Toll salutes revival progress and financial growth
Toll Group has reversed its recent financial direction, returning to annual results growth after a huge slump, with this year’s financial results showing annual profit and revenue gains for the first time in three years.
Earnings before interest and tax (EBIT) was $119 million for the year ended March 31, an improvement of over 70 per cent on the 2017 financial year, while its revenue of $8.2 billion was up $309 million on the prior year.
The company’s EBIT had fallen from $379 million to $69 million over two years.
Toll Group MD Michael Byrne says the performance marks “the successful execution of the first year of Toll’s transformation strategy”.
“Our transformation continues, and our results to date show that our strategy is the right one for today’s markets and the long-term opportunities ahead.”
Toll’s Global Logistics division reported an EBIT of $ 191 million, up 13 per cent, on the back of strong performances in Asia and in key segments in Australia including government and defence, mining, energy and retail.
Global Express delivered a $59 million turnaround compared to last year’s result, while Global Forwarding returned to profit, delivering close to a $9 million improvement to EBIT, despite a challenging market resulting in reduced margins.
Toll also secured the delivery of 1,000 new items of fleet and equipment, part of a six year $1.6 billion asset investment program, with another 1,500 items to be added to its network this year.