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- MOVE Logistics Group (MOV) will acquire transport provider Fluidex Transport for $15.2 million after landing within its normalised EBITDA guidance for the financial year
- New Zealand-based Fluidex has been in business for over 60 years and generates recurring revenue in excess of $11 million
- The news comes as the company announced its full financial year statement, where normalised EBITDA landed within its guidance at $54.3 million
- The company finishes the financial year with $14.94 million in cash and cash equivalents
- Shares end the day trading flat at $1.20 each
MOVE Logistics Group (MOV) will acquire transport provider Fluidex Transport for $15.2 million after landing within its normalised EBITDA guidance for the financial year.
The company will pay an initial consideration of $7 million at settlement, which will be funded from existing bank facilities. Final payment of $8.2 million is due by the end of July 2024 to be paid in cash or MOV shares.
MOV believes the acquisition complements its existing fuel and bulk liquids logistics business and supports its strategy for further growth.
New Zealand-based Fluidex has been in business for over 60 years and generates recurring revenue in excess of $11 million.
The news came as the company announced its full financial year statement, where normalised EBITDA landed within its guidance at $54.3 million.
However, the company flagged the continued global supply chain disruptions resulted in higher operating expenses of $340.37 million.
The company finished the financial year with $14.94 million in cash and cash equivalents.
Chair Lorraine Witten said she was confident in the future potential of MOVE.
“The last year has been one of re-shaping the business and defining a clearer more focused service,” she said.
“We are now positioned for the next phase with a stronger balance sheet, and a talented team to drive profitable growth.”
Shares ended the day trading flat at $1.20 each.
