15 Aug 2011

Profit lifted by Freightways

12:15 pm on 15 August 2011

Freightways has lifted its full year profit, despite the earthquakes in Christchurch curbing activity.

The courier and data company made $29.9 million in the year to June, an increase of 29% on the previous year, when it was also hit by a large one-off tax charge.

Revenue rose 7% to $353 million.

Managing director Dean Bracewell says courier volumes picked up in the last quarter of the year after faltering following February's quake, while demand for information management services continues to grow.

Looking ahead, he expects modest gains, with its courier business relying on growth among its existing customers, while margins at its information business will be lower as it continues to invest.

The company declared a higher dividend of 7.25 cents per share. Shares rose 2 cents to $3.28 each.