Net profit jump for Freightways

The courier and records management company says the result is 37% above last year's tax-paid profit and well exceeded the preference share dividend charge of $2.6 million.

Consolidated revenue for the year was up 8% on the previous year to $176 million while earnings before interest, tax and amortisation rose 18% to $24.1 million.

The company, which is controlled by Australia's Ausdoc International, says a full year result from its Fieldair air linehaul and aviation engineering operations contributed to the better performance.

Last year's result included only an 8 month contribution from this business.

Freightways says performance over the last 12 months has been excellent, with growth in all the operating businesses and increases in revenue, net earnings and cash flows.

"With the additional preference shares now on offer the dividend charge will increase in the next financial year, however the board is confident that the expected level of future earnings will satisfy the higher dividend requirement," the company says.

Freightways issued a further $30 million of preference shares in May this year and, following the capital raising, has elected not to redeem any preference shares in October, 2001.

The company says sound revenue growth across the group has underwritten its performance and the outlook remains positive.

"In varying degrees Freightways' market segments continue to show opportunities for profitable growth. Our brands are well regarded in the marketplace and are well positioned to develop these opportunities."

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