Move Logistics Group has reported an improved first-half result with the company saying it remains on track to deliver positive normalised earnings for the full year.
The NZX- and ASX-listed transport and logistics group posted revenue and other income of $143.7 million for the six months to December 31, down 5% year-on-year as weak market conditions continued to weigh on customer demand.
Normalised earnings before tax (NEBT) improved 98% year-on-year to a loss of $0.1m for the half, with the company looking to return to positive NEBT in the second half.
Net loss after tax narrowed to $0.9m, an $8m improvement on the prior comparable period.
Net debt reduced by $6.2m to $12.8m, supported by operating cashflow of $17m, up $8.1m year-on-year.
Chair Julia Raue says the improving result reflects execution of the group’s transformation strategy.
“The improving results demonstrate focused execution of the transformation strategy and, while there is still more to do, the board is encouraged by the progress heading into the next phase of growth,” Raue says.
“We remain on track to achieve our guidance of positive normalised earnings in FY26 and are committed to delivering sustainable, long-term value for all our stakeholders.”
Chief executive Paul Millward says three of the group’s four business divisions are now profitable.
“We are making good progress on our FY26 priorities and four-year roadmap, with three of Move’s four business divisions now in profit,” Millward says.
“Warehousing is showing gradual improvement as the turnaround plan is executed, although market challenges persist.”
The Freight & Fuel division delivered normalised earnings before tax of $1.5m, retaining revenue at prior-year levels despite low freight demand. The Fuel business continued to perform strongly.
The International division posted NEBT of $2.1m, marking a second consecutive profitable half as its trans-Tasman Oceans shipping service moved into profit.
Specialist services generated NEBT of $1m, with momentum building into the second half as new projects commence.
Warehousing remained the only loss-making division, recording a NEBT loss of $2.5m as the business continues its reset amid excess capacity and subdued demand.
Move has agreed terms for a new invoice finance facility of up to $22m with BNZ to replace its existing facility, which the company says will reduce financing costs.
Looking ahead, Move says economic conditions are expected to gradually improve through 2026, although uncertainty remains around the pace of recovery. The company says rebuilding the Warehousing business and delivering positive normalised earnings in FY26 remain key priorities.
