Brambles shrugs off GFC

Brambles Limited has reported sales revenue from continuing operations of US$3,563.1 million for the nine months ended 31 March 2012, up 33% on the prior corresponding period and has confirmed it is on track to achieve projected FY2012 profits.

The main drivers of Brambles’ sales growth were the inclusion of businesses acquired since the prior corresponding period, expansion in emerging markets in the pallets segment, expansion with existing and new retailers in the Reusable Plastic Crates (RPCs) segment, and continued improvement in the CHEP USA business.

On a pro forma basis, assuming Brambles had owned businesses acquired since 1 July 2010 for all of the prior corresponding period, sales revenue from continuing operations was up 7%.

Brambles’ chief executive officer Tom Gorman said: “Despite continued subdued underlying organic volumes in our pallets operations in the USA, Western Europe and Australia, our strategy of expanding our product and service range and geographic footprint is enabling us to continue to deliver sales growth.

“We continue to expect group underlying profit for the 2012 financial year between USD 1,050 million and USD 1,080 million, at 30 June 2011 foreign exchange rates, subject to unforeseen circumstances and economic uncertainty, and assuming a 12-month contribution from the Recall information management business.”

On 28 March 2012, Brambles stated it expected to announce an outcome from the divestment process for Recall within four to eight weeks. Brambles’ expectations with respect to this timeframe have not changed.

Source: www.tandlnews.com.au