The Fastway group of companies has announced record profit levels after achieving an annual turnover for 2005/2006 of Aus$315 million. "We're very pleased with this result, and the upwards trend looks set to continue for some time as our international franchises pass their start-up phase and begin to reap the rewards of exponential growth," says Group Managing Director Brem Ellingham.
The group owns Fastway Couriers, which has master franchisees operating in 12 countries with over 1,400 sub-franchisees. "We commenced a global expansion program in 2000 which saw us setting up in new countries across Europe and in Canada," says Ellingham. "For the past two years our strategy has been one of consolidation, and growing stronger revenues from our existing franchises. Our recent results have certainly vindicated that decision.
"Our business model is based on low mark up and high turnover, and our franchisees have the opportunity to develop high turnover, long term sustainable businesses. Fastway is successful, because we provide an essential service in a clearly defined market niche, and our franchise system is focused on high levels of support. We are currently assessing the opportunities for further development of our brand in other countries, although we are not quite ready to announce a decision on that just yet."
Published: 1 June 2006
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