Lornho and Fly540 subsidiary report revenue increase in Jun-2010 quarter
Lonrho, parent company of Fly540, reported (29-Jul-2010) the following financial highlights in the three months ended Jun-2010, the company's traditionally weakest quarter:
- Revenue: GBP26.8 million, +44.6% year-on-year;
- Transport Business (Fly540): GBP4.8 million, +23.0%;
- EBITDA: GBP1.5 million, compared to (GBP2.4 million) in the previous corresponding period;
- Profit before tax: (GBP903,000) compared to (GBP4.5 million) in the previous corresponding period;
- Net assets: GBP101.9 million. [more]
Lonrho: "Revenue for the [transport] division has increased to GBP4.8 million, 23% above the figure reported for the same period in the prior year. Year to date Fly540 has generated GBP14.6 million in turnover, and with the fourth quarter traditionally generating around 40% of annual turnover, the company is confident 2010 will deliver significant year on year growth as the airline expands and grows demand," Company Statement, 29-Jul-2010.
Lonrho: “The 45% year-on-year increase in third quarter turnover is an excellent achievement by the management of each division in the current economic climate. Lonrho continues to deliver on its core strategy of investing in, and growing businesses with focused synergies to the core economic drivers of Africa; oil, agriculture and minerals. All the divisions of Lonrho have delivered considerable growth in the quarter, with reported turnover increases ranging between 20% and 118%. Having completed, or nearly completed the investment phase in many of the businesses the Company can be confident that the last quarter of 2010 and 2011 will reflect the strong foundations for growth that have now been successfully established,” David Lenigas, Executive Chairman. Source: Company Statement, 29-Jul-2010.