MOVE LOGISTICS GROUP LIMITED
1H25 RESULTS
Paul Millward, Chief Executive Officer
Lee Banks, Chief Financial Officer
28 February 2025
Agenda
- 1H25 at a glance
- Accelerate Transformation programme
- Division performance
- Financial results
- Outlook
- Q&A
1H25 Results Presentation | 3 |
1H25 Financial Highlights
Earnings loss halved, gross margin expansion plan progressing well
INCOME
Income $150.7m
-5%
MOMENTUM DESPITE WEAK ECONOMIC ACTIVITY
Down on 1H24 but a 6% increase on 2H24
Percentage changes vs 1H24
GROSS MARGIN
Gross Margin $43.0m
+14%
Gross Margin 29%
+5.2bp
GROSS MARGIN % THE HIGHEST SINCE 1H23
Increase of 5.2bp from 1H24 Largely driven by reduction in people and transport costs.
Accelerated cost out and focus on pricing discipline underway in 2H25
EARNINGS1
Normalised EBT2 $(6.1)m
+54%
EBT $(8.1)m
+43%
SOLID IMPROVEMENT IN NORMALISED EARNINGS (NEBT)
2Q25 the strongest quarter and December 2024 the best month in 18 months (since 4Q23)
- Includes $(1.1)m vessel exit costs
- Normalised EBITDA and Normalised EBT exclude non-controlling interest and non-trading adjustments. See Appendix slide for more detail
1H25 Results Presentation | 4 |
The Accelerate Transformation Programme
Launched June 2024
RECALIBRATE THE BUSINESS
Costs Down
Productivity Up
- Control and reduce costs
- The right people, resources and capacity to match customer activity
- Excellent customer service
- Right routes for demand, and the right driver/fleet to deliver
- Streamlined footprint
PROFITABLE REVENUE
GROWTH
Increased Revenue
Better Margins
- Strengthen existing partnerships and win new customers
- Balanced customer mix
- Full-valuepricing
BALANCE SHEET RESILIENCE
Stronger Balance Sheet
Improved Cashflow
- Creating a strong financial platform so we can invest in our business and our future
Goals to improve financial performance, build positive cashflow and deliver value to
shareholders, while continuing to provide great service to MOVE customers
1H25 Results Presentation | 5 |
Momentum of transformation plan evident
2Q25 quarterly earnings the strongest in 18 months
Total Income
Accelerate
+12%
Gross Margin $
Accelerate
+13%
Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
Normalised EBT
Gross Margin %
+2.7bp
+48%
Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 |
% change 1Q25 to 2Q25 | 1H25 Results Presentation | 6 |
1H25 Business Highlights
Momentum being made in a challenging market, clear forward action plan
- Paul Millward appointed interim CEO in August 24, to lead the transformation plan. Appointed permanent CEO from 28 February 2025
- Clear transformation plan (Accelerate) well embedded
- Strong gross margin expansion plan in place
- Well progressed with cost reduction and cash improvement programme - 'Every dollar counts' culture
- Rightsizing network, fleet and assets - further opportunities identified
- Continue to deliver customer service excellence
- Pleasing greenshoots in Freight business, in face of soft market conditions
- Strengthened leadership team - key business GM positions filled from early 2025
- Renewed funding arrangements in place
- Smaller Board laser focused on business delivery and outcomes
1H25 Results Presentation | 7 |
Freight
Good momentum on turnaround, progressing to plan - steady improvement now being delivered
2Q25 NEBT best in two years driven by gross margin expansion - revenue growth and cost reduction
- Laser focus on cost control and efficiencies - right-sizing of network, fleet and team
- Transfer of Auckland and Christchurch metro operations from Warehousing division into Freight operations to enable efficiencies
- Stronger partnerships with key customers has enabled topline growth
- Growing sales pipeline, supported by investment in sales team
- Key strength for MOVE is national network and end to end supply chain
- 2H25 focus on improvement in route optimisation and utilisation
- Jeff Vincent commenced as GM in January 2025
1H25 Results Presentation
Revenue: $69.5m
Normalised EBT: $(3.9)m
Revenue
80.9 | 69.5 | ||
NZ$m | 61.8 | ||
1H23 | 1H24 | 1H25 |
Normalised EBT
NZ$m | -4.6 | -3.9 | |
-10.4 | |||
1H23 | 1H24 | 1H25 |
8
Contract Logistics
(Warehousing and Fuel)
Disappointing result, driven by Warehousing which remains challenged, and despite positive Fuel performance
Warehousing
- Current weak demand and excess capacity across the market
- Clear productivity plan in place
- Well positioned to deliver quality, cost effective solution with national network and integrated freight offer
- Marc Blackburn commenced as GM in February 2025
Fuel
- Strong performance despite continuing reduced light traffic activity (motorbikes, cars, vans)
- Strong foundational, long term customer partnership
- MOVE plays an essential role in New Zealand's fuel supply network
1H25 Results Presentation
Revenue: $56.7m
Normalised EBT: $(0.7)m
Revenue
80.5 77.5
NZ$m | 56.7 | ||
1H23 | 1H24 | 1H25 |
Normalised EBT
4.4
NZ$m | 1.8 | ||
-0.7 | |||
1H23 | 1H24 | 1H25 |
9
Specialist
Going from strength to strength, with a healthy pipeline
- Continuing demand for expert services in a tighter market
- Topline growth alongside good cost discipline
- Strong pipeline of work in place
- Considered experts to deliver for energy and infrastructure projects
- Good opportunities to build on expertise and quality reputation to build market share and expand into other sectors and region
1H25 Results Presentation
Revenue: $10.3m
Normalised EBT: $1.9m
Revenue
10.3 9.5 10.3
NZ$m
1H23 | 1H24 | 1H25 |
Normalised EBT
NZ$m | 1.9 | ||
0.8 | 0.3 | ||
1H23 | 1H24 | 1H25 |
10
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