QEX is a New Zealand based cross border logistics company.
Security Type: Ordinary Shares
|QEX LOGISTICS – MIGRATION FROM NXT MARKET TO NZ...||21 Sep 2018, 10:31AM||GENERAL|
|Interim Update: Update to KOMs||12 Sep 2018, 12:25PM||NXTUPDTE|
|Annual Meeting Results and Directors Confirmations||07 Sep 2018, 10:34AM||MEETING|
|Annual Meeting Presentation and Addresses||06 Sep 2018, 03:00PM||MEETING|
|Interim Update: Increase in Sales Turnover Target||30 Aug 2018, 11:43AM||NXTUPDTE|
|Quarterly Results||Target Financial Year|
|Key Operating Milestones||1st||2nd||3rd||4th||2019||2020|
|Sales Turnover Target (NZ$)||$15,400,000||$60,000,000|
|Gross Margin %||12.3%||14%|
|Monthly Volume of Dairy Products Exported (tonnes)||241||260|
|Number of parcels cleared monthly||76,516||90000|
CM Partners Limited
|Half Year Balance Date||30/09/2018|
|Quarter Business Update Due||29/10/2018|
|Half Year Preliminary Due||30/11/2018|
|Interim Report Due Date||31/12/2018|
|Quarter Business Update Due||30/01/2019|
QEX is a New Zealand based cross border logistics company that facilitates the storage, supply, packaging, customs clearance and delivery of New Zealand products bought from stores, online and e-commerce sites by individual consumers from China, or through a daigou. QEX's current principal activities are:
- Export of health supplement parcels
- Pick and pack services for health supplement parcels
- Supply, storage, repacking and export of infant formula and dairy products
- Logistics solutions across the whole supply chain
- Customs clearance services in China specialising in cross border parcels (parcels being delivered from New Zealand to individual consumers in China)
- Warehousing and related services in Shanghai's Free Trade Zone (FTZ) in China
- Inventory Management in New Zealand and China
- The company established an Australian subsidiary in October 2017 and will start offering cross border logistic services in 2018 for Australian products being sold into China
This information was extracted by the full year report released by QEX Limited on 31 May 2018:
The Group's focus in FY18 was the continued growth in revenue through growing existing markets and the development of new market opportunities; and the listing of the Company on the NXT.
QEX was listed on the NXT on 15 February 2018. Since listing, there has been active trading in the Company's shares and QEX now has more than 160 shareholders. The listing has raised the profile of the group and created a number of new business opportunities.
Total revenue for the year increased by 42% to $31.5 million.
Milk powder revenue increased by 49%. This growth was funded by bank borrowings and from the $2.575 million raised through the issue of new equity prior to listing. This additional funding enabled the Group to purchase and sea freight higher volumes of infant formula to Shanghai. As a result, the Group was better placed to meet customer demand with a lower cost landed product, as well as providing protection against shortages in the availability of milk powder. The market for dairy products continues to be very competitive with customers being sensitive to pricing, availability and freshness of the products.
The Group's revenues from logistics and customs clearance remained stable. Reductions in international parcel revenues in New Zealand, due to competitive pricing pressures, were offset by
new logistics revenues from Australian and Chinese customers.
The Group achieved a gross margin of $5.066 million (16.1%), an increase of $1.2 million on FY17. Higher costs as a result of the listing and the business growth resulted in a decrease in net profit before tax to $1.85 million (FY17: $2.59 million). Employee costs have increased by 106%. This is a combination of the increase in employees for the New Zealand operations, as well as the employee costs for Shanghai Ditu which were not part of the group in the last financial year. Also, in January the Group moved into new premises near Auckland Airport providing better facilities for ongoing growth and opportunities for new revenues from warehousing services.
The table below shows how we reconcile reported profit after tax and the underlying EBITDA for the years ended 31 March 2018 and 31 March 2017. The reconciliation adjusts for the costs incurred in FY18 as a result of the decision to list the Company, the cost of the share option scheme which was developed in association with the listing, and in FY17, the gain on acquisition which was a gain that arose on acquisition of the Company's subsidiary, Shanghai Ditu International Freight Forwarder Co., Limited ("Shanghai Ditu").
Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.