NZ courier firm ready for new competitors
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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