MFT - Mainfreight. Global Freight & Logistics

[Sideshow Bob]

Cracker Result!!

Mainfreight Full Year Results to 31 March 2022 - NZX, New Zealand’s Exchange

Commentary

Mainfreight is pleased to confirm our full-year financial results to 31 March 2022; another record result and a more than satisfactory improvement on the prior year. These results should not come as a surprise to our shareholders and the market following our regular updates as a consequence of a highly disrupted year in the world of logistics.

Revenue $5.22 billion Up $1.67 billion or 47.2%
Profit before tax $489.4 million Up $227.0 million or 86.5%
Net profit $355.4 million Up $167.3 million or 88.9%

• Adjusted for foreign exchange impact, Group revenue is up 50.8%, and profit before tax is up 90.5%.
• There are no abnormal items in the current year. Costs associated with the closure of our Russian business have been included in the result.
• A final dividend of 87.0 cents per share has been authorised by the Board of Directors, payable on 22 July 2022.

We are pleased with this result, particularly in light of ongoing supply chain disruptions and pandemic-enforced lockdowns.

[Peitro]

Another satisfactory result $489M

Key to the result is that this is not a one off, the result is repeatable and ongoing normal growth expected

"We do not expect the quantum of profit improvement of this past year (87%) to reoccur in the short term; rather we anticipate we will revert to our normal levels of revenue and profit growth"

[alokdhir]

" Much has been said about the artificial impact on our revenues of inflated air and sea freight rates, and we accept this is a contributing factor. However the performance from our Air & Ocean division also reflects growth achieved in our customer base, with our ability to secure tightly-contested space allocations. Our Transport and Warehousing divisions across all five regions have also improved their financial performance. "

This should settle some MFT bears who think this covid tail winds will die soon ....

[Biscuit]

We already knew this was going to be a great result, but in all the years (decades) I've been a shareholder, I don't think I've seen a more up-beat report. They are humming and brimming with confidence in themselves. Well done Mainfreight!

[BlackPeter]

Just did a bit of number crunching:

Revenue CAGR (10 years): 11.2
Earnings CAGR (10 years): 15.8

... I like it when earnings grow faster than revenue

RoE: 24.9% ... extremely satisfactory!
Liabilities to assets: 52.8% ... quite satisfactory

No doubt an outstanding (sorry ... very satisfactory) year, but even if the outlook says that they expect to go back to just normal growth rates ... what is not to like about this company?

Discl: My best "catch" during the 2020 COVID crisis ... some friendly souls sold me these star performers for an avg of $35 per share ... I love to buy well performing "pre-loved" shares.

[iceman]

" Much has been said about the artificial impact on our revenues of inflated air and sea freight rates, and we accept this is a contributing factor. However the performance from our Air & Ocean division also reflects growth achieved in our customer base, with our ability to secure tightly-contested space allocations. Our Transport and Warehousing divisions across all five regions have also improved their financial performance. "

This should settle some MFT bears who think this covid tail winds will die soon ....

I doubt the dogs will let go of their bone !

[alokdhir]

I doubt the dogs will let go of their bone !

U r funny and super sharp ....

[winner69]

Wonder when MFT share price will hit $100

Soon I hope

[nztx]

I doubt the dogs will let go of their bone !

A pretty expensive bone .. if I might say so

as evidenced by lack of .. well local interest

[alokdhir]

Wonder when MFT share price will hit $100

Soon I hope

Not soon ...as not even MFT can fight sentiment ...but one day when $3.75 eps on horizon some Pinnacle will wake up ...