North American growth helps boost Brambles profit

Logistics company Brambles has announced a profit increase of 26 per cent for the first half of the financial year compared to the corresponding period a year ago.

AAP reports that the underlying profit for the group, whose core business is pallet pooling solutions through Chep and IFCO, was $US 490 million, a jump of seven per cent on the year before, and the full-year underlying result was predicted to be between $US 1.03 billion and $US 1.06 billion.

New contracts in North America were credited by CEO Tom Gorman for the strong result.

''The continued growth and improved efficiency of the Americas region of our pallets segment, despite only moderate improvement in economic conditions to date, is particularly pleasing,'' he said, according to Fairfax Media.

Pallet sales in the Americas provide about a third of the company’s revenue. The operating profit in that market grew 23 per cent.