Aug 10, 2012
Lonrho focus shifts back to core businessesBack
© Reuse this
Reporting on the group’s six-month financial performance, he said that Lonhro’s core businesses were directly aligned with the economic growth drivers of Africa.
“These businesses [agriculture and logistics] generated like-for-like revenue growth in the six months of 26.4% and net operating profit of £4.7-million,” Lenigas said.
Lonrho posted overall revenue growth of 79.2% from £68.6-million to £122.9-million, a like-for-like increase of 29.1% for the six months ended June.
Lenigas said that the company continued to deliver strong growth in revenues and margins in its core business divisions and was continuing to see the growth convert into operating profitability.
The agribusiness reported revenues of £72.7-million, up 130% , making it the largest of Lonrho’s core divisions, as it accounted for 71% of revenues.
Lonrho believes that Africa, which holds 60% of the world’s arable land, is an essential component to meeting global expanding food demand.
“Agriculture is a major contributor to Africa’s economies and, over the past four years, Lonrho has established a unique vertically integrated agri-logistics delivery cold chain that can reliably deliver fresh produce from Africa to market providing continuity of quality and traceability,” it stated.
This business is building momentum with a blue chip client base and Lonrho is seeing growth in demand from African, European, Scandinavian, North American, and, increasingly, Far Eastern supermarket chains.
Lonrho reported revenue of £10.9-million from its infrastructure unit, £5.1-million from its hotels and £14-million from its support services.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Other Transport & Logistics News
Updated 2 hours 20 minutes ago The European Aviation Safety Agency (EASA) granted the Type Certification for the latest Airbus airliner, the A350-900, on Tuesday. This is an essential precondition to, and opens the way for, the aircraft entering commercial service with its customers. It is...
Article contains comments
Updated 1 hour 2 minutes ago The latest TransUnion Vehicle Pricing Index (VPI) contains a number of small, but significant indications that the tide may at last be turning for the beleaguered used car industry. For the third successive quarter, used car inflation has increased on a year-on-year...
Updated 1 hour 11 minutes ago JSE-listed Redefine Properties on Wednesday announced an equity raising of about R1-billion through the issue of new shares. The equity raise was subject to pricing acceptable to Redefine and would be implemented through an accelerated bookbuild process. Only public...
Updated 1 hour 28 minutes ago The seasonally adjusted Kagiso Purchasing managers’ index (PMI) rose above the neutral 50-point mark in September, signaling growth for the manufacturing sector for the first time since March, revealed Kagiso Tiso Holdings in a statement on Wednesday. BNP Paribas...