1 00:00:00,080 --> 00:00:02,559 Speaker 1: Reporting season back here, although it's got to review mirror 2 00:00:02,640 --> 00:00:04,200 Speaker 1: vibe about it. Of course, it is a good look 3 00:00:04,240 --> 00:00:07,119 Speaker 1: as to how our economy is moving or not. Freightways 4 00:00:07,160 --> 00:00:09,480 Speaker 1: as always star of the show. They've seen that profit 5 00:00:09,560 --> 00:00:11,760 Speaker 1: up twelve point nine percent. Revenue also rose up six 6 00:00:11,800 --> 00:00:14,360 Speaker 1: point six percent to one point three billion. Mike tro 7 00:00:14,480 --> 00:00:17,160 Speaker 1: here is the Freightways CEO and is back with this. 8 00:00:17,239 --> 00:00:18,320 Speaker 1: Make very good morning to you. 9 00:00:19,200 --> 00:00:20,120 Speaker 2: Yeah, good morning, Mike. 10 00:00:20,280 --> 00:00:21,120 Speaker 1: You'd be pretty happy. 11 00:00:22,480 --> 00:00:24,680 Speaker 2: Yeah, look, really good result for our team. I think 12 00:00:24,680 --> 00:00:27,160 Speaker 2: they've done some pretty hard work over the last couple 13 00:00:27,200 --> 00:00:29,680 Speaker 2: of years and really neat to see it come out 14 00:00:29,680 --> 00:00:30,680 Speaker 2: in that full year result. 15 00:00:31,080 --> 00:00:34,680 Speaker 1: Your individual company's careers post haste, Big Chill, do they 16 00:00:34,920 --> 00:00:37,800 Speaker 1: vary widely in performance at any given time or do 17 00:00:37,840 --> 00:00:39,720 Speaker 1: you give them all the same treatment therefore they roll 18 00:00:39,760 --> 00:00:42,000 Speaker 1: along the same They. 19 00:00:41,880 --> 00:00:44,120 Speaker 2: Can vary a little bit, so Big Chills. Finding it 20 00:00:44,200 --> 00:00:46,680 Speaker 2: a little bit harder at the moment because they deliver 21 00:00:46,760 --> 00:00:51,120 Speaker 2: a lot of premium food into restaurants, cafes, hospitality, and 22 00:00:51,240 --> 00:00:53,560 Speaker 2: so you're not really seeing that sector recover. So yeah, 23 00:00:53,560 --> 00:00:56,280 Speaker 2: they're struggling a little bit more than say new zing 24 00:00:56,360 --> 00:00:59,360 Speaker 2: couriers or post haste that are delivering e commerce and 25 00:00:59,440 --> 00:01:00,880 Speaker 2: business to the business deliveries. 26 00:01:01,160 --> 00:01:03,800 Speaker 1: What do I look at in your result and what 27 00:01:03,840 --> 00:01:06,280 Speaker 1: does it tell me about the broader New Zealand economy 28 00:01:06,360 --> 00:01:07,240 Speaker 1: of anything. 29 00:01:08,480 --> 00:01:10,479 Speaker 2: We've got a key measure where we look at all 30 00:01:10,520 --> 00:01:13,240 Speaker 2: of our existing customers and we see how well they're 31 00:01:13,240 --> 00:01:15,920 Speaker 2: trading And for the last two and a half years 32 00:01:15,720 --> 00:01:18,920 Speaker 2: it's like we've been writing into a bloody headwind, so 33 00:01:18,959 --> 00:01:21,240 Speaker 2: they've been trading down for two and a half years. 34 00:01:21,400 --> 00:01:24,520 Speaker 2: In the last six months there's just a sliver of 35 00:01:24,560 --> 00:01:29,279 Speaker 2: growth amongst those customers. So that's really the green tinge. 36 00:01:29,280 --> 00:01:30,920 Speaker 2: I don't know if it's a shoot, but the green 37 00:01:30,959 --> 00:01:33,360 Speaker 2: tinge that we're looking for is those customers just doing 38 00:01:33,360 --> 00:01:34,080 Speaker 2: a little bit better. 39 00:01:34,680 --> 00:01:37,040 Speaker 1: Nbr's got a headline this morning it says you are 40 00:01:37,080 --> 00:01:40,000 Speaker 1: the guide to the start of the New Zealand economic recovery. 41 00:01:40,040 --> 00:01:40,640 Speaker 1: Is that fair? 42 00:01:42,640 --> 00:01:45,760 Speaker 2: Look, we're a more diversified business these days. About a 43 00:01:45,800 --> 00:01:48,640 Speaker 2: third of our revenue and earnings come from Australia. But 44 00:01:49,120 --> 00:01:51,200 Speaker 2: if you do look at those courier businesses and the 45 00:01:51,240 --> 00:01:54,840 Speaker 2: customers there, there's about fifty thousand business customers, so there's 46 00:01:54,840 --> 00:01:58,040 Speaker 2: a pretty good cross section of New Zealand and I 47 00:01:58,080 --> 00:02:00,639 Speaker 2: guess we feel just a little bit of a turn around. 48 00:02:00,880 --> 00:02:04,200 Speaker 2: I've been through three recessions of this business and they're 49 00:02:04,200 --> 00:02:06,800 Speaker 2: all a little bit different. But I think with this one, yeah, 50 00:02:06,840 --> 00:02:08,360 Speaker 2: we might have just broken the back of it. 51 00:02:08,520 --> 00:02:13,240 Speaker 1: Good express package volume zero point four compared to Australia's twelve. 52 00:02:13,360 --> 00:02:16,840 Speaker 1: Is that just the tale of two countries and economies are. 53 00:02:17,120 --> 00:02:20,680 Speaker 2: A tale of two different niches. Really, the business we 54 00:02:20,760 --> 00:02:23,000 Speaker 2: have in Australia is picking up a lot of market share, 55 00:02:23,680 --> 00:02:28,040 Speaker 2: does a really good job in a niche. Their customers 56 00:02:28,080 --> 00:02:30,400 Speaker 2: are growing really well, which is not really symptomatic for 57 00:02:30,480 --> 00:02:33,160 Speaker 2: the Aussie economy. It's just that they've got some customers 58 00:02:33,200 --> 00:02:35,799 Speaker 2: that are doing a bloody good job. So yeah, you 59 00:02:36,160 --> 00:02:39,360 Speaker 2: can't really read New Zealand Australian economy into those two numbers. 60 00:02:39,560 --> 00:02:42,000 Speaker 1: I get you back here in November December. Do you 61 00:02:42,040 --> 00:02:44,359 Speaker 1: tell a more positive story of New Zealand? Will the 62 00:02:44,960 --> 00:02:47,480 Speaker 1: shades of whatever you were talking about, the actual shoots 63 00:02:47,600 --> 00:02:48,520 Speaker 1: or more? 64 00:02:49,440 --> 00:02:52,680 Speaker 2: Yeah, the green tinges growing couple of centimeters, Yeah, I 65 00:02:52,720 --> 00:02:55,160 Speaker 2: think we will, Mike. I think it'll keep improving from 66 00:02:55,200 --> 00:02:57,160 Speaker 2: here on out. I'm not sure it'll be quick. I 67 00:02:57,160 --> 00:02:59,799 Speaker 2: don't think it'll happen in a great rush, but I 68 00:03:00,000 --> 00:03:02,359 Speaker 2: think there'll be a very very slow city improvement from 69 00:03:02,360 --> 00:03:02,720 Speaker 2: here on. 70 00:03:03,040 --> 00:03:06,400 Speaker 1: Great great stuff. Congratulations again, appreciate your times always. Mactro here, 71 00:03:06,400 --> 00:03:08,919 Speaker 1: who's the Freightwave CEO? With us this morning. 72 00:03:09,360 --> 00:03:12,280 Speaker 2: For more from the Mic Asking Breakfast, listen live to 73 00:03:12,360 --> 00:03:15,440 Speaker 2: news talks it'd be from six am weekdays, or follow 74 00:03:15,480 --> 00:03:17,000 Speaker 2: the podcast on iHeartRadio.