Brambles: Result 2014

Brambles is a much improved business and deserves a fresh look, explains Gaurav Sodhi.

Since shedding businesses and spinning off Recall, Brambles is much improved, a change reflected in its full year result which boasted higher revenues, higher profits and higher cash flow.

Statutory profits more than doubled to US$1.2bn but this included a US$680m one-off gain from the Recall demerger. On an underlying basis, profit after tax rose a more sedate, but believable, 5% to US$960m after adjusting for one-off items.

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