Freightways Limited announced unaudited consolidated earnings results for the half year ended December 31, 2016. For the half year, the company reported operating revenue of NZD 272.782 million against NZD 254.898 million a year ago. Operating profit before interest, income tax, depreciation and software amortization and amortization of intangibles was NZD 55.792 million against NZD 51.187 million a year ago. Operating profit before interest, income tax and amortization of intangibles was NZD 50.102 million against NZD 44.999 million a year ago. Operating profit before interest and income tax was NZD 49.296 million against NZD 44.036 million a year ago. Profit before income tax was NZD 44.585 million against NZD 38.295 million a year ago. Profit for the period attributable to shareholders was NZD 33.987 million against NZD 27.748 million a year ago. Basic and diluted EPS was 21.9 cents against 17.9 cents a year ago. Net cash inflows from operating activities were NZD 28.504 million against NZD 32.287 million a year ago. Payments for property, plant & equipment was NZD 8.098 million against NZD 6.764 million a year ago. Payments for software were NZD 1.865 million against NZD 0.881 million a year ago. As on December 31, 2016, net debt levels are unchanged from the prior comparative period (pcp) at NZD 159 million. Underlying revenue was NZD 272.8, underlying EBITDA 51.2 million, underlying EBITA was 4.1 million, underlying NPATA was NZD 28.7 million, underlying NPAT of 27.7 million, and underlying EPS 19.0 cents.

For the full year 2017, the company's volumes and activity evidenced in this first half result support Freightways' expectations of again improving its overall year-on-year performance. The markets in which Freightways operates in both New Zealand and Australia remain positive and the company is experiencing increasing demand for the services it provides. As had been stated in the prior annual result announcement and as is evident in this half year announcement, results from the express package & business mail division will be partly offset by the investment being made in increased capacity in the information management division to accommodate current and future expected growth and poor performance of LitSupport in this half year. Expectations are for improved performance from LitSupport in the second half of the financial year. The next six months will see the completion of the major projects that are underway to relocate the businesses in Sydney and Christchurch, with the full benefits relating to these projects on target to be realized in the 2018 financial year. Capital expenditure for the full year is expected to be approximately NZD 24 million. Overall cash flows are expected to remain strong for the remainder of the 2017 financial year. Strategic growth opportunities, including acquisitions and alliances that complement existing capabilities, will be executed where they make commercial sense. Depreciation expected to be NZD 12 million.