Business

Freightways lifts profit 24%

14:00 pm on 14 August 2012

Freightways has lifted its full-year profit by a quarter by shifting more packages and buying more data storage businesses.

The listed firm's profit rose 24% to a record high of $37 million in the year to June compared with the previous year.

Sales rose 8% to $382 million due to higher volumes and prices from its Australasian courier operations and buying information management businesses on both sides of the Tasman.

The company declared a higher dividend of 9.5 cents.

Managing director Dean Bracewell says strategies put in place in recent years are paying off.

Mr Bracewell says Freightways expects revenue to continue growing, due to new acquisitions such as Iron Mountain, Filesaver and Dataprint, despite an uncertain global economy.

Freightways shares rose 1 cent (0.26%) to $3.91 on Monday.