Johannesburg- Lonrho
[JSE:LAF], the conglomerate focused on investing in and building businesses in Africa, on Monday posted a profit before tax on continuing operations of £500 000 for the year ended September, compared to a loss of £5.9m in 2009.
Turnover on continuing operations increased by 20% to £107.8m - up from £89.7m in 2009. Net assets increased to £127.7m from £81.1m in 2009.
The group, which has continued to develop its investments in agribusiness, infrastructure, transportation, hotels and support services, said trading results remain in line with the company's expectations.
The year has seen strong growth in the existing businesses and Lonrho made several complementary strategic acquisitions to further develop its core divisions.
David Lenigas, executive chairperson of Lonrho, commented it had been a strong year for Lonrho.
"The foundations are already in place in each group division to deliver the budgeted expansion in the coming year. We are seeing growing demand for our core services across all the 17 countries in which Lonrho operates."
He said there was "real progress" in Africa, stimulated by the booming oil and mineral industries which are driving economic growth.
Concerns about global food shortages are stimulating the agriculture sector, he said.