New Zealand express and freight transport group Freightways said it achieved record revenues andearnings 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 theprevious year.
Cash generated from operations for the year before interest and tax also reached a recordNZ$62.3 million (EUR 34.34 million), while consolidated net profit after tax and beforeamortisation (NPATA) of NZ$30.9 million (EUR 17.03 million), was 6% higher than the priorcorresponding period.
Managing Director Dean Bracewell said: “It was an eventful 12 months for Freightways in whichit has performed soundly in New Zealand, established a firm presence in Australia and deliveredanother 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 andearnings. The internal linehaul providers, Fieldair Holdings and Parceline Express continued toprovide 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 competitiveadvantages and where additional capacity will be required to accommodate future growth, Freightwayssaid. This included the relocation of all Freightways businesses operating in Hamilton into apurpose-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, acceleratedby the acquisition of the franchisor rights of the Pete’s Post mail delivery business in December2006.
Looking forward, Bracewell said that Freightways’ performance in the short term “willcontinue to be influenced by the challenging New Zealand marketplace. Medium to longer term andsubject to factors beyond our control, Freightways is exceptionally well positioned in all aspectsof its business to continue to achieve positive outcomes for shareholders and other stakeholders.”
