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Mainfreight reveals 10 years of record trading

  • Posted on Thursday 30th, July 2020.

Transport and logistics company, Mainfreight, held its Annual General Meeting (AGM) of shareholders on 30 July at Eden Park in Auckland, New Zealand.

Highlights of the AGM included another record year of financial results for the year ended 31 March 2020 and an update on trading into the new financial year.

The company said it had adjusted well to trading within a pandemic, with most regions still showing positive results which had assisted at the group level, but that there still remained more work to do.

At the commencement of his address, Mainfreight Chairman, Bruce Plested, noted that this was the company’s 42nd AGM since its inception in 1978, and its 25th since listing on the New Zealand Stock Exchange in 1996.

“The year ended March 2020 produced the continuation of 10 consecutive years of record results including record profits up $15 million to $156 million before abnormals, global sales up $141 million to $3.1 billion – representing sales close to $60 million per week – and income tax payable for the year up by $6 million to $61 million,” said Plested.

He added that the discretionary bonus payable to Mainfreight’s worldwide team was unchanged at $27.2 million and the annual dividend paid to shareholders increased by $3 million to $59 million.

“The past year was another year of growth and we increased our number of branches worldwide from 260 to 282, and our presence from 24 to 26 countries,” said Plested.

“Climate change, together with the Covid‐19 virus, creates challenges that the world has not faced in living memory.

“The period ahead is what all of us as individuals, business, governments and countries must attempt to successfully deal with," he said.

Mainfreight Group Managing Director, Don Braid, presented a trading update for the past financial year, including figures for the total company as well as individual regions.

“The total company revenue increase of $94.3 million NZD includes air charter opportunities of $23.8 million NZD, but at lower margin levels, and new business of $67 million in the first quarter,” said Braid – adding that the profit improvement was assisted by exposure to multiple economies and in particular the performance of the Australian operations. “Australia was our strongest regional performer, and we have expectations that the current trend will continue. This has resulted from new business and market share gains in the transport network, particularly in regional branches.”

Braid noted that the current Covid-19 spike and increased restrictions had not disrupted or altered freight flow or volumes.

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