Subdued start for Waste Management

For the first four months trading the company says the results are only slightly ahead of last year and the rest of the year won't be much better.

In particular the Auckland market is under pressure from strong competition, and the company says the downturn in construction activity has also had a direct impact on available business.

However MD Kim Ellis also told the company's AGM that despite the flat outlook there are positive factors.

"One thing worth remembering when we talk about growth and earnings is that increasing revenues is not the only way to go about it.

"The larger the business the more opportunities there are to improve productivity and reduce costs within that business resulting in a direct impact on the bottom line."

Mr Ellis also took the time at the meeting to reassure shareholders that the company is fully aware that there is some sensitivity to New Zealand companies seeking their fortunes in Australia.

He says to minimize risk the company has established a number of principles for expansion, including selecting select niche markets, seeking bite size investments, and ensuring those investments improve earnings per share.

WAM announced earlier this month that it is evaluating two acquisitions in Australia and says an announcement is due by the end of June.

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