Boosted Dividend and Upgraded Outlook
Brambles recently announced a significant increase in its dividend and full-year expectations following an impressive 21% rise in first-half profit. This growth can be attributed to price hikes and a favorable shift in lumber prices.
Financial Highlights
The Australia-based company, which operates in U.S. dollars, revealed an underlying profit of $664.7 million for the six months ending in December – marking a 19% increase after adjusting for currency fluctuations. Sales revenue from ongoing operations climbed by 12% to $3.23 billion on a constant-currency basis.
Solid Performance
On a statutory basis, Brambles posted a net profit of $391.3 million, reflecting a 15% rise compared to the previous year at constant FX rates. These figures surpassed the average analyst expectations, which had predicted a net profit of $384.9 million based on revenues of $3.27 billion.
Positive Outlook for 2024
Looking ahead, Brambles anticipates an even stronger financial performance for the full 2024 fiscal year, with underlying profits projected to increase by 13-15% at constant currency rates. This forecast marks a significant upgrade from the initial expectation of a 9-12% rise.
For more updates on Brambles’ financial progress, stay tuned for future announcements.
