• Home »
• Press »
• News »
• Latest News »
• Unaudited Trading Update

Lonrho delivers an 88% like for like increase in turnover for the fourth Quarter and a 55% like for like growth in turnover for the full Year

Lonrho PLC (AIM:LONR) today announces its unaudited fourth quarter results delivering an 88% increase in turnover for the quarter and a 55% increase in turnover for the year ended 30th September 2009 on a like for like basis.

 Highlights for the quarter include:

• Fourth Quarter turnover from continuing operations was £29.6m. This represents a significant increase of 312% on a reported basis, and an 88% increase on a like for like basis against the prior year.
• Turnover in the fourth quarter has been driven by growth in all divisions which has delivered the highest quarterly turnover reported to date, led by growth of the agricultural division.
• Turnover for the twelve months was £90.8m. This is an increase of 55% on a reported basis against the previous year and 266% increase on a like for like basis.
• EBITDA in the fourth quarter was a positive £9.3m, compared with a loss of £7.0m in the same quarter in the prior year on a reported basis.
• EBITDA for the full year was £2.3m with 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 £4.5m compared with a loss of £38.7m in the previous year.
• Net assets at the end of the fourth quarter stood at £84.0m, up from £82.6m at 30 June 2009.
• The company held cash balances of £6.4m at 30 September 2009.
• The market capitalisation of the company at the end of the period was £64m.
• Agreement in principle has been reached to settle the outstanding legal case with Incat, the previous owners of Luba Freeport, where Incat was claiming US$8.5m (£5.3m) in disputed outstanding invoices, by an agreed full and final payment of US$1m (£0.6m) to be paid in monthly instalments over a twelve month period subject to Luba Board approval. Lonrho had made provision for liabilities arising from this claim and as such is expecting to record an exceptional gain of US$5.5m (£3.5m) before legal costs in the first quarter of the current financial year.
• Currency movements have had a negative impact on the Sterling results. Sterling has continued to be subject to significant currency fluctuation against the US Dollar and the South African Rand during the current quarter. Sterling 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.

Download the Quarterly update in full

Contact details

Published : 26/11/2009 16:20:47