Brambles Raises Dividend After Prices Help Lift Fiscal Year Profit 23%

By Stuart Condie

SYDNEY--Brambles raised its final dividend after price rises and improving efficiency helped the pallet pooler lift annual profit.

The Australia-listed company, which reports in U.S. dollars, on Wednesday reported an underlying profit for the 12 months through June of US$1.26 billion. That was up 17% on the prior year once currency moves were stripped out, and ahead of February's improved guidance of a 13-15% increase.

Sales revenue from continuing operations rose by 7% to $6.545 billion, also on a constant-currency basis. On a statutory basis, Brambles reported a net profit of $779.9 million, up 17% on year at constant FX rates.

The average analyst forecast was for statutory net profit of $745 million from revenue of $6.60 billion, according to data compiled by FactSet. Analysts had expected an adjusted net profit of $750 million.

The board approved a final dividend of 19 U.S. cents, up from 14 U.S. cents a year ago. Free cashflow before dividends rose by 77% to $882.8 million.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

August 20, 2024 18:25 ET (22:25 GMT)

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