NZ's Move Logistics falls after flagging COVID-19, supply concerns

Move Logistics

03/05/2022 24:56

** Shares of NZ's freight and logistics co Move Logistics
Group  MOV.NZ  slide as much as 8.5% to NZ$1.29, their lowest
since April 5
    ** Shares mark their biggest intraday percentage drop since
March 8
    ** Co expects FY22 underlying EBITDA to be between NZ$53 mln
and NZ$56 mln ($34.09 mln-$36.02 mln) and FY22 performance to be
broadly in line with that of FY21  urn:newsml:reuters.com:*:nNZW9Z9MyN
    ** MOV, however, says trading volumes in freight and fuel
segments are below expectations due to reduced client demand and
the impact of COVID-19
    ** Co notes that the New Zealand logistics sector continues
to be impacted by COVID, labour shortages, supply chain
disruptions and cost inflation in H2
    ** Adds that it has commenced a formal sale process to
investigate market interest in the disposal of its Specialist
and Lifting business after receiving unsolicited offers
    ** As of last close, stock down 14% this year

($1 = 1.5545 New Zealand dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))