CTI shares up 23pc for the week

CTI Logistics shares have rallied almost 8 per cent today after the company released its profit guidance for the 2024 financial year.

Profit for the second half of the 2024 financial year is expected to be up 25 per cent on the same period last financial year with the company attributing the result to strong demand for its services despite ongoing inflationary pressures.

However, forecast profit before tax was down 6.88 per cent on FY23, dropping from $24.7 million to $23 million.

The 8 per cent rise in share price followed several strong trading days for the West Perth-based company, with shares last trading at $1.68, up 23 per cent for the week.

In the market update, the company also said it was continuing to develop the remaining land at its 149,000 square metre Hazelmere freight hub.

CTI currently provides services across all states of Australia, has a fleet of more than 750 vehicles and over 1,000 employees.

The company’s transport services include adhoc courier, permanent hire vehicle, permanent run, parcel distribution, taxi truck, heavy haulage, container transport, fleet management, line haul, and freight forwarding services.

It also offers warehousing and logistics services, such as general warehousing, pick and pack operations, distribution, container packing and unpacking, temperature-controlled storage, wine logistics, minerals and energy logistics, quarantine shrink wrapping, and supply depot services.