Comment / Prepping a A$1bn-plus Team Global Express sale

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Australia’s Team Global Express, previously known as Toll Global Express (TGE), enjoyed a satisfactory fiscal 2023 to the end of March, as we preliminarily pointed out a month ago.

Delving into the numbers lodged with the Australian Securities & Investments Commission, revenues doubled to A$2.8bn, but as the top line rose, the bleeding at operating level (Ebit) led to net losses of -A$72.9m from -A$40.2m a year earlier.

Significantly heavier finance costs at -A$80.2m (from -A$56.9m in fiscal 2022), also weighed on the ...