Good afternoon, everyone, and a warm welcome to the MOVE Logistics 2026 Annual Shareholders Meeting. Thank you to those joining us here today and to shareholders participating online. The notice of meeting, which includes the explanatory notes, has been circulated to all shareholders. I intend to take it as read. I declare that a quorum is present. As such, I am pleased to declare that the meeting is open. The audited financial statements for the year ended 30 June 2026 were included in the annual report, which was released on 25 August. You can always find more information about the company, financial accounts, notice of meeting, releases, and so on our website in the investor section. Shareholders and proxy holders may ask questions and vote at today's meeting. For our online participants, you can vote and ask questions online.
If you encounter any issues, please refer to the virtual meeting guide, or you can phone the helpline. You can send through questions at any time. I encourage you to send them through as soon as you can. This will allow us to answer them at the appropriate time of the meeting. To ask a question, you will need to click "Ask a question" in the online meeting platform, select the item of business, type in your question, and click submit. We will start the meeting today with presentations from myself and MOVE's CEO, Paul Millward, after which there will be time for shareholder questions and discussion. We will then move to the business of the meeting. There are three resolutions today, and voting will be by way of a poll. You will have an opportunity to ask questions on each resolution when it is put to the vote.
Finally, there will be time at the end to discuss any other business relating to MOVE. Following the close of the meeting, those shareholders here today are invited to join us for refreshments, which will just be outside. I am pleased to introduce you to my fellow directors, Lachie Johnstone, Greg Whitham, and Graham Stuart. Graham is our newest director, appointed by the board in August, and brings with him valuable financial and governance experience that will support MOVE's continuing turnaround. You will hear from him later today. I would also like to take a moment to acknowledge MOVE's founder and former Managing Director, Jim Ramsay, who sadly passed away earlier this year. Jim was a pioneer of New Zealand's transport and logistics industry, whose vision, determination, and leadership helped build MOVE into the nationwide business it is today.
He leaves a lasting legacy, not only in the business he built, but in the people, relationships, and culture that he helped shape. We remain grateful for Jim's significant contribution to MOVE and the strong foundations he established for the business. Also joining us up front is Paul Millward, MOVE's CEO, and Lee Banks, MOVE's CFO. A number of our senior executives are here in the room. Could you please stand? There we go. Thank you. Please feel free to have a chat to them after the meeting. They are looking forward to talking to you. When we met last year, we were one year into a significant turnaround program. We had made good progress, but there was still considerable work ahead. We were very clear about what we needed to achieve.
Our priorities were to complete the reset of the business, strengthen our financial position, and importantly, return MOVE to positive normalised earnings in FY 2026. I am pleased that we delivered on that commitment. FY 2026 was an important year for MOVE as we continued to rebuild our company and focused on improving the quality of our earnings. The results reflect the work undertaken over the past two years to simplify the business, reduce costs, improve productivity and efficiency, and sharpen our focus on customers and profitable revenue. Revenue increased by 1.5% to NZD 290.6 million, despite a subdued economy.
Normalised earnings before tax improved by NZD 11.6 million to a positive NZD 1.6 million, and we returned to a statutory net profit after tax of NZD 0.3 million. We also generated positive free cash flow of NZD 6.3 million and reduced our net debt by 38% to NZD 10.4 million.
Importantly, this result was achieved in challenging and inconsistent market conditions. However, the hard work is not yet finished, and we have more to do. The Re-set phase of our New Horizons roadmap is now complete, but that does not mean the work of improving MOVE is complete. The current environment has made it even clearer that we cannot wait for the economy to recover. We need to focus on what we can control to lift our performance. That is the priority for the Step Up phase. It is about operational excellence, delivering customer value, and driving smart, sustainable growth. We know that shareholders have been patient through a difficult period for the company. Returning to profit is an important milestone, but the current level of earnings is not yet an adequate return from a business of MOVE's scale and capability.
Our focus now is progressively to deliver stronger earnings, cash generation, and returns for you, our shareholders. We have a national network, strong customer relationships, specialist expertise, and a broad range of logistics capabilities. The opportunity is to translate those strengths into greater value. The transformation of MOVE over the past two years has asked a considerable amount from our people. Our team has worked through change while continuing to deliver for our customers every day. On behalf of the board, I want to thank everyone across MOVE for their commitment and hard work. I also want to acknowledge Paul and his leadership team. The improvement in the business reflects their disciplined execution and the contribution of people right across our organization. I would also like to thank my fellow directors for their contribution and their support throughout the year. Thank you.
We remain realistic about the environment ahead. While there are signs of improvement in the New Zealand economy, the recovery remains gradual and uneven. We remain unified behind our vision and firmly focused on achieving our goals. MOVE is in a much stronger position than it was two years ago. The foundations have been rebuilt, the business is stabilized, and we have returned to positive earnings. The Re-set phase addressed many of the issues that were holding MOVE back. However, there is still more work to do to lift performance and deliver the level of returns that we expect. Our focus is now on demonstrating that the improvements we have made and will continue to make can translate into sustainable earnings growth and greater value for shareholders.
Thank you for your continued support of MOVE, and I will now hand over to Paul to talk in more detail about the year, our progress, and our priorities for FY 2027.
Thank you, Julia, and good afternoon, everyone. Two years ago, MOVE had a cost base that was too high for the level of revenue. It was an absolute mismatch. Margins had deteriorated, and the business needed to change. Through the Re-set phase, we have made good progress simplifying the business, reducing our cost base, improving how we use our network and assets, and strengthening our commercial disciplines alongside the culture of accountability. These remain ongoing areas of focus as we look to further lift performance. We have also got back to the basics of what makes MOVE a good business, looking after our customers, delivering reliably, making every dollar count, and making sure our people understand the role they play in delivering the result. Importantly, we have made this progress in a market that has remained challenging.
We are working from a much stronger base, but there is still work ahead of us, in particular in warehouse, but also our freight business. When I spoke to you at last year's ASM, our commitment was clear, to return MOVE to positive normalised earnings before tax in FY 2026. We delivered on that commitment. I am proud of what the team has achieved, but the initial return to profit is simply a starting point. What FY 2026 demonstrated is that the changes we have made are working, and we are committed to sustaining that momentum. Across the group, we saw an improving performance in all our businesses. Freight, which was one of our biggest challenges two years ago, was profitable again. Specialist delivered its strongest earning result in three years, and International continued to grow with our Trans-Tasman ocean service also now profitable.
The same discipline and focus that helped improve performance needs to continue as part of how we operate every single day. Efficiency and operational excellence are the key priorities for us this year, and everyone on my team has KPIs focused on these areas. In freight, it is essential that we extract more from the network and the assets we already have. This means continuing to improve how we run the network, making better use of the capacity we do have, and reducing unnecessary cost and kilometers. It is simple in theory, but an efficient network is where we can create immense value. Importantly, we have retained the network and capability to handle additional volume without needing to add significant cost. As the economy improves and demand recovers, that provides a clear opportunities to lift margin and earnings.
In Specialist and International, we see opportunities to grow in areas where MOVE has strong capability and customer relationships. Specialist, in particular, is very project-based, and we are looking at how we can more efficiently utilize our assets and the team to match workflow. Increasingly, we are looking across the group rather than at each business in isolation. For example, our new cornerstone International customer is using other MOVE services as well, and we want to do more of that, bringing more of MOVE's capabilities to more of our customers to provide E2E solutions. Warehousing continues to operate in a challenging market with excess capacity and weak demand, and we remain constrained by legacy property commitments. We have now completed the limited structural cost changes available to us, and our focus is firmly on the top line to generate revenue.
That means simply more customers, increasing utilization of the capacity we already have, maintaining strong commercial disciplines, and providing excellent customer service. We have a quality nationwide warehouse offer, which can also be integrated with our freight capability. Improving performance in this business remains one of our biggest opportunities to lift the group performance. More broadly, the customer is at the center of the Step Up phase. Our job is to make logistics easier for our customers. They want reliability, visibility, and people who understand their business and take ownership. Increasingly, they also want partners who can solve more of their supply chain challenges. That plays to MOVE's strengths. We have a national network and capability across freight, warehousing, fuel specialists and International.
Our opportunity is to bring those capabilities together more effectively, making it easy for customers to do business with us and win a greater share of their logistics spend. We will continue to invest selectively in technology and data where it improves the customer experience, makes us more efficient, or helps our people make better decisions. Financial success starts with growing revenue in the right areas and with the right customers. From there, our focus is on maintaining a leaner cost base, improving margins, and converting that revenue into stronger earnings and cash generation. Ultimately, it is about building a more profitable and resilient business that can deliver sustainable value for shareholders. Reset was about putting the foundations back in place. That work has substantially been done, and the focus is now on winning business, improving utilization and efficiency, and growing profitably. Now we step up.
Our priorities for FY 2027 are clear. We want to win in the market and grow profitably. We need to accelerate the warehouse turnaround and continue to strengthen the core and unlock value in freight. We want to improve margins through operational and commercial excellence, and we will maintain our focus on positive cash flow and disciplined capital management. We're not looking for growth at any cost. We want the right customers, the right volume, and the right returns. Importantly, we have the ability to grow without adding significant cost, with capacity within our existing network and assets, and considerable capability across our businesses. Getting more from what we already have is a key part of the opportunity ahead. The economic environment still remains difficult to predict, and the Middle East conflict continues to create pressure on many sectors and on New Zealand households.
While there are some signs of economic improvement, recovery across the sectors we serve remains uneven, and we continue to operate in a challenging market with subdued demand. In freight, we are seeing revenue growth, but this is behind expectations as we balance lower demand in some areas and cost pressures. In warehousing, we are on track to deliver an improved performance over last year, despite intensely competitive pricing pressure. We have also seen existing customers trading down due to lower demand. Our large fixed cost base and our property lease works against us, particularly at a time of lower consumer demand, and our priority is on driving revenue and earnings. Specialists and International are on target to meet expectations.
There is plenty of market share to win, and we are focused on diversifying and winning in new sectors, which will make our business more resilient and less exposed to economic cycles. An example is our strategic plan to the stronger dairy sector offsetting the pressure on sectors such as beverage and alcohol. For FY 2027, we are targeting a year-on-year improvement in earnings and cash flow, which we will achieve through two clear drivers. Firstly, resilient baseline earnings growth, continuing our positive normalised earnings momentum, and demonstrating cost-based stability despite the extended soft trading environment. Secondly, focusing on levers within our direct control, pricing discipline, operational excellence and efficiency, and winning profitable revenue. While an economic recovery would be welcome, our plan is not solely reliant on it.
We have appropriate bank funding in place to support the ongoing execution of our plans with the ANZ facility executed to August 2027 and the new BNZ invoice finance facility commencing in November. This will reduce our ongoing finance costs and assist in optimizing working capital. Before I finish, I do want to thank our people. We have asked a lot over the past two years, and they have continued to deliver for our customers while adapting to significant change that was necessary across the business. Thank you also to our customers for continuing to put their trust in MOVE, and to our shareholders for your continued support. We delivered what we said we would deliver in FY 2026, and now our focus is on building from here. Thank you.
Thanks, Paul. As you've heard today, our priorities are clear: improving earnings, strengthening cash flow, and delivering sustainable shareholder value. We have a well-defined plan in place, and our focus remains firmly on controlling what we can control, maintaining financial and operational discipline, and driving continuous improvement across the business. We are making progress but recognize that there is further work ahead to deliver what we are targeting. The board and management are aligned on those priorities and remain firmly focused on execution, sustained improvement, and better outcomes. I'd now like to invite questions in relation to the annual report or today's presentation so far. We will answer questions about the resolutions as they are put to shareholders in the next section. I'm going to start with questions in the room. Do we have any questions? Yes. We've got a mic.
If you don't mind just stating your name, please, and, over there, Rich, and just clearly stating your question. Thank you.
Hi, good afternoon. My name is Yu Chen. I'm a shareholder. I have two questions.
One is regarding the energy resilience. For example, even before the Middle Eastern war, because of the AI boom, the power-hungry industry, and I'm thinking, for example, in our current financial year, we have a long, high diesel price. I would like to ask how MOVE addresses, for example, is it solar panels on trucks or anything else or. The second one is whether staying in NZX for such company is the best option or whether MOVE should shift to, for example, a smaller exchange to save the hefty cost of the compliance and regulation fees of the NZX. Those are my two question. Thank you very much.
Just so I'm clear, is your second question about whether or not we should stay in New Zealand? Or stay listed?
Stay listed on NZX or a smaller exchange, stock exchange in, I mean, within the other smaller exchanges in New Zealand. I mean, for example, there are like, smaller one like Catalist or USX, for example. Yeah.
Okay, thank you. Just to answer your first question, and I might look to Lee or Paul to talk a little bit about how we manage our fuel usage. We have quite strong contracts around that, and we are able to control our costs or pass them on. So, you know, that gives us a little bit of freedom and a framework, if you like. But I do not know if you have got anything to add on that.
No, we have what's called a FAF mechanism, fuel adjustment factor. That recovers the price movement in fuel, which is a real concern, particularly for our customers, but also us. What that means is that we recover that. What we have done is we shortened the timeframe in which we pass that on because it's been so volatile over the past six months. We make sure that we are passing on that so that we have a sustainable business.
But in terms of your question around energy use and solar and things, we haven't looked at that yet. To be honest, it's probably not on our horizon at the moment, but we'll certainly consider it. Thank you. The second question, we are not looking at anything other than the NZX/ASX listing status that we've got at the moment. Thank you. Any other Yes, over here, Rich. If you just wouldn't mind stating your name too, please.
My name is Derek Harries. I am a shareholder. I am just interested in exploring what the first question in terms of compliance cost and listing costs to run a listing on an ASX for a small cap company is, quite frankly, ridiculous. You look at the spread of the shareholding. I would be interested to know the cost of compliance in terms of running a listing on both the ASX and the NZX.
Yeah, I don't have the numbers in front of me. The ASX part's relatively low. The majority of the cost is in the setup. We've got about 28%, Matt, of our book in Australia, so you know, it's not insignificant. But look, we have looked at it previously. We have absolutely looked at the cost of the ASX. Look, we'll just take it away and understand whether or not there's any value in reconsidering it.
I'd like to know. I'd like to know, and I'm sure a number of the other shareholders would. There's a question I have on your charter vessel. You obviously have a term charter.
In terms of your customers, what is your exposure, or what length of deals have you got with your customers that gives you exposure in the event to the term charter, in the event that customers disappear?
Yeah. So our charter and our charter lease and our customer contracts are back to back. So they both support each other, if that makes sense. We lease the vessel on a term, and we engage the customers from a contractual perspective across the same term.
You are telling me that you are 100% covered in terms of a customer disappearing before the term charter?
I am telling you that we are 100% utilized in terms of the customers that we have signed up. But, if a customer folds, then of course we have got exposure. I cannot, we can control what we can control, and so the elements that are within our control are there, and that is in the back-to-back contracts.
Okay. Just out of curiosity, how long does a term charter run for the vessel.
Probably, given we have customer contracts tied in, I'm probably not comfortable disclosing that. As Julia says, we line it up to significantly reduce our exposure so that we have four anchor customers that align with the period that we have the boat leased for.
My understanding was that the former vessel was unsuitable.
Oh, absolutely, yes.
That was why it was ditched.
Yep.
Are you having the same situation with this vessel?
No. No issues with this vessel.
Okay.
The issues with the previous vessel were age and reliability. It used to break down in the middle of the ocean. You know, so it was, it was beyond a challenge. We got rid of that vessel on purpose. We were pretty upfront about the costs associated with that back in the time. We leased a new vessel, and as I said, we put back-to-back customer contracts across that, and we have just done the same process again.
Okay.
Yeah.
Look, two other questions, if I may.
Sure.
If I may. I am concerned to see that it appears to me from a quick look at the annual report that only two directors have shares in the company. Is it a policy of the board for directors to have skin in the game?
It's not at the moment, no.
Should it be?
We've considered it, and it's something that we'll continue to look at. I have shares, but I can't comment on the others.
I think as a shareholder.
Yep.
I would be more confident to know that directors who are on the board and are being paid a stipend should have skin in the game, and I don't think it's a policy that I have with any company that I invest in.
Yeah. Noted.
I think it shows some sort of a sort of commitment. The other questions I have is around the warehousing operation.
You talked about changes that you've got to make. You talked about legacy commitments that you have. I couldn't help but notice as I drove in today for the meeting, that you do have some pretty expensive real estate in East Tamaki, and I just wondered whether it was appropriate given that you're not making any money out of out of out of warehousing. There's a lot of empty space around at the moment and a lot of deals to be done.
Yeah, your point's noted. It's not as easy as it sounds to exit a lease, particularly if it's a long-term.
Well, look, excuse me. I own a lot of property.
Okay.
That is my business.
Yep.
I engage with a lot of people who are in the property business. Many of those are happy to let tenants out of a lease, but it costs. When you are losing-
Oh, absolutely. Yeah.
When you're losing NZD 5.1 million in a warehousing operation, I'd be cutting off my left hand to get rid of that, to turn that around.
Yeah. From a warehouse business perspective, we've got a handful, a very small amount of leases that are challenging, that present the overall warehouse business in a bleaker position than it actually is. Some sites are doing incredibly well. We've got a property portfolio that we're reviewing at the moment to understand what our opportunity is to exit. But, you know, it's, I wish it was as easy as you're making it sound. I can assure you that at the moment, particularly in Auckland, you mentioned East Tamaki, in a market where landlords are not, you know, people aren't lining up for leases, it's not that easy to exit a lease.
There's a 95% occupancy rate in East Tamaki.
Okay. All right. We are looking at our property portfolio.
All right. Fine. Thank you.
Thank you. Happy to talk to you offline too, you know, about this. Any other questions from the floor? Yes, certainly.
It's just a more sorry, Mark Bensman, shareholder.
Hi, Mark.
Just a more general question. One of the early slides, and it was one of your slides, you were talking about smart, working smart. I just wondered what smart looks like and what is different from how you've been working to what you're going to be working in the future?
Look, it's easy for me to stand up here and criticize decisions that those before me made, so I'm not going to do that. Because, you know, I always come from a place of decisions were made with the context at the time. However, there are some things, you know, some decisions that have been made in the past that we've inherited, leases being a case in point, that are absolutely hurting us today. And so by, you know, by making smart decisions, it's about how do we ensure that, you know, the decisions that we're making set us up well for a sustainable future. So Lachie will tell you it's not doing dumb stuff, but sorry, Lachie. But that's absolutely what we talk about, you know? Like, does this make sense? 'Cause everything that we do has to make sense.
And you'll be unsurprised but pleased to hear that when we talk around a board table, we are absolutely focusing on a long-term sustainable future for this business, as you would expect us to. So that's what we mean by smart. You know, doing the right things at the right time. And we've made some really tough choices, you know, over the last two years, as you will have seen, and you can imagine. But, you know, that was the right thing to do for this business. Hopefully that answers your question, Mark.
Yeah. Sorry, can I just ask, 'cause m y mind works sometimes in odd ways.
Sure.
Just a follow-up question to the warehousing. You've got some leases you're not very happy with. What's the term on those leases? Can we expect them to roll over in two years, five years, or-
No.
Unfortunately 10 years?
Yeah. Yeah, they're long. We are working through a process and, you know, we will continue to understand our ability to change what is ahead of us. Mm. It is a small amount. Do we have any more questions from the floor? Do we have any questions online? No. Okay, thank you. All righty. Look, thanks for your questions. As I said, I'm happy to discuss more outside afterwards, particularly the property one. So we'll move on to the business of the meeting. Only shareholders, proxy holders, or corporate representatives of a shareholder may vote on today's resolutions, which were notified in our notice of meeting. Voting is by way of a poll. Please cast your vote under the Vote tab on the meeting platform or complete your voting form.
Once you have completed your selection, please click Submit Vote on the bottom of the card to lodge your vote. If you have any difficulties, please contact the helpline number displayed in the top right of your screen. For those of you here, obviously, you tick the box. The first resolution is to authorize the directors to fix the fees and expenses of PwC, the company's auditor. We have a representative from PwC in the room. Are there any questions? In the room first, on PwC. Any questions online? Okay, thank you. Please complete your voting now. Voting forms will be collected in the room. Yes. No, we have got a question. On PwC? No, no, it's okay. Is it?
Yeah.
Is it too late? No? Perfect.
Thanks. Sorry.
No, all good, Mark.
I just wanted to ask a few questions. Not a question really, but more about the board and consideration of the auditor. Internationally, there's been a lot of concern about the performance of auditors. I guess it's a difficult question I know for you to answer, but have you considered whether PwC are the best auditor for the company, and have you recently gone out for tender or for RFPs on replacing the auditor? Do you think that you could achieve a lower audit fee going forward?
Yes, we have considered the affordability and the cost to MOVE. We recently rotated our audit partner, and we are comfortable that PwC is the best auditor for us at this time. Thank you. Okay, the next resolution is regarding my re-election. In a moment, I'll ask Lachie to chair the meeting briefly, but before we swap places for the formal voting, I'd just like to say a few words. As a proud and passionate New Zealander, my commitment to the success and sustainability of New Zealand businesses is absolutely what drives me professionally. I want to ensure our organizations don't just survive but truly thrive. On a personal level, for me, that's about the legacy that I want to leave for my three children.
I want them to see the value of hard work, the importance of resilience in building a stronger New Zealand, and I can tell you that for two of my kids, that's going well. Ask me about the 23-year-old another time. As your chair, that resilience is directly focused on driving outcomes that translate into real sustainable shareholder value for each of you who have trusted us with your investment. Every time I look out on the roads and I see our fleet, I feel incredibly proud to see MOVE operating right across the country, connecting our customers and driving our business forward. In fact, when I do a road trip and I don't see enough trucks, Paul attests that I text him to let him know how many trucks I've seen and how many I thought I would see. I'm looking out all the time.
My career has been defined by leading complex transformations. Prior to my time in governance, I spent close to two decades leading large-scale corporate turnarounds and customer-centric innovation during periods of intense industry disruption. My subsequent governance career across a wide variety of commercial sectors has seen companies navigate severe headwinds and structural resets. I don't just sit on boards. I lean in, I do the work, and I take deep personal accountability for the organizations that I'm part of. I ensure I have the clear capacity and dedicated time required to give MOVE my absolute focus. When I stepped into this role of chair two years ago, MOVE was navigating severe economic headwinds and structural challenges. I knew the job would require my experience.
Turnarounds are demanding, and they require leaders who are willing to confront difficult issues head-on while keeping the business ruthlessly focused on a balanced path between disciplined cost management and smart, focused investment. Together with the board and Paul, we've made hard, swift, and decisive choices and successfully navigated the high-stakes reset phase, and the groundwork has been laid. But the local and global disruptive context continues, and a turnaround is a multi-step journey. Experienced governance at this exact juncture is vital to protect our momentum that we have hard-earned. Having steered the business through the heavy lifting, our focus is entirely on ensuring we transition into this next phase safely, smoothly, and successfully.
You've heard from Paul about how the executive team is pushing forward, and as we transition into our Step Up growth phase, our focus as your board and mine as your chair is on ensuring uncompromised execution, maintaining strict fiscal discipline, and supporting Paul and the team to further expand our market presence and deliver. I believe my skills and background directly complement the collective experience of my fellow directors, and I'm fully invested in MOVE's future. I have the energy, the experience, and determination to see this transformation through to deliver the long-term sustainable value that you, our shareholders, deserve. With your support, it would be my absolute privilege to continue serving as a director on the MOVE board. Thank you. Over to you, Lachie.
Afternoon, everybody. Thank you, Julia. I don't know that there's much more that I need to say. It's unsurprising that MOVE has been through an extraordinarily difficult phase over the last couple of years. In no short order should we be thankful to Julia for the energy and rigor that she brings to the role of chair. She challenges the board, she challenges the executive team, and I can undoubtedly say that the strength of her commitment has meant that we have got to where we've got to, acknowledging that there is a lot more for us to do. I would just finish off by saying that we appreciate her leadership and the support, and we as a board unanimously endorse her re-election. Are there any questions? Any online? Great. Back to you.
Thanks, Lachie. Thanks. It's always fun talking about yourself, so I'm pleased that part's over. Thank you. Our third resolution is the election of Graham Stuart as an independent Director. We are a small board, and we went through a very careful and thorough process to identify an additional Director who brought new skills to the table and complemented existing Directors, but was also a good personality fit. Graham has a strong background, particularly in finance, business transformation, and strategic growth. He has worked in executive and governance roles across listed companies, co-ops, and private organizations both in New Zealand and offshore, including Tower, Fonterra, and Lion Nathan. Graham has significant financial expertise and leads the board's audit and risk committee. The board unanimously supports Graham's election, and I'll ask Graham to come up and say a few words.
Good afternoon. Thank you, Julia, for the introduction, and thank you all for the opportunity to speak. The board appointed me as independent Director on the 1st of August, and today I'm asking for your vote to confirm that appointment. Julia's covered my background, so I'll be brief. I've spent my career on both sides of the board table, and have executive experience with large fleets and complex supply chains and tight margins in my capacities as the CEO of Sealord, the CFO of Fonterra, and the Managing Director of Lion Nathan's international business. For more than a decade now, I've chaired audit and risk committees at both NZX-listed and large private companies, and I still do so at the Ravensdown Co-op. In these roles, I've experienced success and also occasionally failure, which has been a great learning experience for me. I come to this board independent.
I have no ties to management, no connection to any major shareholder, no business dealings with MOVE. In practice, my job is to ask the questions that you would ask if you were in the boardroom. It's also to make sure that MOVE reports to you in a complete and reliable way. Why chairing audit and risk committees? At this stage of my career, to be perfectly honest, I really enjoy this work. Some people play golf. I chair audit committees. My family have stopped asking why. Audit and risk committee is where the board tests whether the numbers tell the true story. It's also where the board checks whether the business understands the risk that it bears. Good risk management isn't about saying no all the time. It's about knowing where MOVE can take risks to grow and where it can't afford to do so.
MOVE has done much of the hard work with its reset. It's returned to profit, cut net debt by more than a third, and met all its banking covenants. That's a real achievement, and the credit goes to Julia, Paul, and their teams. But we're not where you shareholders should rightly expect us to be. A NZD 1.6 million profit on a NZD 290 million revenue leaves very little room for error. Warehousing, as we've heard, is still losing money, held back by legacy leases. Our banking facilities must be renewed by August next year. And with more than 500 trucks on the road, safety must always come first. These are exactly the kinds of challenges that I enjoy, and it's where I believe I can add value. I bring disciplined financial reporting, clear board alignment on the risks that we will and won't take, and steady support for management.
I've deliberately kept my work commitments focused so I can give MOVE the attention that it needs. If you elect me, I'll bring independent judgment, financial discipline, and real enthusiasm for helping MOVE turn recovery into lasting returns for shareholders. Thank you for listening, and I would appreciate and welcome any questions.
Do we have any questions in the room?
Yes, I was.
Mark? Sure.
Following your talk, is Ravensdown the only other board you have at the moment, board appointment?
No, Mark, I have six boards. I chair the Vital Healthcare Property Management. It is a listed property company. It is my only other listed board commitment. I serve on two cooperative boards, the New Zealand Dairy Goat Co-operative and Ravensdown, and two small private companies. One is the Central Otago Wine Company, family-owned, and one is a small dairy startup.
Do we have any questions online?
One question. Do you intend to buy shares in MOVE? That was asked by Oliver Mander, New Zealand Investors Association.
Yes, Oliver. Absolutely, I do. I have held shares in all the listed companies I have been a director of. It is my practice. Typically, I sort of like to hold somewhere between, a minimum of half and more like a full year's fee equivalent. That is a personal choice I might add here. It is not a statement on what I think the policy should be, it is just my personal approach.
There are no other questions online. Thank you.
Thank you. Okay. All right. Apologies. Okay, thank you. Please make sure you have voted for all resolutions by ticking the correct box either on your form or online. MUFG will now collect your voting papers. Has everyone handed in their papers? Yep. Thanks. Thanks, team. Thank you. That concludes the business of the meeting, and voting is now closed. The results of voting will be posted to the NZX and our company website as soon as we have them. Now we will move to any other business. Is there any other business that shareholders would like to raise? Malcom?
Thank you. Malcom Wade, shareholder. Not really business, but I would just like, as a shareholder, to thank the board for the performance and thank Julia for her involvement and commitment.
Thank you, Malcom. It is really kind of you.
Given the ongoing high cost of diesel, are there any moves to electrify some of your fleet or?
Paul, do you want to take that one?
It is a really good question. The challenge with electrification or hydrogen is, at face value, there are benefits, but when it adds in complications in how you actually get around the network in terms of range and efficiencies, it is difficult. So at this point, no. But it is something we have an open eye on and will explore in the future at the right time.
Yeah, I'd say we have really good relationships with the likes of TRG, et cetera. We're looking at what everyone is doing in this space and keeping a watching brief on it. Any other questions? Nothing online. All right. Thank you. I will call the meeting closed. Again, I just want to acknowledge you all as shareholders and thank you for your continued support and investment in our company. For those of you here today, please, as I said earlier, join management and your directors for afternoon tea, and thank you to those online who have joined us today. Ngā mihi nui. Thank you