Move Logistics has reported a net loss after tax for its half-year result. Photo / Supplied
Move Logistics has narrowed its first-half loss but weak market conditions dragged its revenue and other income down 5%.
The freight company made a net loss after tax of $0.9m for the six months ended December 31, 2025, an improvement on the $8.9m loss it made in the last six months of 2024.
It reported total revenue and other income of $143.7m, down 5% year on year.
Normalised earnings before tax (nebt) lifted 98% year on year to a loss of $100,000, with the company stating this is on track to be positive by its full-year result.
Gross margin percentage lifted to its highest level since the first half of 2023, although gross margin earnings were relatively flat at $42.4m.
Operating cash flows for Move were solid at $17.0m, up $8.1m year on year, while net debt reduced $6.2m to $12.8m.
The company has also agreed to terms for a new invoice finance facility of up to $22m with BNZ, to support its working capital requirements.
This will commence by November 30, 2026, replacing the current Pacific Invoice Finance facility. The company said this would provide a “meaningful reduction” in the company’s financing costs.
Move Logistics chief executive Paul Millward said the business was making good progress on its 2026 priorities and four-year roadmap.
“Warehousing is showing gradual improvement as the turnaround plan is executed, although market challenges persist. Across our group, we have a strong and capable team focused on excellent customer service, and longstanding customer relationships,” Millward said.
“We are now nearing completion of the reset phase of our roadmap and moving to step up, with a focus on ‘winning in market’ and value creation.”
Three of Move’s four businesses are now delivering profitable earnings, with structural changes from the transformation plan embedded.
The freight and fuel business delivered net earnings before tax (nebt) of $1.5m, the second consecutive positive half-year period, with further improvements in gross margin dollars.
Revenue was retained at prior-year levels despite low demand for freight as economic headwinds persist, sitting at $96.4m.
The international business also reported its second consecutive positive half-year result with nebt of $2.1m, as the Oceans trans-Tasman shipping service moves into profit. Revenue also lifted to $14.7m for the half.
Foundational customers utilise the majority of vessel capacity, although a new cornerstone customer came on board in the second quarter.
The specialist business remains a consistent performer, delivering nebt of $1m. However, revenue was lighter year on year, down from $10.3m to $8.7m.
Move expects momentum to build in the second half for the specialist business, with several large projects commencing and a strong pipeline of work in place.
The only segment not profitable for the business was warehousing, reporting a nebt loss of $2.5m.
Half-year revenue dropped from $30.8m to $21.6m year onyear, and is down $24.7m over the last two prior comparative periods.
The segment’s reset is ongoing, with the business’s focus on moving to sales growth, prioritising customer partnerships.
The company said that while the sector remains challenging with excess capacity and weak customer demand, the warehousing division is well positioned to deliver.
Move Logistics chairwoman Julia Raue said the company remained on track to achieve its full-year guidance.
“The improving results demonstrate focused execution of the transformation strategy and, while there is still more to do, the board is encouraged by the progress heading into the next phase of growth,” Raue said.
“We remain on track to achieve our guidance of positive normalised earnings in FY26 and are committed to delivering sustainable, long-term value for all our stakeholders.”
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.