Lonrho Group returns to profitability in FY2010

Lonrho Group, which owns a 49% stake in Fly540, reported (06-Dec-2010) the following financial highlights for the 12 months ended 30-Sep-2010:

• Revenue (continuing operations): GBP107.8 million, +20% year-on-year;
  • Transportation: GBP21.5 million, +0.5%;;
• EBITDA: GBP9.4 million, +336.4%;
• Profit before tax (continuing operations): GBP0.5 million, compared to a loss of GBP5.9 million in p-c-p;
• Net profit: GBP0.3 million, compared to a loss of GBP7.6 million in p-c-p;
• Total assets: GBP196.4 million, +40.4%;
• Cash balances: GBP7.8 million;
• Total liabilities: GBP68.7 million, +16.8%. [more]
  

Lonrho: "Fly540's East African hub is showing strong growth and has built market share to 15% of the domestic market in Kenya. The services into Tanzania, Uganda and Burundi further expanded the network during the year. Fly540 network is building towards carrying half a million passengers per year. This will grow significantly once the Angolan and Ghanaian hubs are operational and the objective for the network remains to be connecting eighteen countries by the end of 2012," Company statement. Source: Lonrho, 06-Dec-2010.