Freightways has delivered a record result and boosted
dividend, following strong second-half trading which
underpinned increased annual revenue and profit.
For its year to June, overall operating revenue was up 6%,
from $406.1 million to $432.2 million, while after-tax profit
rose 3%, from $40.3 million to $41.7 million.
The largest divisions in the multilayered Freightways,
Express Package and Business Mail, said its brands New
Zealand Couriers, Post Haste, Castle Parcels, NOW Couriers,
SUB60, Security Express, Kiwi Express, Stuck, Pass The
Parcel, DX Mail and Dataprint all contributed to an 8% lift
of operating revenue, to $332 million for the full year.
''The widespread improved performance evident in our first
half-year result continued and gathered further momentum
through the second half-year,'' the company said yesterday.
Craigs Investment Partners broker Peter McIntyre said it was
a ''positive result'' for Freightways and slightly above our
forecasts, with the dividend offered well ahead of last
Freightway's declared a 15% increase to the final dividend,
up from last year's $15 million to $17.4 million; at 11.25c
per share, imputed. Shares in Freightways were up 4c at
$4.94, after the announcement.
During the year there was a one-off payment of $1.2 million,
which was the final earn-out payment for acquisition of the
Filesaver business in 2011.
Forsyth Barr broker Andrew Rooney said it was a ''strong
result'', with accelerating profit growth throughout the
year. Underlying after-tax profit was up 12% on a year ago,
implying second-half growth of 16%.
The key driver was the Express Package and Business Mail
division, which grew its earnings before interest, tax,
depreciation and amortisation 11% on a year ago.