Freightways, one of New Zealand’s leading express companies, again achieved record revenues andearnings in the year ended 30 June 2009, despite a challenging operating environment.
The express and freight transport group increased revenues by 5% to NZ$340 million (€161million). Earnings before interest, tax, depreciation and goodwill amortisation (EBITDA) rose 3% to$70.5 million, while earnings before interest, tax, and goodwill amortisation (EBITA) were 1%higher at $61 million. Consolidated net profit after tax and before amortisation (NPATA) grew 7% to$34.6 million.
Freightways’ core express package business, covering various separately-branded operators,had lower volumes resulting in reduced full-year earnings. Separate figures were not released. DXMail, which competes in the postal market, had lower profits. In contrast, the informationmanagement business increased profits and is expected to continue growing as companies outsourcedata and document storage and other activities, the company noted.
Managing director Dean Bracewell commented: “In a difficult operating environmentFreightways’ core express package business has performed soundly overall, albeit below last yearand our information management business has achieved a very good result. So while the currenteconomic turmoil will clearly continue to impact on our performance near term, looking furtherahead Freightways expects to continue to achieve positive results for shareholders and otherstakeholders and is very well positioned to benefit from any improvement in the economy.”
Looking ahead, Bracewell said that until the New Zealand economy experiences a sustainedperiod of recovery, the performance of the core express package and business mail divisions “isexpected to continue to track behind that of the previous year. While organic growthinitiatives are being accelerated where possible, existing customer activity will ultimatelydetermine volumes and revenues.”
But Freightways will continue to defend and extend its presence in its core express packagemarket and actively develop market opportunities expected to materialise in the still challengingoperating environment, he added.
