TIDMLONR
RNS Number : 1135Q
Lonrho PLC
29 July 2010
29th July 2010
These results (and comparative figures included therein) do not form audited
accounts nor have been extracted from audited accounts. The results disclosed in
this trading update may potentially be subject to adjustments during the yearend
audit in respect of goodwill valuations and other minor items. The comparative
figures used are year on year due to the influence of seasonality within the
different businesses in the group.
LONRHO PLC
("Lonrho" or the "Company" or the "Group")
Lonrho Delivers 45% Increase in Third Quarter Turnover
Lonrho Plc (AIM:LONR) today announces its unaudited results for the third
quarter to 30 June 2010. The Company continues to grow, both through its
underlying businesses and via strategic acquisitions within Lonrho's chosen
strategic business sectors.
Financial highlights for the quarter include:
· Turnover from operations for the quarter increased by 44.6% (42.4% in
comparable currency) compared to the prior year, to reach GBP26.8m. Results for
the 9 months to 30 June reported improved turnover of 23.4% to GBP74.0m, in
comparable currency this increase was 30.3%.
· The Company improved EBITDA performance reporting a positive GBP1.5m in
the third quarter, compared to a loss in the prior year of GBP2.4m. EBITDA for
the year to date is now GBP4.3m, well ahead of the GBP7.0m loss at the same
point in the prior year.
· Year to date, the Company has made a loss before tax of GBP2.5m. This is
compared to the reported loss in the prior year of GBP6.2m, when adjusted for
exceptional items.
· Net Assets at 30 June stood at GBP101.9m whilst the Company market
capital was GBP114.7.
Operational highlights for the quarter include:
· The 197 room Hotel Grand Karavia in Lubumbashi in the DRC was opened on
budget and inaugurated by President Kabila. Initial responses to the hotel have
far exceeded expectations.
· The purchase of a majority stake in Oceanfresh Seafoods, further
expanding the capabilities and synergies in the Lonrho agribusiness division
opening up new trade opportunities in the USA market.
· Purchasing the remaining 49% of Rollex, the vertically integrated
agri-processing company, to increase ownership in the Company's most profitable
business to 100%.
· The acquisition of Trak-Auto, the John Deere tractor and Komatsu
equipment dealership in Mozambique, a country with significant mineral and
agriculture growth potential.
Divisional Highlights:
Agribusiness
During the quarter, the Agribusiness division has undergone significant
strategic development which will help to deliver the forecast growth in the
future. This has included the purchase of two businesses, as well as the
acquisition of the remaining 49% of shares in Rollex which were not previously
owned by the Company.
· During the quarter, the Agribusiness division has added 39% to reported
turnover compared to Q3 2009, growing the quarterly turnover to GBP13.7m. For
the 9 months to 30 June the increase in revenue in the division has been 14.9%,
and when taken in comparable currencies 20.9%.
· On 7 June, the Company completed the purchase of Oceanfresh Seafoods (51%
holding), a leading vertically integrated producer and supplier of premium,
sustainable seafood from Africa. The acquisition was aimed at expanding the
operations of Lonrho Agriculture into new markets including the USA. Lonrho paid
a consideration of R3.8m (GBP336,860) for the equity, and made a working capital
injection of R7.7m (GBP682,642) to provide the company with the financial
ability to meet its growth opportunities.
· The strength of the acquisition strategy with Oceanfresh has already been
demonstrated, with the Company announcing on 20 July it had won a contract to
supply leading US retailer Costco with 'Cape Hake Fillets'. This new product,
which has been on a successful trial at Costco for the past eight months, will
be rolled out through 50 stores in the Los Angeles region in the coming months.
With further stores in the San Diego, Texas and Chicago regions to be supplied
in 2011, the growth potential of this business is significant. The Oceanfresh
management have further seen an impressive increase in orders from the South
African retail sector since acquisition and are implementing strategic synergies
with Rollex that will improve margins and reduce overheads for both businesses.
· On 18 May, the Company announced the agreement to acquire the remaining
49 per cent of the issued share capital in Rollex SA Pty Ltd that Lonrho did not
previously own from the trustees of the De Robillard Family Trust. The effect of
the transaction on the Company will be to give Lonrho 100 per cent control of
Rollex and as a result, increase the level of profit attributable to Lonrho
shareholders in the Group profit and loss account. The acquisition has been paid
for by the issue of 42,119,258 Lonrho shares to an agreed price of R51,450,000
being approximately 10.98 pence per share. The previously agreed purchase of the
remaining minority stake in the Fresh Direct agricultural company in the coming
quarter will complete the integration of the Lonrho agribusiness division.
· On 8 April, the Company completed the acquisition of 100% of Trak-Auto
Lda (Trak-Auto), the existing holder of the John Deere and Komatsu dealerships
in Mozambique. John Deere is a leading supplier of agricultural equipment and
Komatsu is one of the world's largest manufacturers of construction, mining and
utility equipment. Lonrho acquired the company at a cost of US$2m payable on
acquisition and three annual payments of US$1m deferred and contingent on the
vendor, who continues to manage the business, meeting agreed growth targets.
Since acquisition the company has seen strong demand from the growing number of
new large scale agricultural and mining projects being launched in Mozambique.
Transport
Fly540 East Africa has opened a ninth domestic route in Kenya and reported
strong growth from increased capacity in Tanzania resulting from building demand
for Fly540 services. With the Fly540 Southern Africa hub in Angolan finally
scheduled to have its first flight on the 15 August, the transport division is
continuing to develop and meet the objective of building Fly540 into the
preeminent regional carrier connecting Africa.
· Revenue for the division has increased to GBP4.8m, 23% above the figure
reported for the same period in the prior year. Year to date Fly540 has
generated GBP14.6m in turnover, and with the 4th 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.
· The first flight from the Angolan hub is scheduled for 15 August. Whilst
being delayed from the Company's planned start date, this flight will represent
a step change in the trajectory of the Fly540 network into a domestic and
regional market that is seeing an economic boom and is chronically underserviced
presently.
· Fly540 Kenya has, during the quarter added a new ninth domestic route to
its already comprehensive schedule. Now flying to Kakamega, Fly540 is able to
open up parts of western Kenya which were previously incredibly difficult to
reach. This expansion, along with continued growth on existing routes means
passenger numbers were 12% higher in the quarter compared to the same quarter in
the prior year, with turnover increasing by 22%.
· Flights to the Masai Mara safari region operated by Fly540 Kenya have
been moved from Jomo Kenyatta to Wilson airport, the traditional departure point
for safari operators. Along with this move, new flights to Amboseli, Nanyaki and
Sambura will begin in August.
· For the last month of the quarter, Fly540 Tanzania has operated an
additional aircraft, doubling its capacity to meet market demand. This has lead
to a 66% increase in turnover for the quarter compared to the same quarter in
the prior year.
Infrastructure
The Infrastructure division has had a strong quarter, building on previous
successes. Luba Freeport has again broken its record for vessel calls and
Kwikbuild, with large contract wins at Cape Town Station and orders for a new
primary school, has shown it is now delivering real growth as a result of the
new production plant capacity and strengthened management teams.
· The infrastructure division has reported the highest growth in the
Company compared to the same period in the prior year. The 118% increase which
has been achieved takes the quarterly revenue to GBP4.3m. Year to date, turnover
stands at GBP10.7m, an increase on 2009 of 53%.
· At Luba Freeport (63% holding), an increase in drilling by all the major
clients, combined with the introduction of Noble Energy to the client list, has
meant an impressive 79% increase in turnover compared to the same quarter in the
prior year.
· Liner and tanker calls to Luba Freeport have again increased in the
quarter, with the third quarter seeing the largest number of vessel calls in the
port's history, exceeding the previous record figure achieved in Q2. Demand for
materials and supplies to support new drilling programmes that have been
initiated by Hess, MEGI and Noble Energy have resulted in significantly more
traffic being seen through the port. In addition, the transfer of all MI Swaco
(Equatorial Guinea) operations to Luba from the general cargo port in Malabo has
resulted in all the vessels requiring drilling muds and bulk chemicals,
(essential for drilling programs) to now call exclusively at Luba.
· In the quarter, e-Kwikbuild (51% holding) was awarded two large tenders
to develop the 480 units at Cape Town Station Traders Mall and to build a 23
classroom, 700 pupil school near Port Elizabeth. Both of these projects are fast
track projects ideally suited to the Kwikbuild product and are to be completed
within four and a half months.
· The application of Kwikbuild design and building solutions to meet the
requirements of the Cape Town Station Traders Mall project demonstrates the
diverse markets available for Kwikbuild product and the wide potential for the
company throughout the Continent.
Hotels
With the Cardoso hotel in Maputo completing its refurbishment and the Grand
Karavia hotel in Lubumbashi open and trading, having been officially inaugurated
by President Kabila in June, the hotels division is completing a very successful
year.
· Turnover for the quarter in the hotels division has reached GBP1.4m,
taking the year to date revenue to GBP3.7m. These figures are 61% and 72%
respectively higher than in the previous year.
· On 15 June, after an US$20m refurbishment completed on budget, President
Kabila of the DRC officially opened the Grand Karavia hotel (50% holding +
Management Contract). The Grand Karavia provides the only international standard
accommodation in Lubumbashi, the capital of the copper and cobalt mining
province of Katanga. The hotel is situated in secure landscaped gardens beside a
lake and was immediately granted five star status when inaugurated. The
accommodation combined with restaurants, bars, internet access and conference
facilities as well as a health club, swimming pool and sports facilities is a
much needed facility in an area of strong economic growth such as Katanga.
· Hotel Cardoso (59% holding + Management Contract) continues to build
market share. Room revenue for the quarter is up 15% compared to the same period
in the prior year. Rates have remained strong despite the impact of the World
Cup in South Africa with gross margins increasing by nearly 2% compared to Q3
2009.
Support Services
The Support Services division is dedicated to providing the essential first
world standard IT infrastructure required for African businesses to grow. By
continuing to add more blue chip clients to the customer base during the
quarter, the division has had the opportunity to demonstrate the quality of the
work they can perform and to increase market share from the client base in its
core markets.
· The support services division has added 20% to its quarterly revenue,
taking the recorded amount to GBP2.4m. In comparable currencies, this increase
is 33%. For the 9 months, turnover is GBP7.0m compared to GBP6.3m in the prior
year.
· New clients in the period for Lonrho IT included ABC bank, where an Avaya
VOIP system has been installed and Capital bank for whom an infrastructure
upgrade is taking place in Gaborone, Botswana.
· Lonrho IT is continuing work on a Cross Border Road Transportation
network infrastructure upgrade in Johannesburg.
· Bytes & Pieces (65% holding) in Mozambique has during the quarter been
awarded a network infrastructure contract by Tribunal Administrativo in
Mozambique.
· Lonrho Water continues to develop its operations, with 3 significant
customers committing their business in the quarter, waiting on quality
certification.
Outlook
Within the Lonrho annual business cycle, the third quarter is traditionally the
lowest quarter for the Company. Despite this, the Company has managed to
increase revenue by 45% compared to the third quarter of the prior year. As well
as generating this growth, the Company has been able to purchase and integrate
two strategic acquisitions which will help to add value to the Company's
existing divisions into the last quarter of 2010 and throughout 2011. Inevitably
in the African environment, some delays arise in the implementation of projects
undertaken as a result of management insisting that projects are carried out to
the highest international standards and meet good practice corporate governance.
New business revenue streams that are now operating will build through the year
end and 2011, and will deliver significant growth in both turnover and
profitability for the Company.
David Lenigas, Lonrho's Executive Chairman commented:
"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."
+-----------+-------------+-----------+-----------+----------+----------+
| Reported | | | | |
| Figures | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | 3 months to |
+-----------+-------------+---------------------------------------------+
| | | 30 June | 30 June |Variance | Var % |
| | | 2010 | 2009 | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Agribusiness | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Rollex | 11,243 | 9,845 | 1,398 | 14.2% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 2,432 | 0 | 2,432 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 13,675 | 9,845 | 3,830 | 38.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| Transport | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | 540 | 4,774 | 3,882 | 892 | 23.0% |
| | Group | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Support | | | | |
| Services | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Bytes & | 1,776 | 1,574 | 202 | 12.8% |
| | Pieces | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 574 | 382 | 192 | 50.3% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 2,350 | 1,956 | 394 | 20.1% |
+-----------+-------------+-----------+-----------+----------+----------+
| Infrastructure | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Luba | 3,330 | 1,861 | 1,469 | 78.9% |
| | Free | | | | |
| | Port | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | e-Kwikbuild | 951 | 106 | 845 | 797.2% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 4,281 | 1,967 | 2,314 | 117.6% |
+-----------+-------------+-----------+-----------+----------+----------+
| Hotels | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Hotel | 1,087 | 861 | 226 | 26.2% |
| | Cardoso | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 296 | 0 | 296 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 1,383 | 861 | 522 | 60.6% |
+-----------+-------------+-----------+-----------+----------+----------+
| Head office | 304 | 0 | 304 | N/a |
+-------------------------+-----------+-----------+----------+----------+
| Total Turnover | 26,767 | 18,511 | 8,256 | 44.6% |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| EBITDA | | 1,483 | (2,419) | 3,902 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Profit Before | (903) | (4,523) | 3,620 | N/a |
| Tax | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | 9 months to |
+-----------+-------------+---------------------------------------------+
| | | 30 June | 30 June |Variance | Var % |
| | | 2010 | 2009 | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Agribusiness | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Rollex | 35,140 | 32,704 | 2,436 | 7.4% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 2,432 | 0 | 2,432 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 37,572 | 32,704 | 4,868 | 14.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| Transport | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | 540 | 14,592 | 11,895 | 2,697 | 22.7% |
| | Group | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Support | | | | |
| Services | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Bytes & | 5,150 | 5,141 | 9 | 0.2% |
| | Pieces | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 1,899 | 1,118 | 781 | 69.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 7,049 | 6,259 | 790 | 12.6% |
+-----------+-------------+-----------+-----------+----------+----------+
| Infrastructure | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Luba | 8,313 | 6,024 | 2,289 | 38.0% |
| | Free | | | | |
| | Port | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | e-Kwikbuild | 2,338 | 959 | 1,379 | 143.8% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 10,651 | 6,983 | 3,668 | 52.5% |
+-----------+-------------+-----------+-----------+----------+----------+
| Hotels | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Hotel | 3,167 | 2,173 | 994 | 45.7% |
| | Cardoso | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 577 | 0 | 577 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 3,744 | 2,173 | 1,571 | 72.3% |
+-----------+-------------+-----------+-----------+----------+----------+
| Head office | 440 | 0 | 440 | N/a |
+-------------------------+-----------+-----------+----------+----------+
| Continuing | 74,048 | 60,014 | 14,034 | 23.4% |
| Operations | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Shipping - | 0 | 1,187 | (1,187) |(100.0%) |
| discontinued | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Total Turnover | 74,048 | 61,201 | 12,847 | 21.0% |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| EBITDA | | 4,295 | (7,007) | 11,302 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Profit Before | (2,462) | (3,887) | 1,425 | N/a |
| Tax | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Extraordinary | 0 | 2,312 | (2,312) | N/a |
| Items | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Adjusted PBT | (2,462) | (6,199) | 3,737 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
+-----------+-------------+-----------+-----------+----------+----------+
| Comparable | | | | |
| Currency | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | 3 months to |
+-----------+-------------+---------------------------------------------+
| | | 30 June | 30 June |Variance | Var % |
| | | 2010 | 2009 | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Agribusiness | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Rollex | 11,243 | 10,216 | 1,027 | 10.1% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 2,432 | 0 | 2,432 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 13,675 | 10,216 | 3,459 | 33.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| Transport | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | 540 | 4,774 | 4,028 | 746 | 18.5% |
| | Group | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Support | | | | |
| Services | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Bytes & | 1,776 | 1,327 | 449 | 33.8% |
| | Pieces | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 574 | 445 | 129 | 29.0% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 2,350 | 1,772 | 578 | 32.6% |
+-----------+-------------+-----------+-----------+----------+----------+
| Infrastructure | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Luba | 3,330 | 1,931 | 1,399 | 72.4% |
| | Free | | | | |
| | Port | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | e-Kwikbuild | 951 | 124 | 827 | 666.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 4,281 | 2,055 | 2,226 | 108.3% |
+-----------+-------------+-----------+-----------+----------+----------+
| Hotels | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Hotel | 1,087 | 727 | 360 | 49.5% |
| | Cardoso | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 296 | 0 | 296 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 1,383 | 727 | 656 | 90.2% |
+-----------+-------------+-----------+-----------+----------+----------+
| Head office | 304 | 0 | 304 | N/a |
+-------------------------+-----------+-----------+----------+----------+
| Total Turnover | 26,767 | 18,798 | 7,969 | 42.4% |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | | 9 months to |
+-----------+-------------+---------------------------------------------+
| | | 30 June | 30 June |Variance | Var % |
| | | 2010 | 2009 | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Agribusiness | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Rollex | 35,140 | 31,065 | 4,075 | 13.1% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 2,432 | 0 | 2,432 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 37,572 | 31,065 | 6,507 | 20.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| Transport | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | 540 | 14,592 | 11,385 | 3,207 | 28.2% |
| | Group | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Support | | | | |
| Services | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Bytes & | 5,150 | 4,348 | 802 | 18.4% |
| | Pieces | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 1,899 | 1,275 | 624 | 48.9% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 7,049 | 5,623 | 1,426 | 25.4% |
+-----------+-------------+-----------+-----------+----------+----------+
| Infrastructure | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | Luba | 8,313 | 5,766 | 2,547 | 44.2% |
| | Free | | | | |
| | Port | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | e-Kwikbuild | 2,338 | 1,143 | 1,195 | 104.5% |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 10,651 | 6,909 | 3,742 | 54.2% |
+-----------+-------------+-----------+-----------+----------+----------+
| Hotels | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Hotel | 3,167 | 1,831 | 1,336 | 73.0% |
| | Cardoso | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| | Other | 577 | | 577 | N/a |
+-----------+-------------+-----------+-----------+----------+----------+
| | Sub-Total | 3,744 | 1,831 | 1,913 | 104.5% |
+-----------+-------------+-----------+-----------+----------+----------+
| Head office | 440 | 14 | 426 | N/a |
+-------------------------+-----------+-----------+----------+----------+
| Continuing | 74,048 | 56,827 | 17,221 | 30.3% |
| Operations | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Shipping - | 0 | 1,187 | (1,187) |(100.0%) |
| discontinued | | | | |
+-------------------------+-----------+-----------+----------+----------+
| | | | | | |
+-----------+-------------+-----------+-----------+----------+----------+
| Total Turnover | 74,048 | 58,014 | 16,034 | 27.6% |
+-----------+-------------+-----------+-----------+----------+----------+
LONRHO ENQUIRIES
+---------------------------------------+---------------------+
| Lonrho Plc | +44 (0)20 7016 5105 |
+---------------------------------------+---------------------+
| David Lenigas, Executive Chairman | +44 (0)7881 825 378 |
+---------------------------------------+---------------------+
| Geoffrey White, Chief Executive | +44 (0)7717 307 308 |
| Officer | |
+---------------------------------------+---------------------+
| David Armstrong, Finance Director | +44 (0)7833 054 693 |
+---------------------------------------+---------------------+
| | |
+---------------------------------------+---------------------+
| Pelham Bell Pottinger PR | |
+---------------------------------------+---------------------+
| Charles Vivian | +44 (0) 20 7861 |
| | 3126 |
+---------------------------------------+---------------------+
| | +44 (0) 7977 297903 |
+---------------------------------------+---------------------+
| James MacFarlane | +44 (0) 20 7861 |
| | 3864 |
| | +44 (0) 7841 672 |
| | 831 |
+---------------------------------------+---------------------+
| | |
| Beaumont Cornish Limited(Nomad) | |
+---------------------------------------+---------------------+
| Rosalind Hill Abrahams | +44 (0) 20 7628 |
| | 3396 |
+---------------------------------------+---------------------+
| Roland Cornish | +44 (0) 20 7628 |
| | 3396 |
+---------------------------------------+---------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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Lonrho (LSE:LONR)
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From Jun 2024 to Jul 2024
Lonrho (LSE:LONR)
Historical Stock Chart
From Jul 2023 to Jul 2024
