Quality Roading and Services (QRS) made a $50,000 contribution to its owner and provided timely financial support to two Wairoa community spaces, during the half year ended 31 December 2021.
QRS board chair Guy Gaddum presented the six-month report to sole shareholder Wairoa District Council on Tuesday [22 March].
Despite revenue of $8.5 million being down on the $13.3 million recorded in the same period last year, Mr Gaddum says the company is in a “sound financial” position and is ready to face the challenges ahead.
“As we enter 2022, we’re starting to see a reduction in tender opportunities from central Government as investment in infrastructure following the pandemic has understandably slowed.”
“We must also contend with rising inflation and a tight labour market,” added Mr Gaddum.
Mr Gaddum says 2021 was a period of unprecedented opportunity for all contractors “but now we’re having to adjust our revenue and subsequent cost expectations to match the new norm.”
In response, QRS has been building employee skills and capability so it can take advantage of opportunities that present themselves such as in housing and three water infrastructure. “The company has expertise in these areas.”
Mr Gaddum added that “thoughtful employee hiring and our investment in retention have been smart proactive steps to take. We have the agility and ability to pivot.”
Mr Gaddum thanked chief executive Jeremy Harker for his first six months of leadership. Just 17 days after he stepped into the role New Zealand went into a Level 4 lockdown.
“Whilst managing the short-term challenges of the pandemic Jeremy has continued to bring a long-term view on the financial uncertainty all business face at the moment.”
During the six-month period the company made a $50,000 contribution to Wairoa District Council, and two lots of $40,000 contributions to two trusted and well-regarded community spaces: Wairoa Community Centre and Wairoa Museum.
“Social responsibility is a central operating principle for QRS and we have a duty to make a positive contribution to the community we operate in,” says Mr Gaddum.
For the first time, QRS’s six-month report shares stories of the people behind QRS’s positive facts and figures. Mr Gaddum says the staff stories serve as a reminder of QRS’s ripple effect. “When we employ local men and women, then help build their skills and qualifications, they become as equally invested in the community’s future as we are.”
28 March 2022
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