Move Logistics reports $48.1m loss, plans recovery

Thu, 29 Aug 2024

Transport and logistics group, Move Logistics, has reported a net loss of $48.1 million for the year ended June 30 2024.

The company's revenue also declined by 13% to $301.7m, while normalised EBITDA was $27.6m.

Move Logistics attributed the underperformance to the recessionary environment, which impacted customer demand.

However, the company is now taking steps to address the issues, including the implementation of a fast-tracked change programme.

Move Logistics said the change programme is expected to deliver significant improvements in the next financial year.

The company is targeting a return to normalised EBT profit in FY26.

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