Move Logistics reports $347.7m revenue, plans growth

Move Logistics Group Limited has reported its financial results for the year ending June 2023.

The company's revenue for FY23 was $347.7 million, with a Normalised EBITDA of $47.4 million.

The results reflect a decrease in customer demand due to economic conditions, as well as the ongoing Freight improvement program and weather events.

Move Logistics has invested in future growth initiatives, including a new trans-Tasman shipping service, fleet upgrade, technology, and talent acquisition.

The company has also undergone an in-depth business review and initiated Project Blueprint, a program to reshape and strengthen the business and drive organic growth.

Despite a decrease in revenue from the Freight division, Move Logistics' other businesses delivered year-on-year revenue increases.

The company reported a net loss after tax of $7.2 million.

Move Logistics aims to focus on organic growth and reshape its business to improve financial performance.

The company expects softer economic conditions and inflationary pressures to continue into FY24.