Mainfreight has made a record profit as it gained the benefit of international expansion.

Net profit for the year to March rose 28 percent to just over $137 million from $107m last year.

It included a write down related to the Europe business it is buying, as well as restructuring costs.

Mainfreight managing director Don Braid put the result down to the company’s strategy of intensifying its global network of branches.

“We are proud of this financial result, our best ever, particularly as it contains healthy profit improvement across all our global regions.”

The company had revenue growth in New Zealand, Australia, Europe, and the Americas, albeit the latter grew at a slower pace than the company would have liked to have seen.

Group revenue grew almost 13 percent to $2.95 billion, with a fall in Asia although underlying earnings rose.

Underlying earnings rose $42 million, two-thirds from outside New Zealand, but Mr Braid said it was not a sign that the company had exhausted chances to grow locally and needed to focus its efforts offshore.

“We think that we’ve still got plenty of opportunity here, and last year’s just a good reflection of what is possible and of course we had a clear year in terms of no earthquake disruption to rail and road traffic and coastal shipping traffic is the best it’s been for a couple of years.”

The company announced a final dividend of 34 cents per share and the profit result meant the company would pay $27 million in bonuses to staff.

Braid also signalled the company’s plans to outlay $350 million dollar on land and buildings in the next two years.

He said the company would focus on expansion as it looked for increased sales and new customers to counter rising costs.

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