Lonrho's revenue for the first quarter of 2008-09 increased 132 per cent from the prior year, up 53 per cent like-for-like. The operating loss, which includes the costs of expanding its aviation subsidiary, Fly540, into new countries, narrowed to £2.7m (2007: loss of £3.4m).
Fly540 has expanded into Uganda and Tanzania and carried over 25,000 passengers in December alone. The Kenya hub remains profitable and rollout plans for Angola and Ghana are well advanced. Revenues at Luba Freeport in Equatorial Guinea increased 14 per cent from the prior year and negotiations are proceeding well for new clients, as oil exploration expands in the Gulf of Guinea. The agricultural logistics business, Rollex, delivered 49 per cent higher like-for-like first-quarter sales, driven by a new cold store and export-processing facility in Windhoek, Namibia and growth of the base operations at Johannesburg airport.
What we said:
When: 6 March 2009
Price: 2.42p
