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Mainfreight Results for the six months ended 30 September 2012

Posted on 13 November 2012
Mainfreight Results for the six months ended 30 September 2012

The Mainfreight Group is pleased to report a net suplus after taxation of $27.74 million for the first six months of the 2013 financial year, and also to announce the appointment of Simon Cotter to our Board of Directors.

Regional Performance

Whilst the half year result has been negatively impacted by poor European performance, exacerbated by poor trading during the European holiday period of August and September.  The performance of all our other divisions remains satisfactory, with trading in New Zealand, Australia, Asia and the United States continuing the trends of the first quarter - revenue and EBITDA show positve growth, reflecting Mainfreight's improved performance across all four regions.  We maintain our confidence in the long-term benefits of our European acquisition, although we are disappointed with the financial performance over the last six months.

Appointment of Simon Cotter to the Mainfreight Board of Directors

We are pleased to announce the appointment of Simon Cotter as a Director of Mainfreight Limited.  Simon (45) has a long association with Mainfreight as a Director of Grant Samuel & Associates and has personally assisted in Mainfreight’s mergers and acquisitions activity since 2003. With a comprehensive understanding of the company and the industry, Simon brings strong financial and analytical skills which will be of significant value and will complement the mix of skills and experience of the existing board members. Simon’s appointment will become effective 1 January 2013.  He will stand for election at the Company’s Annual Meeting of Shareholders on 31 July 2013.

Shareholder Dividend

The Directors of Mainfreight have approved an interim dividend of 12.0 cents per share (remaining at the same level as the previous year).

 

For further details see the following management commentary and financial statements.