Tag: Freightways

Freight firm snaps up New Zealand Kiwi Express

Posted by | Oct 1, 2005 | |

Freightways has added another courier company to its stable, paying $3.5 million for Kiwi Express. “We think it will be a great complementary fit with the rest of the courier businesses we operate under the Freightways banner,” managing director Dean Bracewell said. Freightways had no plans to make any changes to Kiwi Express, he said. Despite being a small company, Kiwi Express was well established in the point-to-point delivery market in Auckland and Wellington and had a stable customer base. For the year to June next year, Kiwi Express is expected to add NZD700,000 of ebitda earnings to Freightways. The purchase had been funded using existing finance facilities, Mr Bracewell said.

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New Zealand Freightways half year profit up 46 percent

Posted by | Feb 7, 2005 | |

Freightways today reported a 46 percent jump in its half year net profit. The courier firm reported a net profit of NZD11 million for the half year ended December, up from NZD7.7 million for the same period the previous year. Earnings before interest tax and amortisation (ebita) rose 28 percent to NZD26 million. A fully imputed interim dividend of 7.5 cents per share will be paid on March 31, up from 5.85cps.

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NZ Post-DHL link annoys other rivals

Posted by | Dec 21, 2004 | |

State-owned New Zealand Post has spurned rivals to sell its courier businesses into a joint venture with Deutsche Post-owned DHL. The sale was condemned as a partial privatisation of a state business without a contestable process to find out if anyone else wanted to pay more. New Zealand-owned Freightways was annoyed that it did not get a look in despite asking for the chance several times. Also excluded was Toll Holdings of Australia, which has started a small courier business in New Zealand to exploit cross-selling opportunities from its road and rail businesses. “We just wanted a level playing field,” said Dean Bracewell, managing director of Freightways. He condemned yesterday’s deal as lacking transparency – no financial details were disclosed. Toll chief financial officer Neil Chatfield said the company was disappointed it did not get an opportunity to be involved. He said it was a strange way to sell a public asset.

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NZ courier firm ready for new competitors

Posted by | Nov 26, 2004 | |

An increasing number of express parcels are whizzing around New Zealand’s buoyant economy, generating strong profit growth for newly listed courier group Freightways. The main competitor to NZ Post yesterday unveiled a better-than-expected 42 per cent rise in net profit for the first four months of the financial year. Freightways shares surged 15 cents, or 6%, to a record 285, nearly double its float price of 160 set before it listed last September. Chairman Wayne Boyd told the group’s annual meeting economic conditions were favourable and trading had been consistently strong. Freightways’ existing customers were increasing volumes and its three courier brands — New Zealand Couriers, Post Haste and Castle Parcels — were winning market share from NZ Post.

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Competition in New Zealand forces truckers’ alliance

Posted by | Oct 30, 2004 | |

Mainfreight is dumping NZ Post as its express freight courier operator and getting together with Freightways. A strategic alliance, disclosed yesterday, combines the country’s biggest mover of loads of freight with one of the country’s two big express parcel movers. The alliance is a response to hotter competition. Toll Holdings of Australia has expanded slowly into the express parcel market here and New Zealand Post, Freightways’ main competitor, plans to merge its express freight business with Deutsche Post’s unit DHL. “This is about two businesses with good strengths getting together,” said Freightways’ chief executive Dean Bracewell. A merger is not on the agenda. Mainfreight’s express parcel needs will now go to Freightways’ unit New Zealand Couriers.

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