NZ market doesn't like Mainfreight's update

Mainfreight’s quarterly update had shown things were starting to look less peachy for the freight sector. (Image: Mainfreight)

Ella Somers

Thu, 09 Feb 2023

Logistics company Mainfreight fell more than 3.5% in early day trading after revealing its pace of revenue and earnings growth had started to slow in the December quarter.The S&P/NZX 50 index fell 93.2 points, or 0.8%, to 12,118.67. Turnover was $123.5 million.Mainfreight warned of slipping growth in its US and Asia operations, which accounted for about 35% of the logistics group's revenue. Pre-tax profit lifted 32% to $490.2m in the 43 weeks ended Dec 31. Total group revenue was up 17% at $4.82 billion, compared with $4.13b in th...

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