Brambles sales revenue drops

Pallet maker and logistics company Brambles has reported a two per cent drop in sales revenue in the first quarter, on the back of a stronger US dollar.

The company said sales revenue for the period was US$1,322.1 million.

Constant-currency sales revenue was up 8 per cent. Excluding the contribution of acquisitions made since the start of the prior comparable period, primarily Ferguson Group in September 2014, constant-currency growth was 7 per cent.

“Our constant-currency trading performance for the first quarter reflects a solid run rate, consistent with our previously stated guidance for FY16 sales revenue and Underlying Profit growth of between 6% and 8%, at constant currency,” Brambles’ CEO Tom Gorman said in a statement.

“The largest contributors to growth were new business wins in the Pallets operations worldwide and continued strong conversions with new and existing retailers in Europe in RPCs.”

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