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Brambles expects high growth in ‘08

Thursday, 29 Nov 2007 ( #338 ) - BRISBANE, Queensland, Australia
Local News Story
Brambles expects strong profit growth in 2008 on the back of solid sales growth from CHEP, its pallets and containers business, and Recall, its document and information management division.

At its recent annual general meeting in Brisbane, Brambles reported a net profit for 2006/07 of US$613.4 million (A$766.5 million), down from $US647.1 million (A$808.6 million) in the prior year.

But on a like-for-like basis, accounting for the effect of businesses sold during the year, comparable operating profit was up 21% to US$932.8 million (A$1.17 billion).

Brambles chief executive Michael Ihlein told shareholders Brambles is in an excellent position to accelerate profitable growth.

"We are continuing to win new business in both new and existing markets," Ihlein said.

In the past few months, Brambles has signed deals with some notable customers, including Pepsi in Canada, personal care products maker Body Blue, Italian tissue paper manufacturer Sofidel, UK meat supplier Anglo Beef, and Australian supermarket chain Woolworths.

The company is also looking at acquisition opportunities in businesses offering related supply chain solutions.
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