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Freightways announces strong half year performance

Freightways Limited has announced revenues of $192m for the half year ended December 31, 2011. The result is a 9% increase compared to 2010, with EBITDA up 8% year-on-year to $36m. Consolidated net profit after tax of $18.3m was 16% higher over the comparative period of 2010.

Managing Director Dean Bracewell said Freightways delivered a strong half year operating result that "is above the prior period in all respects, again demonstrating the resilience of the Group, the positive features of the market it operates in and the high quality of its subsidiary businesses."

Revenue from its core express package & business mail division was $149m, an increase of 6% compared to the same period of 2010. The division contributes approximately 80% of Freightways' revenue and earnings through its brands of New Zealand Couriers, Post Haste, Castle Parcels, NOW Couriers, SUB60, Security Express, Kiwi Express and DX Mail.

Revenue from its information management division was $44m for the half year, a 19% increase compared to the half year period in 2010.

Bracewell added that the highlights of the half year "include the very positive financial performance of the Group, the completion of two acquisitions, one in Australia and one in New Zealand, that add to the depth of our presence in the Australasian information management industry, and the continued successful execution of growth strategies across both the express package & business mail division and the information management division."

Looking forward, Bracewell concluded that "based on experiences in the first half of the 2012 financial year we expect to see continued gradual improvement in the market segments in which we operate."
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Source: Freightways


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