Freightways achieves record results
New Zealand express and freight transport group Freightways said it achieved record revenues and earnings for the year ending June 30, 2007, despite a challenging marketplace.
The company reported that consolidated operating revenue for the year rose to NZ$283 million (EUR 156 million), up 10% on the prior corresponding period, with earnings before interest, tax, depreciation and amortisation (EBITDA) of NZ$62.9 million (EUR 34.67 million), 8% ahead of the previous year.
Cash generated from operations for the year before interest and tax also reached a record NZ$62.3 million (EUR 34.34 million), while consolidated net profit after tax and before amortisation (NPATA) of NZ$30.9 million (EUR 17.03 million), was 6% higher than the prior corresponding period.
Managing Director Dean Bracewell said: “It was an eventful 12 months for Freightways in which it has performed soundly in New Zealand, established a firm presence in Australia and delivered another record result.”
The core express package brands of New Zealand Couriers, Post Haste Couriers, Castle Parcels, SUB60, Security Express and Kiwi Express again contributed the majority of the group’s revenue and earnings. The internal linehaul providers, Fieldair Holdings and Parceline Express continued to provide a seamless and efficient air and road linehaul service, respectively, the company noted.
The express businesses continued to invest in areas that further enhance their competitive advantages and where additional capacity will be required to accommodate future growth, Freightways said. This included the relocation of all Freightways businesses operating in Hamilton into a purpose-built facility to service the growing Waikato and Bay of Plenty regions.
DX Mail, a nationwide business mail competitor to NZ Post, continued its growth, accelerated by the acquisition of the franchisor rights of the Pete’s Post mail delivery business in December 2006.
Looking forward, Bracewell said that Freightways’ performance in the short term “will continue to be influenced by the challenging New Zealand marketplace. Medium to longer term and subject to factors beyond our control, Freightways is exceptionally well positioned in all aspects of its business to continue to achieve positive outcomes for shareholders and other stakeholders.”
