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Brambles profit nears US$1 billion

SYDNEY: Supply chain logistics company Brambles has reported a 3.0 percent rise in net profit to US$985.5 million on revenue of US$5.46 billion for its fiscal year ending June, 2015.

Brambles Limited operates primarily through its CHEP and IFCO brands to provide shippers with a pool of 500 million pallets, crates and containers for shared use via 1,000 service centers in 60 countries.

The company has customers in the fast-moving consumer goods sector, as well as in perishables, beverage, retail and general manufacturing industries. Its specialist container logistics business serves the automotive, aerospace and oil and gas sectors.

chep aerospaceCommenting on the annual results, Brambles' CEO Tom Gorman said: "The sales and profit growth we delivered in FY15 reflect the continued ability of our people and operations to keep delivering growth over and above the rate of growth in the industries we serve. Our consistent growth has come despite economic conditions that remain muted and uncertain, intensifying competitor activity and limited pricing opportunities.

"We also benefited in the year from the delivery of direct cost efficiency programs, a disciplined approach to asset deployment, indirect cost reductions, and our ongoing investment in improved control and recovery of our equipment. This enabled us to deliver a higher group operating margin despite cost pressures in the North American pallets business resulting from high equipment repair and transportation costs," he added.

Brambles is forecasting a 6-8 percent growth in sales in its current fiscal year to realize US$1.0-1.2 billion in net (underlying) profit by the end of Fiscal 2016. Company capex is expected to be US$1.5 billion by 2019 to support ongoing supply-chain restocking; the establishment of differentiated reusable plastic crate offerings for major retail customers; the rollout of new pallet platforms to provide better solutions for customers; and further expansion in emerging markets.

"This outlook represents continued delivery of profitable growth despite the tepid nature of global economic recovery and ongoing cost pressures in our North American Pallets business," Gorman noted.

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