G3 Group, the mail operations and document management company listed on the new small-cap NXT market, says first-quarter trading was in line with targets.
Gross margin as a percentage of revenue was 24.5 per cent in the three months ended June 30, tracking closely with its 21.9 per cent full-year target, the Auckland-based company said. Operating margin as a percentage of revenue was 22.7 per cent in the quarter, against an annual target of 20.1 per cent.
The NZX's new platform comes with a less onerous disclosure regime requiring regular operating metrics updates rather than the continuous disclosure on the main board. NXT will ultimately replace the decade-old secondary board, the NZ Alternative Index (NZAX), which has languished from a lack of investor interest.
G3 was the first to join the new market on June 18, listing its 53.8 million shares at 75c apiece, giving it an implied value of $40.4 million, but will not issue any new shares, according to the market announcement. G3 shares last traded at 87c.
The company is made up of New Zealand Mail, Send, Pete's Post and Fastway Post and British-based Universal Mail.
