National transport and logistics conglomerate, Qube, has reported a strong start to FY23 with continued high volumes and margin improvement across most parts of its business.
Underlying revenue, earnings and margins were ahead of Qube’s internal expectations at the end of Q1.
Despite the uncertain economic and interest rate environment, Qube is remaining positive about the remainder of the period.
Qube has confirmed its FY23 full year guidance of underlying NPATA growth relative to FY22 and higher underlying EPSA growth due to the full year benefit from the share buyback completed in May 2022.
This outlook continues to reflect the expectation of strong growth in underlying revenue and earnings (EBITA) in the Operating Division, strong growth in underlying EBITDA/EBIT for Patrick Terminals, and increased corporate costs and a significant increase in interest expense.
“This outlook continues to assume no material adverse change to current conditions in Qube’s markets or domestic or global economic and/or political conditions, including any deterioration due to COVID-19 that impacts Qube’s workforce, customers, markets, or operations,” the company said.
It also assumes that any further extreme weather events do not materially disrupt the operations of Qube or its customers during the remainder of FY23.