Wedoany.com Report on Mar 2nd, The Move Logistics Group recently announced its financial results for the first half ending December 31, showing a significant narrowing of losses. The company expects to return to positive normalized earnings in the second half and anticipates achieving this target for the full year.

The transport and logistics group, listed on the NZX and ASX, reported revenue and other income of $143.7 million for the first half, a 5% decrease year-on-year, primarily due to soft market conditions impacting customer demand. Normalized earnings before tax (NEBT) improved by 98% compared to the same period last year, with a first-half loss of $0.1 million. The net loss after tax narrowed to $0.9 million, an $8.0 million improvement over the prior corresponding period.

Net debt decreased by $6.2 million to $12.8 million, supported by operating cash flow of $17.0 million, an $8.1 million increase year-on-year. Chair Julia Raue stated, "The improved performance reflects the effective execution of our transformation strategy. While there is still work to be done, the Board is encouraged as we enter a phase of growth. We remain on track to achieve our guidance of positive normalized earnings for the FY26 financial year and are committed to delivering sustainable value for all stakeholders."

Chief Executive Paul Millward noted that three of the group's four business divisions are now profitable. The Freight & Fuel division achieved normalized earnings before tax of $1.5 million, with revenue remaining stable despite low freight demand; the International division reported NEBT of $2.1 million, marking its second consecutive half-year of profitability; and the Specialist Services division generated NEBT of $1.0 million, gaining momentum. The Warehousing division was the only loss-making unit, recording an NEBT loss of $2.5 million due to excess capacity and weak demand.

Move has secured a new invoice financing arrangement with BNZ for up to $22.0 million, which is expected to reduce financing costs. Looking ahead, the company stated that economic conditions are expected to gradually improve in 2026, although the pace of recovery remains uncertain. Rebuilding the Warehousing business and achieving positive normalized earnings in the FY26 financial year remain key priorities.