Mainfreight makes piles worldwide
A big New Zealand truck operator, Mainfreight, has posted record revenues across its operations.
Mainfreight has reported a massive A$1.9 billion in revenues from its global operations, feeding into an earnings before interest, tax, dividends, and amortisation result of A$151 million.
Group managing director Don Braid says the firm is going well in New Zealand, it expected more across the Tasman.
“Our New Zealand transport operations gained a number of new customers, and increased the number of consignments transported through our network by 150,000,” his report to shareholders said.
Revenues in Australia increased by seven per cent to A$490.65 million, while underlying earnings were up 5.8 per cent to A$37.24 million.
“Whilst these improvements may seem satisfactory, when compared to New Zealand’s level of growth and the relative size of the Australian market, we would have expected more,” Mr Braid said.
Mainfreight’s US operations filed below-expectation results, while its European business achieved strong growth of 3.6 per cent over the year, with underlying earnings up 33.5 per cent.
“Whilst the European economy remains turbulent, our own improved performance is providing confidence for the future,” Mr Braid said.
In Asia, the company reports underlying earnings of A$6.5 million, up 41.6 per cent from a fairly low base.
“A number of large multinationals can now be counted as loyal customers, and we are underway with attracting more,” Braid says.
“Their relative logistics spend is considerably larger than we have experienced before in the smaller markets of New Zealand and Australia [and] the potential [they] bring to our global business is exciting.”