Move Logistics reports significant transformation, improved earnings in FY25

Move Logistics Group's 2025 annual meeting of shareholders confirmed substantial progress in its "Accelerate" transformation program, initiated last year. The board, led by Julia Raue, focused on strengthening the business amid challenging economic conditions. Paul Millward was confirmed as chief executive, enhancing the leadership team, and a new funding partnership was established in August 2024, with bank facilities extended to August 2026. The company reported a 61% year-on-year earnings improvement in FY25, with gross margin percentage increasing by 4.1 percentage points, and quarterly normalised earnings up over 80%.

Key operational changes included a move to a new Dunedin freight branch and a strategic reduction in under-utilised warehouses across Auckland, Christchurch, and Nelson, with financial benefits expected from FY26 Q2 onwards. The freight and fuel business achieved a turnaround, improving its normalised earnings loss by 90% year-on-year and returning to positive results in Q4 FY25 and Q1 FY26. Total cost reductions amounted to approximately NZD 27m in FY25, with an additional NZD 3m in Q1 FY26.

Shareholders at the October 30, 2025 meeting approved the re-appointment of PricewaterhouseCoopers as auditor, with 99.47% of votes cast for the resolution. The company is now shifting from cost reduction to value creation, with a clear FY26 plan focused on continuing freight business growth, instigating a step change in warehousing, and investing in people and technology, aiming for a return to positive normalised EBT in FY26.