Mainfreight lifts financial performance

Auckland-based logistics company, Mainfreight, has released its full-year financial results to 31 March 2021.

Sales revenues for the year increased 14.5 per cent to $3.54 billion NZD and net profit before abnormals by 27.1 per cent to $188.1 million NZD.

Profit before tax was $262.41 million NZD, increasing by 27.2 per cent.

“We are pleased with this result, particularly in light of initial supply chain disruptions in the early part of the financial year, where lockdowns in response to the global pandemic saw revenues decline. New Zealand was the worst affected, with April 2020 weekly revenues reduced by some 40 per cent,” Mainfreight said in a statement.

“We prepared at the outset of the pandemic for the likelihood of very difficult trading conditions and a tough economic environment. Our response was unequivocal; look after our people, look after our customers, guard our cash, and embrace the opportunities that may arise.

“We had strength in our balance sheet, good cash flows and our decentralised leadership structure, which allowed our people the freedom to respond and adjust to the pandemic restrictions.

“The effectiveness of our approach, with the spirit and support shown by the Mainfreight team and our customers, can be seen in this record financial result.

“All five regions [New Zealand, Australia, Europe, the Americas and Asia] experienced improved sales growth through a mix of organic and market share increases, as customers, both new and existing, experienced strong consumer demand.”