August 16, 2012 / 1:40 AM / 5 years ago

Australia's Brambles Ltd looking for sales and profit growth

Aug 16 (Reuters) - Australia’s Brambles Ltd, thw world’s biggest supplier of pallets, said on Thursday it is expecting growth over the next two years.

“In 2014 we expect continued sales and profit growth, with an improved group margin as our new businesses continue to leverage the investments we are making today and we continue to deliver further efficiencies,” Brambles Chief Executive Tom Gorman told an analysts’ briefing.

He added that he expected a 200-300 basis point improvement in profit margins by 2014.

Earlier in the day, Brambles announced a 22 percent rise in net profit in the year ended June, helped by stronger sales and margins in its U.S. business, but still fell short of market expectations.

Underlying profit rose 18 percent from a year ago to $1.01 billion. Brambles said under adjusted exchange rates the figure was $1.06 billion, in line with its guidance for the adjusted figure of $1.05 billion to $1.08 billion.

Shares in Brambles last traded down 3.3 percent at A$6.22.

Reporting by Naomi Tajitsu

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