Mainfreight Ltd [MFT.NZX] 1st quarter results to June 30 2011 have been nothing short of spectacular, even if you strip out the contribution from the Wim Bosman Group
Not only has the recent acquisition of Wim Bosman Group proven to be a winner but the company has also grown organically across most geographical areas of operation.
The company booked a net profit of $14.22 million for the first three months of the 2012 financial year; an increase of 109% on the previous year’s result of $6.82 million (excluding abnormals the increase was 115%). This was on revenue of $449.86 million up 43% from $315.25 million in the comparable quarter last year. Revenue excluding Wim Bosman contributions saw sales improve 5% to $331.04 million.
The fact that the company did so well during a global economic downturn is once again down to good cost controls and great management of the business from the top down to be able to grab the extra business that they have.
Key Points
* Net profit of $14.22 million for the first three months of the 2012 financial year, an increase of 109% on the previous year’s result of $6.82 million (excluding abnormals the increase was 115%)
*Revenue increased by 43% to $449.86 million, from $315.25 million in the comparative period last year. Excluding Wim Bosman contributions, sales improved 5% to $331.04 million.
* With the exception of Asian operations Mainfreight has experienced growth momentum for all their business operations.
* Wim Bosman Group acquisition proven a good fit in the first 3 months of inclusion within the Mainfreight group and management confident of building on the gains made for this quarter compared to the 2010 comparable period.
The company has given a nod to the market that this first quarter result is in line with their expectations and the commentary provided at the MFT AGM in late July.
July and August have continued to trade well and management expect the 2012 financial year to be an improvement on 2011.
You can not get much better than this.
9.8 out of 10
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