MOVE Logistics has returned to profitability in FY26, delivering positive normalised earnings before tax alongside revenue growth and reduced net debt, despite ongoing challenges in its warehousing division.
- Positive normalised earnings before tax achieved in FY26
- Revenue growth accelerated across the year
- Three of four divisions profitable; warehousing remains under pressure
- Net debt reduced with return to positive free cashflow
- New BNZ invoice finance facility to lower finance costs from November 2026
MOVE Logistics Returns to Profitability After Transformation
MOVE Logistics Group Limited (NZX:MOV) has delivered on its FY26 target, reporting positive normalised earnings before tax (NEBT) based on preliminary unaudited results for the year ended 30 June 2026. This marks a significant milestone in the company’s ongoing turnaround, as it transitions from foundational restructuring to accelerating commercial growth under its four-year New Horizons roadmap.
CEO Paul Millward described FY26 as a tough environment marked by an inconsistent economy and intense competition, making the achievement of increased revenue alongside positive earnings particularly notable. MOVE now operates as a leaner organisation with a cost base and network better aligned to market realities.
Division Performance Highlights Mixed Fortunes
Three of MOVE’s four core business divisions contributed to profitability in FY26. The Freight & Fuel division staged a turnaround, with growing revenue translating into positive earnings. The Specialist division also posted strong year-on-year earnings improvements, driven by large projects commencing in the second half of the year. The International division delivered a material uplift, with the Oceans segment meeting expectations.
However, the Warehousing division continued to underperform, falling below expectations despite executing structural cost reductions. Management’s priority now is to drive aggressive top-line growth in this segment to restore profitability, underscoring ongoing challenges in this part of the business.
Financial Discipline Supports Growth Ambitions
Alongside operational improvements, MOVE has tightened its capital management, reducing net debt and returning to positive free cashflow. The company also improved gross margin dollars and percentages, reflecting better cost control and pricing power.
Looking ahead, MOVE has secured a new invoice finance facility with BNZ, effective from November 2026. This facility is expected to reduce ongoing finance costs and optimise working capital, providing further financial flexibility as the company pushes into the next phase of its New Horizons strategy.
While the timing and pace of economic recovery remain uncertain, MOVE’s focus on sustainable value creation through disciplined execution and growth initiatives positions it for potential upside in the coming years.
Bottom Line?
MOVE’s FY26 results mark a turning point, but the warehousing division’s recovery and the impact of new financing arrangements will be critical to watch as the company pursues growth.
Questions in the middle?
- Can MOVE’s warehousing division regain profitability amid structural challenges?
- How will the new BNZ invoice finance facility influence MOVE’s cost of capital and cashflow?
- What pace of revenue growth is achievable given ongoing economic uncertainties?