LOGISTICS company Qube reported earnings growth in the first quarter of this financial year, saying the quarter had been solid and consistent with guidance.

In an ASX announcement the company said its earnings growth for the quarter was ahead of the first quarter of 2023-24 for all business units.

The company said volumes were “generally solid”, in line with expectations across most activities and higher automotive volumes offset weaker agri and NZ forestry volumes.

The company said container terminal operator Patrick, in which it holds a 50% stake, saw increased market share and high volumes, although this is expected to moderate.

Qube said the first quarter was a “pleasing start” to the financial year and it expects to deliver underlying earnings growth for 2023-24, compared with the previous financial year.

Qube managing director Paul Digney said throughout the first quarter, Qube had maintained the momentum it built during the previous financial year.

“While we are cautious about the outlook, given factors such as persistent inflationary pressures, geopolitical uncertainty and weather-related impacts on agri volumes, we remain confident that the group will deliver underlying earnings growth in FY24,” he said.

“We have continued to invest in our growth, with three new acquisitions during the period, including acquiring the remaining 50% share in Pinnacle in New Zealand. This acquisition will see Qube’s brand presence grow in the New Zealand container logistics market, with significant longer-term organic growth opportunities, and builds on our existing port logistics presence. “

Mr Digney also said the acquisition of Stevenson Logistics in WA expands the company’s capabilities in the hay and agri export market in the state, while the Narrabri Agri facility strengthens its “paddock-to-port service offering” in regional New South Wales.