Freightways said profit grew 3 percent in the first half as New Zealand's largest listed courier and data management company lifted earnings in both its business units.
Net profit was $21.7 million in the six months ended Dec. 31, a record first-half result, from $21 million for the same period a year earlier, which including a one-time $1 million gain, the company said in a statement. Sales grew 6 percent to $218 million, while earnings before interest, tax, depreciation and amortisation was up 6 percent to $42 million
The multi brand Auckland-based company, whose businesses include New Zealand Couriers, Post Haste Couriers and Fieldair, has been expanding its information management interests. Last year it acquired kiwi document shredding companies Docushred and Document Destruction Services, as well as Advance Security Destruction Services and Document & Data Storage Management in Australia.
"Four acquisitions were completed during the latter stages of the half year that add scale to our existing operations and significantly expand our customer base," Freightways said in a statement. "All these acquisitions have migrated successfully and are at this early stage performing to expectations."
The shares rose 1.3 percent to $4.63 and have climbed 3.2 percent in the past 12 months. The stock is rated a 'hold' based on the consensus of six analysts polled by Reuters, with a median price target of $4.38.
