MOVE Logistics Group has released its Annual Report for the fiscal year ending June 30, 2024 (FY24), revealing a year marked by significant challenges and a strategic commitment to recovery. Despite encountering some of the most difficult trading conditions in recent history, the company is poised for transformation under its newly launched Accelerate programme.

In the report, the Board acknowledged that the organisation was slow to adapt to decreased market activity, resulting in financial results that fell short of expectations. Revenue declined by 13%, amounting to $301.7 million, driven primarily by lower customer activity. The company also reported a net loss after tax of AUD 48.1 million, which includes pre-tax, non-trading adjustments totaling AUD 19.7 million. Furthermore, the company's Normalised EBITDA stood at AUD 27.6 million, with a Normalised EBT of AUD -25.7 million.

Julia Raue, Chair of MOVE Logistics Group, expressed gratitude to stakeholders for their support and outlined the organisation's commitment to enhancing performance. “We are now moving at pace to drive change and improvement under the Accelerate programme. Our goals are to improve financial performance, build positive cash flow, and deliver value to shareholders while continuing to provide exceptional service to MOVE’s customers,” said Raue.

To spearhead this turnaround, experienced executive Paul Millward has been appointed to lead the effort. The Board and leadership team have undergone significant refreshment, aligning their vision and focus toward the Accelerate programme with a sense of urgency.

Looking ahead, MOVE Logistics Group is targeting a substantial improvement in normalised Earnings Before Tax (EBT) in FY25, aiming for a return to profitability by FY26.

Independent advisors have affirmed that MOVE’s underlying business fundamentals remain strong, bolstering the Board's confidence in the company’s inherent value and robust customer offering. “Our commitment to exceptional customer service and innovative solutions remains unwavering. With a legacy spanning over 150 years, we are building strong foundations that will position MOVE for growth and deliver enduring value into the future,” Raue added.

The company also reported net debt of AUD 17.0 million but has secured new funding arrangements expected to take effect in September 2024, which will aid in restoring positive adjusted net operating cash flow and improving financial performance. 

As MOVE Logistics Group anticipates significant progress in FY25, stakeholders will be keenly monitoring the execution of the Accelerate programme and its impact on the company’s operations and market position.