddum says with support from a steadfast and talented leadership team CEO Nigel Pollock has steered the company through a staffing restructure ensuring it has the right staff in the right place, and overseen the successful tender for the $8 million safe roads contract with the New Zealand Land Transport Authority.
Following an after-tax loss of $152,000 in the 2017 financial year, QRS’s profit has swung back into positive territory with an after-tax profit $262,364.
Mr Gaddum says profit alone doesn’t begin to tell the whole story.
QRS poured $6.3 million dollars back into the community via wages and salaries to the 95 people employed. Another $64,000 was distributed in sponsorship of local events, clubs, organisations, and charities. A sizeable amount went to the Gaiety Cinema Theatre as well as Wairoa’s school kapa haka cultural festival, Wairoa Athletic’s football team, and the Wairoa Races.
“The new CEO together with our committed and loyal staff has set about changing how QRS delivers what customers want and how it operates. There’s been a greater focus on reducing waste, whether that be time, resources, or money. The new culture at QRS rewards good performance and celebrates success.”
Mr Gaddum says another key factor to their success has been the revitalised relationship fostered with its sole shareholder and main client Wairoa District Council.
“Through improved communication, both organisations are thinking in a similar way and agree on what is best for Wairoa.”
Wairoa Mayor Craig Little says the latest report from QRS makes for fantastic news.
“On behalf of Council and Wairoa ratepayers, I congratulate the board of QRS, and its leadership team and staff, for this excellent result.”
“The is a testament to the hard work by all those involved as QRS continues to help lift the district’s productivity by delivering roading resilience and generating employment opportunities.”
Mr Gaddum added that the QRS CEO has done a lot of work on celebrating the employees.
“Our staff are the backbone of this company. We can set up world-class systems and provide any amount of equipment, but it’s our people out there in the community making a difference every day that truly determine the success or otherwise of the company.”
Around $200,000 was spent during the year on staff education and upskilling.
“We care about Wairoa by offering education to our staff and upskilling them. If it’s good for business and good for Wairoa – then that’s how we want to operate. The year’s financial result demonstrates an energetic turnaround and one that everyone at the company can be very proud of.”
10 December 2018
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