Brambles Ltd. (BXB.AX, BMBLF.PK), a pooling solutions company, reported that its profit after tax for the first-half of fiscal year 2024 was US$391.3 million or 28.1 US cents per basic share up 18% from the prior year.
Underlying Profit and Operating profit was US$664.7 million, an increase of 19% at constant FX, reflecting transformation-linked productivity gains, including reduced uncompensated asset losses, and the recovery of cost-to-serve through pricing and commercial terms.
Profit after tax from continuing operations was US$392.1 million, up 14% at constant FX as growth in Underlying Profit was partly offset by net finance cost increases reflecting the impact of higher interest rates on debt and leases, and a net non-cash charge of US$25.4 million relating to Brambles' operations in hyperinflationary economies, primarily Argentina and Türkiye.
Sales revenue from continuing operations were US$3.28 billion, an increase of 10% from the prior year at constant FX, as price growth more than offset a 1% decline in volumes across the Group.
The company has declared a 2024 interim dividend of 15.0 US cents per share.
For the year ended 30 June 2024, Brambles still expects sales revenue growth of between 6%-8% at constant currency. It now expects annual underlying profit growth of between 13%-15% at constant currency compared to the prior outlook of 9%-12% growth at constant currency.
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