Improved performance in the second half has fetched a rise in the prices of shares of Freightways, reaching 1.9% to $2.73, as informed by the firm's reports obtained today.

The operator of New Zealand Couriers, Post Haste Couriers and Castle Parcels in its report informed that there was a 33% plunge in its full-year net proceeds to $23.16 million, though after excluding a $5.7 million abnormal tax charge, the results brought the figures down by a mere 2% from the preceding year's $28.9 million.

Second-half normalized basic proceeds increased by 5% on the previous year, whilst the initial half dropped by 8%.

The firm declined its final dividend to seven cents for each share from 8.5% in the previous year; however, a capital rise boosted the number of shares.

Dean Bracewell, Managing Director said that the firm was witnessing a recuperation, although was a steady one.

The improved trends continue to be the same or not will be known after the firm offers a trading update in its annual conference in the month of October.

Second half has been able to maintain the balance sheet at a good level with improved performance in trading.

Marcus Curley, an Analyst at Goldman Sachs JBWere said that people have comforted themselves after witnessing the worst of the scenarios.