Brambles raises dividend after prices help boost fiscal year profit by 23%

By Stuart Condie

SYDNEY — Brambles has raised its final dividend after price increases and efficiency improvements helped the pallet rental company boost annual profit.

The Australian-listed company, which reports in U.S. dollars, on Wednesday reported underlying profit for the 12 months to June of $1.26 billion, up 17% from a year earlier after currency fluctuations and ahead of a revised February forecast of 13% to 15%.

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

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

The board approved a final dividend of 19 cents, up from 14 cents a year ago. Free cash flow before dividends increased 77% to $882.8 million.

Write to Stuart Condie at [email protected]

(END) Dow Jones Newswires

August 20, 2024, 6:25 PM ET (10:25 PM GMT)