Comment / The Toll Group muddle – chasing basis points

Japan Post today released its fiscal Q3 23 numbers, as usual disclosing a little bit about the combined performance of Australia’s Toll Group and its two pillars, Forwarding and Logistics.

Recent trends, based on which a razor-thin operating margin for its debt-laden logistics subsidiary got ever worse as 2022 closed, are only partly offset by side news elsewhere – such as its “official opening of an office in Belgium“, that is encouraging. But hardly enough to move the (growth) needle.

Chasing basis ...