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9 Nov 2009 15:09
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These results (and comparative figures included therein) do not form audited accounts nor have been extracted from audited accounts.Β The results disclosed in this trading update may potentially be subject to adjustments during the audit in respect of goodwill valuations and other minor items.Β The comparative figures used are year on year due to the influence of seasonality within the different businesses in the group.
LONRHO PLC
("Lonrho" or the "Company")
UnauditedΒ Trading UpdateΒ for the Quarter Ended 30Β SeptemberΒ 2009
"LonrhoΒ deliversΒ anΒ 88%Β like for likeΒ increaseΒ inΒ turnoverΒ forΒ the fourthΒ Quarter andΒ aΒ 55%Β like for likeΒ growth in turnoverΒ for theΒ fullΒ Year"
LonrhoΒ PLC (AIM:LONR)Β today announcesΒ itsΒ unauditedΒ fourth quarter results deliveringΒ anΒ 88% increase in turnover for the quarter and aΒ 55% increaseΒ in turnoverΒ for the year ended 30thΒ September 2009 on a like for like basis.Β
Β Highlights for the quarterΒ include:
FourthΒ Quarter turnoverΒ fromΒ continuing operationsΒ wasΒ Β£29.6m.Β This represents aΒ significantΒ increase ofΒ 312%Β on a reported basis, andΒ anΒ 88%Β increase on a like for like basis against the prior year.
Turnover in theΒ fourthΒ quarter has beenΒ driven by growth in all divisionsΒ whichΒ has deliveredΒ the highestΒ quarterly turnoverΒ reported to date,Β led byΒ growth ofΒ the agricultural division.
Turnover for the twelve monthsΒ was Β£90.8m. This is an increase ofΒ 55% on a reported basis against the previous year andΒ 266% increase on a like for like basis.
EBITDA in theΒ fourthΒ quarter was a positiveΒ Β£9.3m, comparedΒ withΒ a loss of Β£7.0m in theΒ same quarter in theΒ prior year on a reported basis.Β
EBITDA for the full yearΒ wasΒ Β£2.3mΒ withΒ each major operating business cash positive.
Unaudited loss before tax for the twelve months ending 30 September 2009 on a reported basis was a loss of Β£4.5m comparedΒ withΒ a lossΒ of Β£38.7m in the previous year.
Net assetsΒ at the end of the fourth quarterΒ stood atΒ Β£84.0m,Β up fromΒ Β£82.6mΒ at 30 June 2009.
The company held cash balances of Β£6.4m at 30 September 2009.
The market capitalisation of the company at the end of the periodΒ was Β£64m.
Agreement in principle has been reached to settle the outstanding legal case with Incat, the previous owners of Luba Freeport, where Incat was claimingΒ US$8.5mΒ (Β£5.3m)Β in disputed outstanding invoices, by an agreed full and final payment of US$1mΒ (Β£0.6m)Β to be paid in monthly instalments over a twelve month period subject to Luba Board approval. Lonrho had madeΒ provisionΒ for liabilitiesΒ arisingΒ from thisΒ claim and as such is expecting to record an exceptional gain of US$5.5m (Β£3.5m) before legal costs in the first quarter of the current financial year.Β
Currency movements have had a negative impact on theΒ SterlingΒ results.Β SterlingΒ has continued to be subject to significant currency fluctuation against the US Dollar and the South African Rand during the current quarter.Β SterlingΒ weakened by 4.7% and 2.9% respectively against the South African Rand and the US Dollar. The US Dollar weakened by 1.9% against the South African Rand. Lonrho's turnover is predominantly reported in US Dollars.Β
Operational Highlights
TheΒ fourth quarter of 2008/09 has seen continued growthΒ and deliveryΒ in the Group's core businesses, despite depressed global markets. The Company's strategy of operating in five key industrial sectors inextricably linked to the growth of Africa (Transportation, Infrastructure, Agriculture, Support Services and Hotels) with operations in seventeen countries across Africa is demonstrably successful andΒ clearlyΒ mitigatesΒ both political andΒ commercialΒ riskΒ in that continent.
Lonrho remains focussed on operating to first world standards across all of its business units, and employing high calibre, well motivated management teams that are experts in their divisional industry to operate the day to day operations within the Group.
The quarterly results show that Lonrho has built a sustainable portfolio of strong businesses across the continent that are well placed for significant growth year on year.
Agribusiness
Rollex SA (51% holding), continues to be the central platform within Lonrho's Agriculture business division and like for like fourth quarter sales were up 65% year on year. Year on Year sales have risen 49%. The Rollex strategic focus remains the vertical integration of the agriculture market, taking African produce, processing and packaging it and delivering it to both local and international markets including Europe, the Middle East and Scandinavia. Lonrho's agribusiness is a significant component of Lonrho's recently completed 5 year strategic business review. The division benefits from the continued development of agriculture for local and export markets in Africa and the growing requirement to deliver production from farm to consumer across the continent.Β
Rollex hasΒ successfullyΒ increased volumesΒ suppliedΒ to two large domestic supermarkets inΒ South Africa, Pick n Pay and Spar,Β by 15%Β quarter onΒ quarter.Β ExportΒ volumesΒ toΒ EuropeΒ continueΒ to be affected by a decreasedΒ demandΒ for fruit and vegetablesΒ in the current global economic conditions.
The NamibianΒ fishΒ processing and packingΒ cold storeΒ hasΒ seen volumes increase from 95 tons in both July and August up to 167 tons in September.Β Fish exports remain highlyΒ related to theΒ volume demand for premium fish fromΒ Europe.Β
RollexΒ Freight and Rollex CargoΒ continue to grow their businesses maximising the back load efficiencies for the trucking fleetΒ used for collecting agricultural produce across southernΒ Africa.
Building work continuesΒ on theΒ John DeereΒ distributorship forΒ AngolaΒ (51% holding)Β Β located in Catete,Β in theΒ BengoΒ Province.Β John DeereΒ AngolaΒ exhibited atΒ the Angolan National Agricultural Fair (FILPA) on the 14 July 2009. TheΒ Lonrho John Deere stand attracted great interestΒ and significant sales enquiriesΒ and firm orders.Β AgriculturalΒ redevelopment remains a primary Angolan Government objective. The Government has announced that it intends to invest US$2 billion in rebuilding Angolan agricultureΒ of whichΒ a reported US$350m ofΒ financial incentivesΒ isΒ being made availableΒ to indigenous farmers to purchase agricultural equipment.
Infrastructure
At Luba Freeport (63% holding),Β the Lonrho oil services terminal in the Gulf of Guinea,Β and Lonrho's largest single asset,Β Β Noble Energy has committed (announcedΒ 27thΒ October) toΒ utilise the port as a central operational base forΒ it'sΒ Gulf of GuineaΒ operations.Β NobleΒ is expected to develop into a further major client for Luba, joining the extensive list of world class tenants already established at the port, including companies such as ExxonMobil, Schlumberger, Hess, M-I Swaco and SBM.
RevenueΒ at LubaΒ has increased byΒ 16% on a reported quarterly basis against the previous year.Β Full year revenues have increasedΒ 9%. The activity for the current quarter is showing strong signs of growth with new drilling programs being initiated off shore byΒ severalΒ existingΒ Luba tenants and general oil industry confidenceΒ in theΒ GulfΒ ofΒ GuineaΒ isΒ clearlyΒ growing.Β
Agreement in principle has been reached to settle the outstanding dispute with Incat, the previous owners of Luba Freeport, where Incat was claiming US$8.5mΒ (Β£5.3m)Β in outstanding invoices, with an agreed payment of US$1mΒ (Β£0.6m)Β paid in twelve instalments. Lonrho had madeΒ provision for liabilities from this claim and as such is expecting to record an exceptional gain of US$5.5m (Β£3.5m) before legal costs in the first quarter of the current financial year.
There has been a delay with the delivery of the new fixed container scannerΒ for the portΒ which is now due to arriveΒ and be installedΒ in theΒ firstΒ quarterΒ ofΒ 2010. When operational, the scanner will provide theΒ premierΒ container scannerΒ security service inΒ Equatorial GuineaΒ and be a major asset for the port.Β
LubaΒ hasΒ establishedΒ a debt facility with bothΒ CCEI bankΒ and BNGE bank to fund immediate capital requirements as they arise and to meet the capital requiredΒ forΒ developingΒ new infrastructure for tenants as theyΒ arrive atΒ the port.Β These facilities areΒ secured against the port's existing assets.
Kwikbuild Corporation Limited (62% holding) and the South African subsidiary e-Kwikbuild (52% holding)Β has reported that,Β Β asΒ explainedΒ Β in the previous quarterly updateΒ the elections in South Africa this year led to a decrease in the number of tendersΒ that were issuedΒ as Government contracts.Β During the current quarter there has beenΒ aΒ four fold increase in the number ofΒ projects released forΒ tenderΒ by the South African Government, comparedΒ withΒ the previous two quarters. Kwikbuild hasΒ reacted toΒ the opportunityΒ created by the upsurge inΒ the tender process andΒ has tendered for significant potential volumes.Β Historically, the company wins circa 40% of tender applicationsΒ that they have submitted.Β During quarterΒ fourΒ Kwikbuild hasΒ secured newΒ orders to the value of Β£1.5m (ZAR 18m).
Hotels
At the Hotel Cardoso in Mozambique (59% holding + Management Contract),Β occupancy continuesΒ to exceedΒ expectations withΒ close toΒ Β 80% during JulyΒ andΒ achievingΒ an average room rate ofΒ overΒ US$100 per night compared with a room rate of US$73 per night in July 2008. This was driven by increased tourist numbers coming fromΒ South Africa.Β The refurbished restaurantΒ with its new terrace overlooking the bayΒ andΒ the redevelopment of theΒ parkΒ adjacent to the hotel, including the new playground and coffee shop,Β have firmly re-established the Hotel Cardoso at the premier end of the Maputo hotel market.
Hotel Grand Karavia inΒ Lubumbashi, DRC, (50% holding + Management Contract) continues with its US$20m refurbishment.Β The hotel will provide the only international standard accommodation inΒ Lubumbashi, the centre of the burgeoningΒ copper beltΒ of the DRC.Β Development of theΒ hotelΒ hasΒ had someΒ supplierΒ delaysΒ in regard toΒ delivery of windows and other items fromΒ TurkeyΒ resultingΒ inΒ the opening of the hotel scheduled for December 2009Β beingΒ likely to be put back until January 2010. The recovery of the copper sector inΒ LubumbashiΒ continues and demand for hotel rooms is expected to be even greater in 2010.Β The executive management team at the hotel have joined the company as from the 1stΒ October as plannedΒ and are working on the opening program.
Transport
Lonrho's pan AfricanΒ regionalΒ aviation company, Fly540, has continued toΒ expand its network andΒ build on its reputation for reliability, safety and punctuality.Β Fly540 remains focused on delivering the firstΒ international standardΒ regionalΒ AfricanΒ airline thatΒ services two key markets;Β regionalΒ distribution forΒ intercontinentalΒ carriers flying into Africa and the ability for passengers inΒ AfricaΒ to travel north to south and east to westΒ across the continent.Β
TheΒ Fly540 Kenya andΒ TanzaniaΒ businessesΒ continue to operate profitably as a result of increased local demand, withΒ 58,008Β passengers carried during this quarter,Β which isΒ 19% higher than the previous quarter. Revenue this quarter has grown byΒ 160% compared to the prior year. Advance bookings for the peak December period have already beenΒ sold out at full fare,Β andΒ additional peak December flights provided in the quarter alsoΒ sold outΒ within a short period of being made available.
540 AngolaΒ (60% holding)Β has,Β during the quarter,Β continuedΒ to work with the AngolaΒ CivilΒ aviation authority to convert theΒ Air Services Licence (ASL), received in the previous quarter,Β to an Air Operators Certificate (AOC)Β necessary toΒ permitΒ flight operationsΒ toΒ commence. It is expected that flight operationsΒ will commence before the end of the calendar year.Β Initial destinations for Fly540 Angola will includeΒ the major centres ofΒ Cabinda,Β Luanda,Β Soyo,Β Benguela, Huambo,Β and MalanjeΒ andΒ thereafterΒ grow to fifteen domestic destinations.Β Operations are centred out of Cabinda,Β (theΒ centre of the oil industry) andΒ Luanda.Β LonrhoΒ plans toΒ initially deploy two new ATR72 aircraft toΒ AngolaΒ to establish the primary routesΒ and further aircraftΒ as the operation grows.Β The company is in the process of concluding the necessary financing arrangements.
FlyΒ 540Β GhanaΒ (60% holding),Β has during the quarter been awarded an Air Services Licence by the Ghana Civil AviationΒ Authority andΒ is rapidly finalising the process to convert this ASL to an Air Operators Certificate (AOC). Flight operations are expectedΒ to commence early in 2010.Β
FlyΒ 540Β ZimbabweΒ (a LonZim company),Β plansΒ to commence operations inΒ the next quarter.Β Β Lonzim Air, a wholly owned subsidiary of LonzimΒ Plc,Β has purchasedΒ one ATR 42 turbo prop fromΒ the Lonrho Aviation Fleet forΒ US$4.3mΒ to facilitate passenger operationsΒ inΒ ZimbabweΒ as leasing aircraft intoΒ ZimbabweΒ in the current environment is difficult.Β Fly 540 will earn a license fee of 2.5% of gross turnover and a monthly management fee of US$35,000 for managerial servicesΒ to Fly 540 Zimbabwe.Β
Support Services
Bytes & Pieces (65% holding),Β is the market leader inΒ the IT sector inΒ MozambiqueΒ andΒ continues to grow as a result ofΒ expanding businessΒ to existing clients as theΒ marketΒ benefitsΒ from theΒ continuedΒ economic growthΒ of Mozambique.Β Bytes andΒ PiecesΒ accounts forΒ 80% of the revenue generated by the support services division.Β Β Revenue has grown this quarter byΒ 28% comparedΒ withΒ the same period last year.Β
During the current quarter Bytes and Pieces hasΒ wonΒ a complete ITΒ outsourcingΒ Β contract with RiverdaleΒ Mining Limited valued at circaΒ US$145k per yearΒ andΒ hasΒ also been appointed as their sole IT supplier.Β Riverdale Mining Limited has acquired coal exploration tenements inΒ MozambiqueΒ with the combined tenement size now in excess of 250,000 hectares in the Tete-Moatize area. New products added during the quarterΒ includeΒ the Silver Bed wide area networkΒ accelerator.
CESΒ Zambia (50% holding+ Board Control), started trading in quarter three and is already on track toΒ achieveΒ US$1mΒ turnoverΒ in the first 12 months of operation.Β
Lonrho IT (CES, 50% holding + Board Control), continues to grow its operations across Southern Africa. In South Africa the Johannesburg and Nelspruit offices continue to expand. Plans to take CES into Malawi and the booming Angolan market where the company can utilise its in-house Portuguese workforce to gain a competitive advantage are well advanced. Β
LonZim Plc
LonzimΒ Plc,Β (LonZim)Β in which Lonrho has aΒ 27.87% shareholdingΒ and a management contract,Β previouslyΒ announcedΒ thatΒ AMB CapitalΒ (Ireland) Limited ("AMB"),Β actingΒ in concert with Damille Partners (Damille)Β hadΒ requisitionedΒ an Extraordinary General Meeting ("EGM") of its shareholdersΒ to dispose of theΒ Company's assetsΒ and return cash to shareholders.Β LonZimΒ is pleased to announce that at theΒ Extraordinary General Meeting held on 30 July, that allΒ of the proposedΒ hostileΒ resolutions wereΒ defeated. In a strong vote of confidence in the Company, its Directors and its objectives, a significant majority of shareholders voted to support the existing Board and maintain the Company's current investmentΒ mandate to develop a business portfolio inΒ Zimbabwe.
A market update issued by LonZim on the 15 October 2009 highlighted that the portfolio of businesses acquired by LonZim over the past two years reflected (at acquisition cost) that LonZim's market capitalisation represented a 62% discount to the cost of the businesses acquired.
LonZim PlcΒ announced that it had invested US$2.3m for 51% of Panafmed, a new start up business that imports,Β wholesales andΒ distributes pharmaceutical products inΒ Zimbabwe. Panafmed has filled an essential market need supplyingΒ NGO's, private and publicΒ hospitals, clinics and pharmacies with quality products delivered via a professional, secure and chilled refrigerated logistics chain.Β
Lonzim PlcΒ alsoΒ announced that two new Directors have been appointed.
David Armstrong, the Lonrho Plc Finance Director,Β has also assumed the role of Finance Director for LonZim Plc. David is an experiencedΒ FinanceΒ Director, with extensive knowledge of the African market, gained whilst the Commercial Director atΒ DiageoΒ Africa.
Colin Orr Ewing has been appointed as a non executive Director ofΒ LonZim Plc. Colin isΒ highly experienced in the African resources sector and his career as an investment manager, initially with Shell Pension Fund and thereafter with a series of fund managers focused onΒ Africa,Β brings a strong set of independent skills to the Board
Β
Financing Activities
LonrhoΒ announcedΒ on 11thΒ AugustΒ thatΒ it hadΒ issuedΒ 35,277,423Β ordinaryΒ sharesΒ at a price ofΒ 7.047pΒ (equating toΒ 4.415% of the Company)Β toΒ Altima Global Special OpportunitiesΒ MasterΒ Fund LimitedΒ a fund managed by Altima Partners LLPΒ for cashΒ toΒ meet an existing obligation under the purchase agreement of its 51% stake in Rollex (SA) PtyΒ Ltd ('Rollex') announced inΒ April 2008. The sharesΒ issuedΒ by the Company DirectorsΒ areΒ under the existing authority approved at the Company's EGM on the 9thΒ December 2008.
Unaudited Loss Before Tax
Interim results reported a profitΒ before taxΒ of Β£0.6m after recognising a foreign exchange gain (Β£6.1m). The unaudited loss before taxΒ ofΒ Β£4.5m for the full year is in line with management expectations during this start-upΒ and growth phase of the company, and in particular includes the continued roll out of Fly 540, the pan African aviation company during the second half of the year.Β
Current Trading andΒ Future Outlook
Each of the Company'sΒ core businesses continuedΒ to perform to expectationsΒ duringΒ theΒ fourthΒ quarter.Β Β The impactΒ of the global recessionΒ on the African continent is less severe andΒ the majority of economicΒ forecasts expect sub Saharan growth in GDP toΒ continueΒ in 2009Β albeit at a slower rateΒ and to recover strongly in the oil, naturalΒ resource and agricultureΒ focused economies across the continentΒ in 2010.Β
TheΒ LonrhoΒ strategy has proven to be resilient and the company focuses onΒ the industry sectors and specificΒ countriesΒ which it believes will continue to provide the strongest growth inΒ Africa.Β
The fact that the Group has been able to deliver a positive EBITDA for the year reinforces the growth that has occurred within the Group during the current year. The first quarter of 2010 is set to see strong progress for the group with 540 Angola commencing flight operations, and the Karavia hotel opening in January 2010 and Lonrho Agribusiness opening the John Deere operations in Angola and commencing exports to supermarkets in the Middle East. However trading conditions remain challenging as a result of the global economic climate and fluctuations in the currency markets.
The audited full year accounts will be released in the first quarter 2010.
Β
.
David Lenigas, Lonrho's Executive Chairman commented:
"I am delighted that theΒ LonrhoΒ management teamsΒ have demonstrated significant progress delivering real growth and strong tangible businesses on the ground.Β Turnover for the year has risen to Β£90.8mΒ and each divisionΒ is operationally cash positive. Lonrho has producedΒ EBITDA positiveΒ resultsΒ for the yearΒ proving that theΒ Company hasΒ delivered on its commitmentsΒ andΒ hasΒ becomeΒ a significant African business.Β
TheΒ solidΒ foundationsΒ that are nowΒ in placeΒ across all five divisions, in seventeen countries,Β provideΒ the building blocks for furtherΒ developmentΒ and profitable growthΒ this year.Β
To develop it'sΒ assetsΒ and to take advantage of other opportunities as they ariseΒ mayΒ require capital.Β Lonrho hasΒ minimalΒ debt and with theseΒ impressiveΒ divisional results,Β each of the divisions is in aΒ goodΒ position to raise local debt toΒ helpΒ fundΒ further expansion.Β Β
The future African economy is driven by oil, natural resources and agriculture. Lonrho is ideally placed to participate in and benefit fromΒ theseΒ specific marketΒ opportunitiesΒ acrossΒ the continent."
Β
LONRHO GROUP
GROUP TURNOVERΒ
1Β JulyΒ to 30Β SeptemberΒ 2009
Β£'000S
|
TURNOVER on a reported basis |
||||
|
3 Months to 30Β SeptΒ 2009 |
3 Months to 30Β Sept 2008 |
Β Variance |
Var % |
|
|
Agri Processing |
||||
|
Rollex |
13,825 |
0 |
13,825 |
100% |
|
Transport |
||||
|
Lonrho Aviation |
8,939 |
3,444 |
5,495 |
160% |
|
Support Services |
||||
|
Bytes & Pieces |
1,632 |
1,272 |
360 |
28% |
|
Other |
611 |
328 |
282 |
86% |
|
Infrastructure |
||||
|
LubaΒ Freeport |
1,950 |
1,679 |
271 |
16% |
|
E-Kwikbuild |
317 |
0 |
317 |
100% |
|
Hotels |
||||
|
Hotel Cardoso |
849 |
465 |
384 |
83% |
|
Hotel management services |
425 |
0 |
425 |
100% |
|
Other/ Head office |
1,035 |
0 |
1,035 |
100% |
|
Continuing operations |
29,582 |
7,188 |
22,394 |
312% |
|
Shipping -Discontinued |
||||
|
SAILS |
0 |
4,212 |
-4,212 |
-100% |
|
Discontinued operations |
0 |
4,212 |
-4,212 |
-100% |
|
Total Turnover |
29,582 |
11,400 |
18,183 |
160% |
Including Rollex and E-Kwikbuild and removal of Sails from 2008 results
Results and turnover sourced from September 2009 management accounts
Β
LONRHO GROUP
GROUP TURNOVERΒ
1 July to 30 September 2009
Β£'000S
|
LIKE FOR LIKE TURNOVERΒ |
||||
|
3 Months to 30Β SeptΒ 2009 |
3 Months to 30Β Sept 2008 |
Variance |
Var % |
|
|
Agri Processing |
||||
|
Rollex |
13,825 |
8,346 |
5,479 |
65% |
|
Transport |
||||
|
Lonrho Aviation |
8,939 |
3,444 |
5,495 |
160% |
|
Support Services |
||||
|
Bytes & Pieces |
1,632 |
1,272 |
360 |
28% |
|
Other |
611 |
328 |
282 |
86% |
|
Infrastructure |
||||
|
LubaΒ Freeport |
1,950 |
1,679 |
271 |
16% |
|
E-Kwikbuild |
317 |
169 |
147 |
87% |
|
Hotels |
||||
|
Hotel Cardoso |
849 |
465 |
384 |
83% |
|
Hotel management services |
425 |
0 |
425 |
100% |
|
Other/ Head office |
1,035 |
0 |
1,035 |
100% |
|
Continuing operations |
29,582 |
15,703 |
13,879 |
88% |
|
Shipping -Discontinued |
||||
|
SAILS |
0 |
4,212 |
-4,212 |
-100% |
|
Discontinued operations |
0 |
4,212 |
-4,212 |
-100% |
|
Total Turnover |
29,582 |
19,915 |
9,667 |
49% |
Including Rollex and E-Kwikbuild and removal of Sails from 2008 results
ResultsΒ andΒ turnoverΒ sourced fromΒ SeptemberΒ 2009 management accounts
Β
LONRHO GROUP
GROUP TURNOVERΒ
TWELVEΒ MONTHS to 30Β SEPTEMERΒ 2009
Β£'000S
|
TURNOVER on a reported basis |
||||
|
12Β Months to 30Β SEPTΒ 2009 |
12Β Months to 30Β SEPT 2008 |
Variance |
Var % |
|
|
Agri Processing |
||||
|
Rollex |
46,529 |
0 |
46,529 |
100% |
|
Transport |
||||
|
Lonro Aviation |
20,834 |
9,304 |
11,530 |
124% |
|
Support Services |
||||
|
Bytes & Pieces |
6,773 |
5,161 |
1,612 |
31% |
|
Other |
1,728 |
915 |
813 |
89% |
|
Infrastructure |
||||
|
LubaΒ Freeport |
7,974 |
7,323 |
651 |
9% |
|
E-Kwikbuild |
1,276 |
0 |
1,276 |
100% |
|
Hotels |
||||
|
Hotel Cardoso |
3,022 |
1,783 |
1,239 |
70% |
|
Hotel management services |
425 |
0 |
425 |
100% |
|
Other/ Head office |
1,035 |
0 |
1,035 |
100% |
|
Continuing operations |
89,595 |
24,486 |
65,109 |
266% |
|
Shipping -Discontinued |
||||
|
SAILS |
1,187 |
18,566 |
-17,379 |
-94% |
|
Discontinued operations |
1,187 |
18,566 |
-17,379 |
-94% |
|
Total Turnover |
90,782 |
43,052 |
47,730 |
111% |
Including Rollex and E-Kwikbuild and removal of Sails from 2008 results
Results and turnover sourced from September 2009 management accounts
LONRHO GROUP
GROUP TURNOVERΒ
TWELVE MONTHS to 30 SEPTEMER 2009
Β£'000S
|
LIKE FOR LIKE TURNOVERΒ |
||||
|
12Β Months to 30Β SEPTΒ 2009 |
12Β Months to 30Β SEPTΒ 2008 |
Variance |
Var % |
|
|
Agri Processing |
||||
|
Rollex |
46,529 |
31,132 |
15,397 |
49% |
|
Transport |
||||
|
Lonrho Aviation |
20,834 |
9,304 |
11,530 |
124% |
|
Support Services |
||||
|
Bytes & Pieces |
6,773 |
5,161 |
1,612 |
31% |
|
Other |
1,728 |
915 |
813 |
89% |
|
Infrastructure |
||||
|
LubaΒ Freeport |
7,974 |
7,323 |
651 |
9% |
|
E-Kwikbuild |
1,276 |
2,241 |
-965 |
-43% |
|
Hotels |
||||
|
Hotel Cardoso |
3,022 |
1,783 |
1,239 |
70% |
|
Hotel management services |
425 |
0 |
425 |
100% |
|
Other/ Head office |
1,035 |
0 |
1,035 |
100% |
|
Continuing operations |
89,595 |
57,859 |
31,737 |
55% |
|
Shipping -Discontinued |
||||
|
SAILS |
1,187 |
18,566 |
-17,379 |
-94% |
|
Discontinued operations |
1,187 |
18,566 |
-17,379 |
-94% |
|
Total Turnover |
90,782 |
76,425 |
14,358 |
19% |
Including Rollex and E-Kwikbuild and removal of Sails from 2008 results
ResultsΒ andΒ turnoverΒ sourced fromΒ SeptemberΒ 2009 management accounts
Enquiries
|
LonrhoΒ Plc |
- |
|
DavidΒ Lenigas,Β Executive Chairman |
+44Β (0)20Β 7016Β 5105 |
|
Geoffrey White, Chief Executive Officer |
+44Β (0)20Β 7016Β 5105 |
|
David Armstrong, Finance Director |
+44Β (0)20Β 7016Β 5105 |
|
Β |
Β |
|
Pelham PR |
Β |
|
CharlesΒ Vivian |
+44Β (0)Β 20Β 7337 1538 |
|
Β |
+44Β (0)Β 7977Β 297903 |
|
James MacFarlane |
+44Β (0)Β 20Β 7337 1527 |
|
Β |
+44Β (0)Β 7841 672831 |
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Beaumont CornishΒ LimitedΒ Β (Nomad) |
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Rosalind Hill Abrahams |
+44 (0) 20 7628 3396 |
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Roland Cornish |
+44 (0) 20 7628 3396 |
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