CTI Logistics Limited profit update for FY24

CTI Logistics Limited (ASX: $CLX) has announced an expected profit before tax of approximately $23m for the financial year ending 30 June 2024. The second half profit is anticipated to be slightly better than the first half and around 25% higher than the same period in 2023, attributed to strong demand in transport and logistics segments, ongoing margin improvement initiatives, and despite inflationary cost pressures. The company is also progressing with the development of the remaining land at Hazelmere in Western Australia. The full financial results will be disclosed to the market in late August 2024.

Executive Commentary

The profit forecast for the financial year ending 30 June 2024 reflects our sustained growth momentum, driven by robust demand in both transport and logistics sectors. Our continuous efforts to enhance margins have yielded positive results, despite the challenges posed by inflationary cost pressures. The ongoing development of the remaining land at Hazelmere signifies our commitment to expanding and optimizing our operational capabilities. We look forward to sharing the complete financial results with the market in late August 2024.

Summary of FY24 Update and Outlook

CTI Logistics Limited anticipates a profit before tax of approximately $23m for the financial year ending 30 June 2024, with the second half expected to outperform the first half and show a 25% increase compared to the same period in 2023. This growth is attributed to strong demand in transport and logistics segments and ongoing margin improvement initiatives, despite inflationary cost pressures. The company's focus on generating strong operating cash flow and the progress in developing the remaining land at Hazelmere demonstrate its commitment to operational expansion. The upcoming release of the full financial results in late August 2024 will provide further insights into CTI Logistics' performance and strategic direction.