Full Year 2026 Move Logistics Group Ltd Earnings Call Transcript
Key Points
- Returned to positive normalized earnings of $1.6 million, a significant milestone after two years of restructuring.
- Reported positive free cash flow of $6.3 million and reduced net debt by nearly 40% year-on-year.
- Gross margin dollars and percentage reached their highest levels in three years, driven by better pricing discipline and productivity gains.
- Three of four business divisions delivered profitable earnings, with Specialist achieving its strongest result in three years.
- Successfully extended ANZ facility to August 2027 and secured a new BNZ invoice finance facility to reduce finance costs.
- Warehousing continues to perform below expectations, with revenue rebuilding as the absolute priority.
- Customer demand remained inconsistent and competition for available work intense, with pricing pressure across the industry.
- Higher fuel prices in H2 impacted demand in sectors like hospitality and FMCG, reducing disposable income.
- Legacy lease costs, particularly in Auckland and Christchurch, continue to pressure warehousing profitability.
- The pace and timing of economic recovery remain uncertain, with fuel price volatility creating ongoing demand pressure.
Welcome to the Move Logistics Group FY26 results call. (Operator Instructions) I'd now like to hand the conference over to Mr. Paul Millward, CEO. Please go ahead.
Hi, everyone, and thank you for joining us. I'm Paul Millward, CEO of MOVE. And with me is Lee Banks, our CFO. Today, we will talk through our performance and results for FY26 and the progress we're making on our New Horizons four year road map. We'll be happy to take your questions at the end of the presentation.
Two years ago, we set out to reshape MOVE into a stronger, more resilient business. FY26 is evidence that our strategy is delivering. We delivered on our commitment to return to positive normalized earnings and also reported positive free cash flow and a return to profit after tax. All our businesses delivered improvements with profitable earnings from three of the four businesses. Warehousing, however, continues to perform below our expectations, and I'll talk to the actions we are taking there in more detail
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