 |
 |
| Currently viewing: HIGHLIGHTS | Next: CHAIRMAN AND CHIEF EXECUTIVE'S REPORT |
|
BARLOWORLD DELIVERS STRONG PERFORMANCE FOR THE HALF YEAR
- Operating profit increases 30% to R1 279 million
- Headline earnings per share from continuing operations up 105% to 345 cents
- Headline earnings per share from continuing operations (excluding STC on 2007 special dividend) up 50%
- Laboratory business unit disposed for R1 077 million (GBP 75 million)
- Coatings division listed and unbundled to shareholders
- Logistics acquisitions position business for international growth
Clive Thomson, CEO of Barloworld, said:
“The Barloworld group delivered strong growth in earnings for the half year. This was driven by the Equipment division in southern Africa which continued its growth tra_jectory given robust demand from the mining and construction sectors. In Spain, housing construction slowed, however, public works activity has been affected to a lesser extent.
The Automotive division experienced difficult trading conditions in South Africa and Scandinavia. Within Handling, the strong southern African performance was partly offset by weak trading conditions in the US and modest growth in the UK. The Logistics division performed well and will be boosted by the recent acquisitions.
The strategic actions announced last year to refocus the group were completed in the first quarter. The sale of the Laboratory business was concluded in November and the shares in Freeworld Coatings were listed and unbundled to shareholders in December 2007. Our BEE transaction will be finalised in the short term and we look forward to the benefits it will bring to the company, our employees, and our empowerment partners.
The group’s operating performance is expected to remain strong, driven by the Equipment business in southern Africa.”
12 May 2008