CANBERA (dpa-AFX) - Brambles Ltd. (BXB.AX, BMBLF.PK), a pooling solutions company, reported that its profit after tax for the first-half of fiscal year 2023 increased 9% year-over-year to US$331.1 million, while basic earnings per share rose 12% to 23.9 US cents from previous year.
Profit after tax from continuing operations of US$334.5 million, increased 21% at constant currency as the strong Underlying Profit performance was partly offset by higher net finance costs and a net charge relating to hyperinflationary economies.
Underlying profit and operating profit of US$548.8 million increased 25% at constant currency and included about US$35 million of deferred net plant and transport costs due to lower pallet return rates in the period and US$8 million of Australian flood insurance proceeds.
Excluding the benefits, Underlying profit rose 16% at constant currency as contributions from pricing actions and incremental North American surcharge income more than offset input-cost inflation, higher lost equipment charges and incremental overhead investments to support growth and the transformation program.
Sales revenue from continuing operations were US$2.93 billion increased 14% at constant currency, driven by price realization reflecting contributions from pricing actions taken in the current period and the prior year to recover cost-to-serve increases across the Group.
The company has declared an interim dividend of 12.25 US cents per share, representing a 14% increase over the fiscal year 2022 interim dividend.
The fiscal year 2023 interim dividend will be declared in US cents and paid as 17.67 Australian cents per share. The interim dividend is payable on 13 April 2023 to shareholders on Brambles' register on 9 March 2023. The ex-dividend date is 8 March 2023.
For the year ended 30 June 2023, Brambles now expects sales revenue growth to be between 12% and 14% at constant currency; underlying Profit growth of 15%-18% at constant currency.
Brambles said in August 2022 it expected annual sales revenue growth between 7% and 10% at constant FX rates; underlying Profit growth between 8% and 11% at constant FX rates.
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