Brambles FY profit up 5pc

Brambles Ltd has reported a five per cent rise in full-year net
profit, as the result of new business in its pallets division.

The Business Spectator reports that the logistics giant posted a
net profit after tax of $US584.5 million ($627 million) for the year ending
June 30.

The company’s underlying profit also increased by five per
cent, form $US913m to $US960m. (This value excludes financing costs, tax and
significant items).

Brambles’ CEO Tom Gorman said in a statement that the result
reflects Brambles’ ability to expand year-on-year as it streamlines its
operations.

Changes this year included the demerging of Brambles’ information
management business Recall and the listing of a new independent holding
company, Recall Holdings Ltd, on the Australian Securities Exchange.

In addition, Brambles purchased German-based bulk handling
company, Transpac International.

“Our Pallets business
delivered solid growth in both emerging and developed markets. Efficiency
improvements and growth in under-penetrated regions drove a strong performance
in Europe, despite intensifying competitive activity in the UK, while asset
management improvements continue across the business, particularly in the USA,”
Mr Gorman said.

“In RPCs, the strategic refocus in North America coupled
with strong progress in Europe, Australia, New Zealand and South Africa are
delivering strong and improving growth. We are confident of delivering a return
to profit growth in RPCs in FY15 at the same time as we continue to invest in
expanding our position.”