Freightways lifts profit in both units

Freightways says profit has grown three per cent in the first half with New Zealand’s largest listed courier and data management company lifting earnings in both its business units.

南宁桑拿

Net profit was $NZ21.7 million ($A20.23 million) in the six months ended December 31, a record first-half result, from $NZ21m for the same period a year earlier, which included a one-time $NZ1m gain, the company said in a statement on Monday.

Sales grew six per cent to $NZ218m, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up six per cent to $NZ42m.

The Auckland-based company, whose businesses include New Zealand Couriers, Post Haste Couriers and Fieldair, has been expanding its information management interests.

Last year, it acquired New Zealand document shredding companies Docushred and Document Destruction Services, as well as Advance Security Destruction Services and Document & Data Storage Management in Australia.

“Four acquisitions were completed during the latter stages of the half year that add scale to our existing operations and significantly expand our customer base,” Freightways said in a statement.

“All these acquisitions have migrated successfully and are, at this early stage, performing to expectations.”

In guidance given for the year ahead, the company reiterated that growth will continue but gave no specific detail other than the expectation that capital expenditure will be about $NZ16m to support that growth.

First-half capex was $NZ9m.

Data management services operating revenue grew three per cent to $NZ51m in the first half, with 13 per cent growth in New Zealand and three per cent in Australia. EBITDA climbed five per cent to $NZ12m.

The express package and business mail unit’s operating revenue was up seven per cent to $NZ168m, with EBITDA up six per cent to $NZ31m.

Freightways will pay an interim dividend of 10 NZ cents a share, up from nine NZ cents a year earlier.

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