Move Logistics posts deeper half-year loss

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A MOVe Logistics branded truck.
Photo: Supplied

Move Logistics has posted a deeper half-year loss amid difficult economic conditions and weaker customer demand.

Key numbers for the six months ended December compared with a year ago:

Net loss $10.7m vs $3.3m loss
Revenue $159.3m vs $180m
Underlying profit $13.2m vs $24.7m
No dividend

The transport and logistics company said the result also reflected the ongoing reset of its freight business, its project to reshape the business (called Project Blueprint), and the start-up of its sea freight service.

“As previously advised, economic and sector headwinds continue to impact, with inflationary cost pressures and subdued customer activity, particularly for Freight and Warehousing,” Move said.

“The retail and construction markets have been particularly hard hit, both of which are important customer sectors for Move.”

Chief executive Craig Evans said the company was focused on managing costs.

“We continue to tightly manage all areas within our control, and are maximising this time to progress Project Blueprint, and particularly, the reset of our freight business which has taken longer than originally anticipated,” he said.

Move did not provide full year guidance but expected the second half to be stronger.