Lonrho Group profits surge in 2QFY2011

Lonrho revenue up 37% - financial highlights:

• Three months ended 31-Mar-2011:
  • Revenue: GBP33.5 million, +36.5% year-on-year;
    • Transportation: GBP5.5 million, +18.3%;
  • Gross profit: GBP8.8 million, +34.0%;
    • Transportation: GBP1.0 million, +143.5%;
  • EBITDA: GBP1.9 million, compared to a loss of GBP0.8 million in p-c-p;
  • Passenger numbers:
    • Fly540 Kenya: +25%;
• Six months ended 31-Mar-2011:
  • Revenue: GBP61.1 million, +29.2%;
    • Transportation: GBP10.1 million, +2.5%;
  • Gross profit: GBP15.2 million, +33.9%;
    • Transportation: GBP1.2 million, +27.9%;
  • EBITDA: GBP3.6 million, compared to a loss of GBP2.5 million in p-c-p;
  • Profit (loss) before tax: (GBP3.0 million), compared to a loss of GBP1.5 million in p-c-p;
  • Net assets: GBP123.7 million, -0.7% when compared period ended 31-Dec-2010;
  • Cash: GBP17.8 million, -49.7% when compared period ended 31-Dec-2010. [more]
    

Lonrho: "The Company has seen short-term delays affect the speed of deployment in some of the growth businesses such as the roll out of Fly540 Angola but these are now coming on track and delivering promising results. It is anticipated that there will be 10 routes operational in Angola by the end of the year with more following in FY12. Margins in the aviation division in Kenya remain under pressure due to high levels of competition in the Kenyan market," Company statement. Source: Lonrho, 05-May-2011.