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Financial result for the six months ended September 2009

Posted on 19 November 2009

MAINFREIGHT LIMITED

Financial result for the six months ended September 2009 (Unaudited)

The Mainfreight Group is pleased to report a net profit (before abnormals) of $12.18 million for the first six months of the 2010 financial year. This represents a decrease of 29.3% when compared to the same period last year. Importantly, second quarter performance saw revenues and profitability improve markedly from our first quarter’s results.

Consolidated sales revenues for the six-month period were $535.83 million, a decrease of 14.3%. Excluding foreign exchange adjustments, the decrease is 19.1%.

EBITDA performance declined 17.0% to $29.36 million from the prior year’s result of $35.36 million. Excluding foreign exchange adjustments, the decrease is 19.3%.

Abnormal costs (after tax) of $1.32 million were incurred during the period; the majority of which ($1.27 million) were incurred and disclosed during our first quarter announcement. These related to restructuring that was undertaken to improve operational performance.

During the second quarter trading conditions in all countries were much improved on those experienced in the first quarter. Direct comparisons see revenues increased by 4.8% and EBITDA improved by 50.5%. While seasonality of freight volumes is a contributor, trading during the second quarter has seen a general improvement which continues into our third quarter. We welcome the upturn but remain cautious about overall economic conditions in each country where we are located.

Prior year comparisons include our people’s team bonus accruals. These are not included in this year’s results.