Brambles Raises Fiscal Year Guidance on Higher Prices, Improved Supply

By Stuart Condie

SYDNEY--Brambles Ltd. raised its annual revenue and profit guidance on the back of higher prices and improved pallet availability.

The Australia-listed pallet supplier, which reports in U.S. dollars, on Thursday reported group sales revenue for the nine months through March of $4.48 billion, up 9% on a year earlier. The increase was 15% once currency moves were stripped out.

Brambles said that pallet availability had improved in its fiscal third quarter following a long period of tight supply, which had enabled it to recommence the pursuit of new business in the U.S. and Europe.

It now expects sales revenue to grow by a constant-currency 14%-15% across the whole of fiscal 2023, compared with previous guidance of 12%-14%. It expects underlying profit to rise by 17%-19%, also on a constant-currency basis. It previously flagged a 15%-18% increase.

Brambles also expects positive full-year free cashflow after dividends, having previously flagged a net outflow.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

04-19-23 1902ET