New Zealand freight company TIL Logistics Group has unveiled a new name signalling a fresh era for the firm along with key appointments of former Mainfreight leaders to the board.
Now rebranded Move Logistics Group, it features a sloping orange banner which builds on the heritage of the original Hooker and TIL brands.
A special function was held on Auckland’s Queens Wharf on Tuesday, along with transport minister Michael Wood, to mark the new identity.
Alongside the new look is rejuvenated leadership with recently appointed director and shareholder Chris Dunphy taking on the role of executive director.
He brings significant experience in the transport and logistics sector, being a former general manager of Mainfreight’s international division and executive director of Mainfreight. He resigned from Mainfreight in 2003 to pursue private investments in a number of freight, shipping and logistics businesses.
Also joining the board is Mark Newman who has extensive domestic and international transport and logistics industry expertise, having held senior leadership roles with Mainfreight for over 20 years as chief executive Mainfreight Europe and New Zealand transport general manager.
Group chairman Trevor Janes says the firm is “moving into a new era” with the changes.
He says Dunphy and Newman both “have deep knowledge and hands on experience in the transport industry” and will bring significant value to the business.
A recruitment process is also underway for a new chief executive following the recent departure of Alan Pearson.
TIL has been moving goods across New Zealand since 1869 from its origins as a regional transport company.
It has now evolved into one of the country’s largest freight and logistics providers, offering services across five divisions which includes freight, logistics and warehousing, fuel, international and specialist lifting and transport. A reverse listing saw the company added to the New Zealand stock exchange in December 2017.
Each of its divisions will now operate under the Move banner which the company says will bring together its range of services.
Janes says it “makes sense” to bring the brands and businesses together under one banner.
“Our customers are increasingly wanting an end-to-end supply chain solution which we can provide with our nationwide network and range of services.
“This unified approach and a more united brand presence will make it easier for us to be seen … and easier for our customers to identify the group as a whole, providing a connected range of transport and logistics solutions.
“We have an outstanding team, a great business and now, a new name. Our people are excited to be part of a strong team and a new brand that moves us into the future.
“Apart from the name change, it is business as usual – we will be providing the same great services our customers have become accustomed to, from the same great people,” Janes says.
Investing in health and safety with digital technologies and investigating alternative fuels such as hydrogen are key focuses for the company.
It is also piloting an electric truck on the Auckland metro route and is investing in new trucks which use advanced diesel engine technologies to reduce emissions and in-cab technology to ensure the best possible driver behaviour.
“We are committed to creating a sustainable business that builds on the past 150 years and takes us into the future.
“We are excited about the potential for our sector and for the future of Move Logistics Group,” Janes says.
Update on FY21 guidance
The board says it expects to achieve its FY21 guidance of EBITDA to be at least that of the FY20 post IFRS-16 result of $57.4m.
The company says it continues to focus on strategic priorities, including improvement initiatives and the freight turnaround programme with progress being made in key areas.
“Reported profit will reflect investment in the improvement programme, as well as increased property costs associated with the expanded warehousing network, and a non-cash adjustment for a discontinued IT project. Including these non-trading adjustments, the company is expecting a modest profit for FY21,” it says.
Janes says the focus will be on increasing profit and returning dividends to shareholders in the coming year.
In its FY20 result, TIL posted a net profit after tax of $2m and did not declare a dividend due to the impact of COVID-19.
The TIL share price is up more than 10% since the new announcements, trading from around $1.31 on Tuesday and currently sitting at around $1.45.
*The name change will take effect on the NZX on August 4 and the ticker code will change from TLL to MOV. The company’s website will change to www.movelogistics.com.
