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- Release Date: 21/03/13 12:29
- Summary: FORECAST: MFT: Mainfreight Trading Update
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MFT
21/03/2013 10:29
FORECAST
REL: 1029 HRS Mainfreight Limited
FORECAST: MFT: Mainfreight Trading Update
Mainfreight today provides a trading update to the market in light of trading
results over the past three months. Under our previous quarterly reporting
timetable, this information would have been provided in February. Our move
to six monthly reporting sees our full year results to 31 March released to
the market at the end of May 2013.
Trading Update (figures in NZ dollars unless otherwise stated)
Our first six months in the current financial year saw an improvement in
EBITDA of 15% over the previous comparable period, excluding our newly
acquired European operations. It is expected that improvement over the prior
period for the second six months will be at a lesser level, in a range of 7%
to 9%.
This is likely to result in our full year EBITDA for the entire group being
at similar levels to the 2012 financial year, ie in a range of $137-$139
million as against a market consensus of $146 million. Revenue levels are
expected to be in a range of $1.90-$1.95 billion, and net profit excluding
abnormals to be in a range of $65-$67 million. Abnormal one-off costs are
estimated to be $2.1 million after tax and consist mainly of costs associated
with brand protection in Europe.
By Country:
o New Zealand earnings remain ahead of the prior year, though below the level
of improvement reported in our first half year.
o Australian earnings, while well ahead of the year prior, have slowed in the
past three months due to increased overhead costs incurred with pre-Christmas
volumes, coupled with a downturn in customer trading revenues.
o Asian trading continues the trend of the first six months.
o American trading is variable. CaroTrans is trading below the levels of the
prior year by 3% (at the EBITDA level for the full year). Mainfreight
continues to trade ahead of the prior year, predominantly in the Air & Ocean
category. However the past three months' trading has not kept pace with
increases seen in the first nine months.
o European trading is better as both operational progress and recovering
economic conditions assist profitability. However the level of improvement
has not delivered returns as quickly as we had anticipated. Further
improvements are expected in the 2014 financial year.
Our full year financial results for the year ended 31 March 2013 will be
released to the market on 29 May 2013. We retain a positive outlook across
the Group for the 2014 financial year.
Ends
For further information, please contact:
Don Braid
Group Managing Director
Mainfreight
+64 (09) 259 5503 / +64 (027) 496 1637
End CA:00234395 For:MFT Type:FORECAST Time:2013-03-21 10:29:38
