MOVE Logistics Group (MOV) ASM presentation 2024 summary

Board and leadership changes

• Julia Raue appointed Chair in June 2024; two directors retiring at ASM, two standing for election.

• Interim CEO Paul Millward leads a refreshed executive team with key roles in warehousing, finance, sales, and operations.

Financial performance and challenges

• FY24 income fell to $301.7m from $347.7m in FY23; normalised EBITDA dropped to $27.6m from $47.4m.

• Net loss after tax widened to $(48.1)m; gearing increased to 38.4%.

• Higher costs and slow response to market changes impacted results; investments made in anticipation of recovery.

Strategic response and transformation

• Accelerated change plan launched July 2024 to rightsize, improve performance, and adjust to economic conditions.

• Accelerate Programme targets cost reduction, profitable revenue growth, and balance sheet resilience.

• Actions include asset sales, network optimisation, workforce reduction, and new funding arrangements.