IRG
Tuesday 11th February 2014 |
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Freightways Limited (FRE.NZ) is a provider of express package services throughout New Zealand, with complementary business servicing the information management and business mail sectors. The Express Package & Business Mail division operates through New Zealand Couriers, Post Haste, Castle Parcels, NOW Couriers, Pass The Parcel, SUB60, Kiwi Express, DX Mail, Fielddair Holdings Ltd and Air freight NZ Ltd. The Information Management division operates through Archive Security, Document Destruction Services and Data Security Services. In December 2013, the Company acquired Advance Security Destruction Services and Docushred.
Freightways reported consolidated operating revenue of $406 million for the year ending 30th June 2013 was 6% higher than the prior comparative period (PCP). Consolidated NPAT (excluding non-recurring income) of $38 million for the year was 6% higher than the pcp. Consolidated NPAT including the non-recurring income was $40.35 million.
The earnings per share (EPS) for the year (excluding non-recurring income) were 24.9 cents per share, an improvement of 6% over the pcp. The EPS including the non-recurring income was 26.21 cents per share.
The Directors have declared a final dividend of 9.75 cents per share, fully imputed at a tax rate of 28%.
Based on Freightways’ current forecasting, 2014 is expected to demonstrate similar overall year-on-year improvement as was achieved in 2013.
Freightways expects incremental volume growth from their existing customers in Express Package businesses. Price increases and efficiencies generated from this anticipated increase in volume are expected to offset cost increases.
Shares of Freightways Limited are trading at $4.59 as of 10th Feb , 2014.
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