KEY POINTS:
The credit crunch has not slowed logistics and data management company Freightways' ambitious Australian expansion plans.
The company yesterday announced that it had acquired Perth-based Access Information Management for A$3.5 million ($4.01 million).
Access, a document and data storage business, adds to the company's stable of information management businesses across the Tasman, which has grown from the initial purchase of data storage firm DataBank in 2006.
The company also owns Brisbane-based Document Destruction and Paper Recycling, Queensland firm Shred-X and Victoria Paper Recyclers. Earlier this year, it purchased National Records Managers in Canberra and Melbourne's Fine Paper Suppliers.
Managing director Dean Bracewell said the acquisition of Access "further extends our footprint" in the Australian information management market.
"We can now offer a national service to our customers and prospective customers in all areas except for Tasmania and Northern Territory where we've got very established agency agreements. We've got our own presence elsewhere, right up the eastern seaboard and across to WA now."
Bracewell expects Access to generate earnings before interest, tax, depreciation and amortisation (ebitda) of about A$600,000 in the following 12 months, and be immediately earnings per share positive.
The company's information management businesses now account for around 15 per cent of its earnings, although express package delivery and business mail still account for the major part of its income.
Bracewell said the company was "always looking" for further acquisitions. He said Freightways had no difficulties accessing credit, having renegotiated its bank facilities in October last year: "At that time, we negotiated headroom for the type of acquisition we've been doing in recent times such as this one, so we've got sufficient headroom to continue to look at growth opportunities."
At the company's annual meeting last month, Bracewell announced ebitda for the three months ending September 30 was up 8 per cent, while net profit after tax had increased 3 per cent over the previous corresponding period.
