Move Logistics Group Limited joined the NZX on 7 December 2017, following a reverse listing with Bethunes Investments Limited. The full details of this transaction can be found on the company website www.til.kiwi.
Move is one of New Zealand's largest private domestic freight and logistics platforms, with a nationwide network of branches, depots and warehouses. Its activities include transporting and warehousing freight throughout New Zealand and co-ordinating freight movements offshore through international alliances. It also has a specialist road tanker division which is the single largest operator in the New Zealand fuel delivery market.
The following information was extracted from Move Logistics Group's half Year Results, released 28 February 2025:
Significantly improved result as momentum of transformation plan becomes evident
Transport and logistics group, MOVE Logistics Group Limited (NZX/ASX: MOV), has reported its results for the six months ended 31 December 2024, delivering an improved result as the momentum of the transformation plan becomes evident.
For the six months ended 31 December 2024, MOVE reported a solid improvement in earnings and margins, despite weak market conditions which continue to impact on customer demand and activity. Early benefits of the Accelerate transformation plan are being seen with the majority to be realised from 2H25 and onwards. Gross margin % was materially higher, with an increase of 5.2bp from 1H24 as the cost reduction programme progresses.
Chair of MOVE, Julia Raue, said: “The Board and management team have been laser focused on the execution of the Accelerate transformation programme. As a result, our financial performance is improving, renewed funding arrangements are in place, we have strengthened MOVE’s leadership team and we continue to win business as a result of our team’s commitment to customer service excellence. There is still much work to do, and we have a clear plan of action in place as we build a platform to deliver long term, sustainable value for our shareholders.”
1H25 Financial performance
Total income of $150.7m was down 5% compared to the prior comparative period (1H24) but ahead of 2H24.
Normalised earnings before tax (NEBT) of $(6.1)m was a material improvement on 1H24, with the loss halved year on year. The 2Q25 was the strongest quarterly earnings in 18 months and was up 48% on 1Q25. EBT including non-trading adjustments and non-controlling interest of $(8.1)m was also an improvement on the prior year. The results include $1.1m costs related to the exit of the Atlas Wind vessel.
Operating expenses reduced by $16.8m, primarily driven by a reduction in people and transport costs. An incremental annualised $3 to $4m is being targeted for 2H25. Gross margin expanded to 29%, an improvement of 5.2bp from 1H24, largely as a result of the cost reduction programme.
Net loss after tax (NLAT) improved by $1.8m to $(8.9)m for the six months.
The new funding arrangements put in place in August 2024 are operating successfully, providing a combined loan facility of $35m. The ANZ facility was renewed in February 2025, with extended tenure to August 2026, as well as adjustments to covenants and other provisions to give the Group more headroom for expected performance this year. Operating cashflow was $8.9m for 1H25, compared to $10.3m in 1H24 which included the benefit of a positive interest rate swap.
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