Lonrho reported solid first-quarter trading, with underlying like-for-like revenue up 26 per cent on 2011's first quarter. Moreover, the group's gross profit margin rose 2.8 percentage points on an underlying basis to 24.7 per cent.
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The core agricultural and transportation businesses saw like-for-like revenue rise 30 per cent and 55.4 per cent, respectively, after adjusting for currency movements. Indeed, the agriculture business expanded into Tanzania during the period and an agreement to supply John Deere farm machinery in South Sudan was also signed. A second aircraft was bought to expand routes on the Fly540 airline, too. While net debt fell 17 per cent on the year-end figure, to £85.1m.
