Former Australia Post boss Christine Holgate’s Team Global Express has posted a loss of $150,000 to the end of March despite a revenue jump of 17 percent.

Ms Holgate, formerly head of Australia Post, came to prominence in 2020 after she gifted Cartier watches worth $20,000 to four senior managers. Then Prime Minister Scott Morrison attacked her in Federal Parliament, saying “she can go”.

Australia Post later awarded her a $1 million settlement with $100,000 for legal expenses.

Holgate has been competing against her old employer as CEO of Team Global Express which specialises in air, road, sea and rail freight, and courier services. In May, the Australian Financial review reported that she wanted access to Australia Post’s last mile infrastructure to boost services particularly in regional Australia.

Overall debt has been climbing with The Australian reporting net liabilities of $36.6 million.

But it’s not all bad news.

Team Global Express (TGE)

“The directors say they believe TGE, whose ultimate parent is the Allegro-owned Australian Parcel Group, can continue as a going concern given that the company has positive operating cash flow of more than $100m and untapped debt of $158m,” The Australian’s Margin Call column reports.

Allegro is the company handling the hot potato of PwC, agreeing to buy it for $1.