Brambles: Result 2012

Brambles turned in a decent 2012 despite a tougher environment for global trade. Our concerns revolve around the longer-term issue of business quality.

For the year ended 30 June 2012, Brambles achieved sales growth of 22% (on a constant currency basis) to US$5.6bn. But acquisitions, particularly the first full year contribution from reusable plastic container group IFCO, flattered the result. Underlying sales growth was a more modest 6%, an amount not to be sneezed at in difficult global economic conditions.

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