Lonrho back into profit

A strong fourth quarter helped Africa-focused agribusiness and leisure group Lonrho turn a profit last year.Fourth quarter revenue to September rose by 13% to £33.6m with pre-tax profits of £2.9m. Full year revenues increased by 20% to £107.7m, with profits at £0.5m against losses of £4.5m previously."Lonrho has reached an important point in its development. Having moved into profitability for the financial year and following on from its successful bond issue, the company is in a position of strength entering the new financial year to deliver further growth. The opportunities now being implemented by Oceanfresh in the US and the imminent launch of Fly540 Angola and Ghana, the recent opening of new hotels, new clients arriving at Luba and the continued growth of the African economy mean the Group is well positioned to deliver substantial growth," chairman David Lenigas said.